Marketing Plan for Masters Home Improvement Stores in Australia Assignment

Marketing Plan for Masters Home Improvement Stores in Australia - Assignment Example According to the research findings, it can, therefore, be said that the microenvironmental factors comprise of all the elements that are closely linked with the company and has a positive or negative effect on the business operations of the company and hence ultimately has an impact on building relationships with customers and creating value. The various microenvironmental factors comprise of suppliers, marketing intermediaries, public, competitors, and customers. Amongst the above-stated factors two of which would create the major impact on the operations of Master’s Home Improvement are suppliers and competitors. The other factors can be easily managed by the company only when these two selected elements are effectively managed by the company. Suppliers play a very important part in retail business and in such home improvement business the availability of pre-packaged goods as it is offered by Master’s solely depends on the quality level maintained by the suppliers an d even on-time delivery from the suppliers so that the demand of the consumers are met without losing on any customer in such highly competitive market. Master’s also needs to develop very strong relationships with their suppliers and offer them good incentives so that they do not shift to their competitors as that would have a drastic impact on their business operations. In a market where competition is high bargaining power of suppliers is high due to the availability of more number of operations. The Master’s brand is owned by Woolworth limited and has faced a second mover advantage as well as a disadvantage in the retail business. The major competitors of the brand are Bunnings, Mitre 10, and Home Timber and Hardware. The competitors greatly have an impact on an organization such as if the competitors have set attractive prices with innovative product line then it can affect other players who have set higher prices as per the market demand. In the industry that Mas ter’s operates there are well-established players such as Bunnings which causes the company to constantly update its services so as to sustain in the market.