The following report describes and analyses Myer's generic and distinctive marketing strategies, as well as providing accurate industry, competitor, market, and SWOT analysis'. Evaluation of Myers' marketing strategy is conducted, thus analyzing the strengths and weaknesses of the strategy. Finally the report recommends possible future courses of actions available to Myer, in order to improve profits and prevent mistakes in the future.
2.0 BACKGROUND OF MYER
Myer was established in Melbourne in 1900 and is now the largest retail businesses in Australia. The founder, Mr. Sidney Myer, was a Russian immigrant who opened the first store and ended up creating one of the largest retail businesses in Australia. Mr. Myer and his brother worked briefly at a drapery store in Flinders Lane before moving to Bendigo where they opened the first Myer store. Myer continued to prosper and another Myer store was opened in 1908. In 1911 Sidney bought a drapery store in Bourke St, Melbourne.
After buying up a number of the adjoining properties he built a department store on the site called Myer Emporium. After successfully establishing himself in Melbourne, Sidney expanded the business, setting up in Adelaide and later throughout Australia. In 1920 he married Merlyn Baillieu, the 22-year-old daughter of an established Queenscliff family, not only did Sidney Myer achieve great business success, he also became a leading philanthropist (Myer, 2002).
In 1989, Myer joined with Grace Bros to become the largest department store group in Australia. Myer now employs approximately 29,000 people nationally and they focus on a high standard of individual personal development. With over 73 stores nationally, Myer is the market leader in the Australian large retailer industry. They are continually transforming to better serve their customers, by tailoring their services for their rapidly changing needs (Myer, 2002).