Masters Home Improvement is one of Australian home improvement and hardware store which only have two years’ experience. The beginning of Masters Home Improvement was established under the program of joint venture between Australian retailer, Woolworths Limited and American home improvement and appliance stores, Lowe’s. The very first store opened on 1 September 2011 in Braybrook, Melbourne. Now there are 33 stores in Australia. In 2012, the transactional website was launched that made Masters Home Improvement win the title of Australia's first online hardware and home improvement retailer. Masters Home Improvement strives to provide marvellous shopping experience that consumer have never experienced before via marketing …show more content…
3. Marketing Mix—Evaluation and Critique
3.1 Overview of Current Marketing Approach
According to Treacy and Wiersema (1993), the strategy for company to achieve leadership positions is transferring superior value to their target customers. The concept of operating of Masters Home Improvement is “The stores are designed with you in mind” (Masters Home Improvement, 2013). On the other hand, Masters Home Improvement offers the customer-first shopping experience that involves in satisfaction of customers’ demands from products to services. This statement can be classified into four main principles including price guarantee, product diversity, professional assistance and well shopping environment (appendix A).
3.1.1 Price guarantee
Masters Home Improvement is a corporate chain which has advantage to buy in large quantities at lower price. And the primary message of Masters Home Improvement is to change customer behaviour from other stores to Masters Home Improvement to save more. Thus, Masters Home Improvement deliveries this concept through setting competition-based pricing that develops the price guarantee strategy. Price guarantee strategy promises to beat it 10% if the price is lower than Masters’ (appendix B).