This is a solution of Retail Industry Australia Assignment part 3 in which we discuss the report will find results by using statistical methods like mean, mode, media, standard deviation and variance.

Retail Industry Australia Assignment part 3

Retail Industry Australia Assignment part 3

Summarizing retail industry trend analysis 2011

The data for the period of June 2011 shows that the According to the retail trend analysis of Australia’s market is to be observed 0.1% for the period of June 2011. Further, it has improved for the period of May and April 2011 by 0.2%. On the other side, seasonally adjusted turn down with 0.1% in June of 2011 because before from June and May seasonally adjusted series fall with 0.6% and increase in April with 0.1% (Lee.et.al.2011). The retail business and state that has seen development in the sector of retail business strategy for the period of 2011 was as followsThe retail trend analysis of 2011 with respect to Australia is seen to be 0.1% for the period of June 2011. Even it has increased for the period of 0.2% in May 2011 and there was further rise in 0.2% in April 2011 (Syverson, 2011). On the other hand, seasonally adjusted feel with 0.1% in June 2011 and then it had a great fall of 0.6% in May 2011 and then in the period of April 2011 there was increase of 0.1%. The industry and state that has observed growth in the sector for the period of 2011 is as follows:

Table 5 Retail industry trend analysis 2011
Industries Percentage increase
Other retailing 0.6%
Food retailing 0.2%
Household goods retailing 0.1%
Department stores -0.4%
Clothing, footwear and personal accessory retailing -0.1%
Cafes, restaurants and takeaway food services -0.1%

Table 6 State trend analysis 2011
State Percentage increase
Tasmania 0.0%
New South Wales -0.4%
South Australia -0.4%
Australian capital territory -0.6%
Tasmania 0.0%
New South Wales -0.4%
South Australia -0.4%
Australian capital territory -0.6%

Calculation of measure of central tendency (mean, median and mode) of consumer spending per household in 2011
Table 7 Consumer spending per household in 2011
2011 Consumer spending per household in 2011
January 220
February 223
March 226
April 222
May 212
June 213
July 245
August 265
September 234
October 231
November 234
December 256
Table 8 Calculation of mean, mode and median of 2011
Consumer spending per household in 2011
Mean 231.75
Standard deviation 16.41
Median 228.5
Mode 234

The above table has presented the mean, mode, median and standard deviation of consumer spending per household in 2011. Table shows mean is 231.75. The value calculated for median is 228.5 and mode 234. From the median value it can be assumed that a Australian consumer is able to spend 231.7 dollars in the period of 2011.

CALCULATE STANDARD DEVIATION IN HOUSEHOLD SPENDING

This calculation shows value of standard deviation that shows difference between consumer spending per household and variation from the mean of 2011. The value calculated is 16.41 and the value is comparatively higher.
Calculate measure of central tendency (mean, median and mode) of consumer spending on online purchase 2011
Table 9 Consumer spending on line purchase in 2011
2011 Consumer spending on online purchase
January 204
February 208
March 202
April 203
May 210
June 205
July 206
August 207
September 208
October 209
November 204
December 211

Table 10 Calculation of mean, mode and median of 2011
Consumer spending on online purchase
Mean 206.4167
Standard deviation 2.87491
Median 206.5
Mode 204
The table shows calculation of mean, mode, median and standard deviation for consumer spending on online purchase in 2011. Table shows mean is 206.4167, median is 206.5 and mode 204 for the consumer spending per household in 2011. Thus it could be interpreted that the consumers are able to spend 206.5 dollars on online purchase in 2011.

CALCULATE STANDARD DEVIATION IN ONLINE PURCHASING

This calculation shows value of standard deviation that is difference between consumer spending on online purchasing and variation from the mean of 2011. The standard deviation found is 2.87 which is comparatively higher.

TASK 3:
DESCRIBING TARGET SEGMENT FOR MARKETING ACTIVITIES BASED ON DEMOGRAPHIC AND PSYCHOGRAPHIC MATCHES

In Australia, Myer can mainly focus on those customers who are running between the ages of 30-35. The majority of consumers are available from this age of group; these results are based on the market research of the Australia. Certain people will be more interested marketing assignment and offering of products and services. However everyone do not needs homeowners insurance, not everyone needs physical therapy services, and not every organization needs to purchase vertical lathes. On the other hand for attracting consumers, Myer can perform their marketing purpose by the social networking websites (Nelson-Field and Riebe, 2011). Myers knows, some people might be interested in their product idea if it is satisfied needs of customers and if they are aware when their new product launch in the market than it will be profitable for organization to maintain the flow of business.

CONDUCT COMPETITOR ANALYSIS ON STATE TO STATE BASIS USING PUBLIC DOMAIN INFORMATION

35.1% of Australian grocery buyers purchase their products from the ALDI and is the main competitor of the organisation . The business is seen to be successful in Victoria and South Wales. From the last two years ALDI has been increasing considerably in the Victoria market and has seen a rise from 13.3% and 15.5% (Castells, 2011). This increase is significant as the organisation has formed a loyal customer base. The other major competitor of the organisation is Woolworths which occupies a significant market share of nearly 35%.

RECOMMENDATION FOR THE COMPANY FOR ITS FUTURE GROWTH

Myer needs to grow their business and for that management has to implement changes in the current business functions. By considering the demand of market and trends Myer can invest in food retailing and household retailing. These two domains have lot of customers and thus the business will increase the sales and would lead to significant increase in the profits and will gain customer base. The Management of Myer have to improve and develop products and services to attract customers and needs to introduce innovation in products which will help to attract the costumers (Gill.et.al.2011). On the other side, trend estimates that household food retailing has increased by 0.7% in July 2012 in the current price.

RECOMMENDATIONS FOR THE COMPANY TO REVIEW FOR DEVELOPMENTS OR WITHDRAWALS

The company’s response was to meet the demand of the customers. Myer only issue replacements where the products are defective. Myer have to better understand the market scenario of Australia. Myer can bring out their development aspect in the household good and food retailing as the market share has increased by 0.2% and 0.1%. Retail industry could be impacted by changes in consumer preferences in response to food concerns, including preferences and buying habits. Further, Myer must focus upon footwear and personal accessory retailing and can focus on building attractive departmental stores. Another important sector on which the organisation can focus is the clothing sector. The sector has shown negative growth as under this sector Australian retail industry has declined with -0.4% and -0.1% in the period of 2012 .However the sector has lot of potential and is expected to grow in future If Myer wants to expand their business in other states then they must expand their business and activities in Victoria and Queensland as in these states of Australia there is is scope for improving the market share.

RECOMMENDING APPROPRIATE FORECASTING TOOL AND METHODOLOGY THAT BUSINESS CAN USE FOR FORECASTING FUTURE TRENDS

Forecasting procedure is very important part of the business because these methods are effective in predicting the future business trends. Futures research evolved as a way of examining the alternative futures and identifying the most probable business alternatives (Carrington and Pereira, 2011). Forecasting is designed to help decision making and planning in the present. With the help of future forecasting, Myer can increase their business and it can make use of sales and profit figure in direction to forecast their future trends. Determining the most favourable forecast method is a rather complex science, especially across a large product line. It will help out Myer in accepting the attitude and behaviour of consumer even as carrying out their purchase process within retail industry of Australia (Oh and Sheng, 2011).

However it would be difficult to forecast just by using the spreadsheet tools and Myer may need some MIS tools which can help the organisation in predicting the future demand. These, MIS software can within seconds test multiple methods for each item to determine which method will give you the most accurate results. While business can use primary market research under which they can gather information from the consumer and understand their preference in the direction of retail purchasing. While for justifying the possibility of the project that Myer is planning for expanding their business could be done by using IRR (internal rate of return)

CONCLUSION

The present report concludes the result for the analysis of the Australian retail market. It has been justified that Myer have to develop their business sectors like food retailing and household good retailing because this sector is rising with 0.2% and 0.1% from last two years. While, Myer must make expansion of their business in Victoria and Queensland as there is lot of scope in retail sector. Myer have to improve and develop products and services to attract customers by using innovation in products and services. This method helps in increase their business. With the help of future forecasting Myer can further increase their business and it can make use of sales and profit figure in direction to forecast their future trends. Myer must focus on consumer preferences, buying habits, social and culture because these factors have been affected in the operational activities of retail industry.

REFERENCES

Journals and Books
Aghdam, R.F., 2011. Dynamics of productivity change in the Australian electricity industry: Assessing the impacts of electricity reform. Energy Policy, 39(6), pp.3281-3295.
Berenson, M., Levine, D., Szabat, K.A. and Krehbiel, T.C., 2012. Basic business statistics: Concepts and applications. Pearson Higher Education AU.
Carrington, K. and Pereira, M., 2011. Assessing the social impacts of the resources boom on rural communities. Rural Society, 21(1), pp.2-20.
Castells, M., 2011. The power of identity: The information age: Economy, society, and culture (Vol. 2). John Wiley & Sons.
Economics, D.A., 2011. Dementia across Australia: 2011–2050. Kingston, Australian Capital Territory: Deloitte Access Economics.
Gill, A.M. and Williams, P.W., 2011. Rethinking resort growth: Understanding evolving governance strategies in Whistler, British Columbia. Journal of Sustainable Tourism, 19(4-5), pp.629-648.

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