Marketing Mix in Relation with Harvey Norman’s Promotional Strategy

Marketing Mix in relation with Harvey Norman’s promotional strategy

Serial number: MEB584

Student ID: 26357097

Class: AMI

Table of Contents

Executive summary        

1.0 Background Information        

1.1 The Theory of Marketing Mix        

1.2 Introduction of Harvey Norman        

2.0 Elements of Marketing Mix        

3.0 Harvey Norman’s promotional strategy        

3.1 The utilization of Marketing Mix’s elements in Harvey Norman’s promotional strategy        

3.2 Evaluation of Harvey Norman’s promotional strategy        

4.0 Conclusion and Recommendations        

Reference List        

Executive summary

The propose of this report is to discuss how the theory of “Marketing Mix” is utilized in Harvey Norman’s promotional strategy and how the Marketing Mix affects Harvey Norman’s promotional strategy. Harvey Norman is a retailing company which was found in 1961. According to the survey of Harvey Norman’s retailing model and promotional activities, the theory of “Marketing Mix” can be tracked in Harvey Norman’s promotional strategy. The Marketing Mix is well known of the 4 P’s of marketing. Harvey Norman also uses the 4 P’s elements in the process of developing its marketing plan which includes omni-channel retailing and promotional activities. As a consequence, Harvey Norman has successfully changed its retailing model and gained tremendous profit. The findings indicate the Marketing Mix is a kind of tool which is useful for marketers to improve the business modes of their corporations and make more money. However, there are still some companies accounting for more market shares than Harvey Norman. Thus, this report provides some recommendations for Harvey Norman to compete with Myer, David Jones and JB’s Hi-Fi as well.

1.0 Background Information

1.1 The Theory of “Marketing Mix”

The Marketing Mix refers to some measures, or actions, that a company adopt to develop its brand and products. It was first put forward by Neil H Borden. The Marketing Mix is not just an academic theory. Conversely, it is a useful tool which will help marketers know how to plan for a successful product and what a good product is . The reasons that why the Marketing Mix is powerful are it can improve the running mode of a company and make more profit effectively. The Marketing Mix is generally associated with the four P’s : price, product, promotion and place as claimed by McCarthy (1964). These elements are blended altogether by the Marketing Mix. The four P’s has been put forward since 1960, which has made a great positive effect to the development of marketing theory and practice. “The components of the marketing mix can change a firm’s competitive position.” (Grönroos, 1994).