Jb Hifi Marketing Analysis
5237 words 21 pages| | | | MKTG2100 Group Situation Analysis | | | |
The primary goal of this report is to provide an analysis of the company JB Hi-Fi. In particular the report highlights the industry trends of the consumer electronics retail market as well as focusing on how JB Hi-Fi’s segmentation, targeting and positioning strategies. Consumer behaviour is also analysed using the buyer decision process as well as other factors such as culture being identified as important to JB Hi-Fi’s strategical approach.
The core of the report contains detailed analysis of the marketing mix, competitive situation analysis and use of the PESTLE. These examined how the company creates value in its current environment as well as …show more content…
Another important industry trend in retail industries is the continuous growth of online shopping. Consumers now live in a world where it is no longer necessary to leave their house in order to purchase their electronics. While JB Hi-Fi has a successful online segment, this trend effectively increases the level of competition in the market as entry barriers are reduced (Armstrong, 2015). Due to the significant growth levels of this trend, JB Hi-Fi should conduct active research in order to remain competitive in its online segment and maintain its level of market share.
One of the most important marketing aspects for companies is identifying consumers in which to target their products towards. A model often used to achieve this is the STP model, segmentation, targeting and positioning. According to Fletcher, 2014, segmentation involves dividing the firm’s customer base into clusters to develop a marketing strategy specifically for these groups (Fletcher, 2014). Segmentation can be based on many characteristics such as demography, behaviour and lifestyle (Armstrong, 2015). JB Hi-Fi segmentation strategies are highlighted by the location of its stores being in urban, highly populated areas (JB Hi-Fi, 2015). This is an example of