Executive Summary : Harvey Norman

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Executive Summary Harvey Norman is recognised as one of the most efficient businesses in Australia as they market their products particularly well making use of the Omni channel method of advertising. Harvey Norman is also successful in regards to their knowledge and implementation of marketing segmentation, how the product lifecycle impacts on the marketing mix which in turn plays a part in determining marketing strategies, and the necessity of regularly monitoring the effectiveness of the marketing plan. However, improvement is still necessary with implementation of certain strategies to maximise the potential of the marketing. Situational Analysis Market Analysis The situation in the market will strongly affect how successful the…show more content…
• Location – The location of the business could be a major factor as it may limit the geographical spread of the business. Harvey Norman has various stores and franchise operated stores globally. Product Analysis The product analysis will examine issues in relation to the different products produced or provided by the business. This will include sales in the previous year, trends and profits. Product life cycle The product life cycle is a critical aspect of any marketing plan. At different stages of the life cycle, products need to be treated in different ways, in order to maximise potential profit. The marketing mix should be manipulated in such a way to provide the best return for the business. One of Harvey Norman’s main products includes computers. As computers became a more common product, and entered the maturity stage of the product lifecycle, Harvey Norman approached the market with a price discounting approach to maintain a larger market share than its competitors. Competitive Analysis Harvey Norman acts as a price leader and introduces new products earlier than its competitors in order to make more profit. Competitors include JB HIFI, Myer, David Jones and Kogan. Kogan is an online competitor which poses a threat to Harvey Dorman as it offers products of similar if not equal quality for lower prices. Harvey

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