...Fair and Square Retail Strategic Analysis: JC Penny Professor Maria Kalamas MKTG 4300/01 Basic Retailing- Spring 2012 Team Shopaholics Anonymous Vaughan Alexander | Marshall Gingles | Sean Lehnherr | Aftiam Ramli | Juan Torres Table Of Contents Introduction 01 Multipart Analysis of the Retailing Mix Customers 04 Customer Service 05 Merchandise 07 Logistics 09 Price 11 Advertising & Promotion 12 Trading Area & Site Selection 13 Store Layout & Design 14 Retail Strategic Plan Controllable & Uncontrollable Variables 18 Global Retailing 20 Positioning & Differentiation 20 Strategic Direction 21 Executive Summary 22 Appendices & References 24 In 1902 founder and one time CEO James Cash Penney opened a small dry goods store in Kemmerer, Wyoming named The Golden Rule. 110 years later this once small business manager grew a company we now know as JCPenney, which has flourished into a nationwide retail department store with over 1100 store locations throughout the United States. Throughout the years JCPenney has changed an adapted to the retail market. It wasn’t till...
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...Mission and Vision Statement of J.C. Penney Brooke Hall BMGT 495 Strategic Management Professor Swindell November 1, 2013 Table of Contents Introduction 3 Mission Statement 3 Vision Statement 4 JCP’s Strengths 5 JCP’s Challenges 5 Future Goals and Objectives 6 Recommendations 7 References: 8 Introduction Founded in 1902, by James Cash Penney in Kemmerer, Wyoming, JCP has witnessed dramatic changes and overhauls with the arrival of each CEO. Beginning in 2013, JCP again started fresh with the rehiring of retired CEO Myron Ullman who has taken revolutionary steps to improve the company’s performance and pricing structure (Berfield, 2013). Under the leadership of Ullman, JCP is working to rid itself of its former image of inadequate products, at least one price promotion per day, and high employee turnover, and instead focusing on fair pricing for all, interest based marketing, and spotlighting their exclusive brands in comparison to their competitors. Mission Statement According to Daft (2011), having a clear mission and vision for the future as well as a strategy for implementation are key components of accomplishing any goals within an organization. JCP’s mission is simple and straight to the point, “To drive Sales and Profit growth by ensuring our Customer and Associates always know they’re first in our Stores by what We do!” (JCPJline, 2011). As noted in our text, a mission statement serves as both a description of a company’s purpose, while simultaneously...
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...Case Study Project: Option A JC Penney’s Organizational Change Issues JC Penney’s is a historical department store that has been in business for over 100 years and has typically had a long precedence of knowing what its customers wanted and valued, until 2011 when Ron Johnson took over as CEO in order to revamp the store’s image and bring it into the 21st century (Hirsch, 2015). Johnson was the former successful Apple Store executive and strategist who was hired in hopes to entirely overhaul JC Penney’s (JCP) current strategy, moving away from tactics former CEO Mike Ullman implemented due to failing revenues and steadily decreasing stocks over a seven year period (Springer, 2013). Johnson was very ambitious and planned a major strategic transformation of JCP. He fired seasoned executives and many high level employees he deemed unwilling to accept new change and brought in a new executive/leadership team. Retail associates were evaluated under a color code system and if they were not accepting of the new policies they too were fired. This new evaluation system was viewed as very stressful by employees, however, was intended to facilitate change. This evaluation system along with mass layoffs were an attempt to force workers into a new culture (April, 2013). This was not a positive way to implement change. Johnson created a strategy for change based on his knowledge of how the Apple Stores and Target’s transformation occurred. He assumed the...
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...Strategic Plan STR/581 Strategic Plan James Cash Penney started JCPenney, now known as JCP, 110 years ago. Penney aspired to be a lawyer for his family was not really well-off. His father was a Baptist minister and a farmer. He never had an opportunity to start in law school due to educational expenses that his family cannot afford. He worked in a local dry goods store where he became an assistant manager in Golden Rule Store. He had the chance to acquire one-third of the venture. In five years time, that was 1907, Penney acquired that of his partners (Soylent Communications, 2012). He had a vision to establish an entity that treats people the way he wants to be treated and this is what people commonly hear as “fair and square”. His very first retail business was named Golden Rule as based on his philosophy in life coming from the words of Confucius: “treat others as you want to be treated”. JCPenney was successful in his business for long years. His venture has the capacity to be an industry leader in innovation, pricing, and marketing strategy. Way before internet was invented, JCPenney offered catalogs to showcase their products. And now, they have jcp.com and their facebook page in which they do their promotions, marketing and sales (Toy, 2012). JCPenney had difficult times in keeping a close competition with Macy’s and Dillard’s Department Store especially when there were costs hikes when sales were down. The company adopted measures to deal with its problem. There were...
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...Compensation Nikolette Arnold Letu How should a compensation plan reflect an organization’s mission statement and core values? The company’s mission and vision statements reflect its core values. For the same reason, having the right vision and mission statement is of outmost importance as it serves as a guiding principle for organizations to be able to stay focused on what they intend to do and how they should do it (Evans, J., 2010). Most organizations that have aligned their activities with their vision and mission statements have gained more than satisfactory results. Part of an organization’s strategic development is the setting of goals that coincide with their core business values. For example, a product manufacturer would ask, what is the purpose of making these products? How do I market these products? In the face of the competition, how would I know that consumers would buy these products? In addressing these questions, one would need to have a clear goal of what particular product he would manufacture and the intended market for the said products. Apparently, the product must have an edge whether in pricing, design and other value adding strategies in order to become sellable. In this regard, a manufacturer sets a vision of what he wishes to accomplish; should he want to become the leading producer of sports apparel. In order to accomplish that, he sets his mission, if it be producing the best sports apparel using only the best material in the market. In...
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...Diversity in Workplace: A study on Multinational Clothing Retail Brands Diversity in Workplace: A study on Multinational Clothing Retail Brands Course: BUS 520 Management & Organizational Behavior Section: 3 Prepared For: Dr. Muhammad Shariat Ullah North South University Prepared by: Sarah Binte Mohiuddin ID # 1512983660 Md. Farhan Khan ID # 1512984660 Tasnim Siddiqa ID # 1430824060 Md. Salauddin ID # 1513300660 Date of Submission: 03rd August, 2015 LETTER OF TRANSMITTAL 03rd August, 2015 To Dr. Muhammad Shariat Ullah Associate Professor, Department of Management, University of Dhaka Subject: Submission of Project Report. Dear Sir, It is our great honor to submit our project report on “Diversity in Workplace: A study on Multinational Clothing Retail Brands.” In this endeavor, this report seeks to identify and analyze the diversity and its effects among employees in two clothing brands. The report contains statistical analysis and some findings and recommendations. It would be our enormous pleasure if you find this report useful and informative to have an apparent perspective on the issue. Thank you, 1. Sarah Binte Mohiuddin 2. Md. Farhan Khan 3. Nazifa Tasnim Siddiqa 4. Md. Salauddin ACKNOWLEDGEMENT ...
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...dollars. Wal-Mart is the largest company in the retail in the world. The company was much larger than its competitors in the United States - Sears Roebuck, Kmart, JC Penney and Nordstrom combined. In 2002, Wal-Mart operates more than 3,500 discount stores, Supercenters and Sam's Clubs in United States and over 1,170 stores in major countries around the world. The company also sells products online via the website, www.walmart.com. Wal-Mart is one of the largest private employers in the world, with the use of force about 1.28 million. The founder, Sam Walton (Walton) has always focused on improving sales continue to reduce costs, adopting efficient distribution and management systems and logistics innovative information (IT). According to analysts, Wal-Mart has been able to achieve a leading position in the distribution, following effective management of the supply chain practices. "Consumers who shop at Wal-Mart want a quality product at a great price," says David Schwartz, CEO of Framingham, MA-based Productive Environments, Inc. (PEI), a licensor of stationery products. "But at the same time, they need better products just as much. They will know a good price value when they see it. It is expected that programs that build this value-added into their brand will sell up with increased margins and strong volumes." A key strategy of Wal-Mart is to dominate the retail market. Company founder Sam Walton put in place a retail philosophy the company still follows. Wal-Mart is...
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...JC PENNEY STRATEGIC MARKETING PLAN 2012: PRODUCT STRATEGY A Paper Submitted to the Graduate Faculty of the North Dakota State University of Agriculture and Applied Science By Alisha Liane Ostlund In Partial Fulfillment for the Degree of MASTER OF SCIENCE Major Department: Apparel, Design, and Hospitality Management April 2012 Fargo, North Dakota North Dakota State University Graduate School Title JC Penney Strategic Marketing Plan 2012: Product Strategy By Alisha Liane Ostlund The Supervisory Committee certifies that this disquisition complies with North Dakota State University’s regulations and meets the accepted standards for the degree of MASTER OF SCIENCE SUPERVISORY COMMITTEE: Linda Manikowske Chair Holly Bastow-Shoop Jaeha Lee Gerry Macintosh Approved: 04-24-2012 Date Holly Bastow-Shoop Department Chair ABSTRACT The JCPenney Company has undergone a transition from a value retailer to a streamlined, customer-driven retailer in order to set itself apart from its biggest competitors, Macy’s and Kohl’s. Previously, JCP was focused on general, storewide promotions. Currently, JCP has retooled their image to reflect a standard set of prices and special savings. In this exploratory look at JCP’s merchandising strategy, both previous and new methods are examined and additional steps to improve the returns on merchandising investments are offered. During this study, a detailed examination of JCP’s internal and external environments has been conducted, and an analysis...
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...JC PENNEY STRATEGIC MARKETING PLAN 2012: PRODUCT STRATEGY A Paper Submitted to the Graduate Faculty of the North Dakota State University of Agriculture and Applied Science By Alisha Liane Ostlund In Partial Fulfillment for the Degree of MASTER OF SCIENCE Major Department: Apparel, Design, and Hospitality Management April 2012 Fargo, North Dakota North Dakota State University Graduate School Title JC Penney Strategic Marketing Plan 2012: Product Strategy By Alisha Liane Ostlund The Supervisory Committee certifies that this disquisition complies with North Dakota State University’s regulations and meets the accepted standards for the degree of MASTER OF SCIENCE SUPERVISORY COMMITTEE: Linda Manikowske Chair Holly Bastow-Shoop Jaeha Lee Gerry Macintosh Approved: 04-24-2012 Date Holly Bastow-Shoop Department Chair ABSTRACT The JCPenney Company has undergone a transition from a value retailer to a streamlined, customer-driven retailer in order to set itself apart from its biggest competitors, Macy’s and Kohl’s. Previously, JCP was focused on general, storewide promotions. Currently, JCP has retooled their image to reflect a standard set of prices and special savings. In this exploratory look at JCP’s merchandising strategy, both previous and new methods are examined and additional steps to improve the returns on merchandising investments are offered. During this study, a detailed examination of JCP’s internal and external environments...
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...and Differentiation Strategies @Walmart Submitted by: Samrat Basu INDEX PAGE Walmart Origin Page-3 Walmart Mission/Vision Page-4 Corporate Culture@ Walmart Page-4 Competitive Position of Walmart Page 5-6 Strategies @ Walmart Page 6-9 Private Label and Store Layout Page 9-11 Conclusion Page-11 Appendix Page 12 References and Bibliography Page 13-14 Wal-Mart- Origin Wal-Mart was the product of Sam Walton, a businessman from Arkansas. In the late 1940s, in USA, a retailer who was successful in obtaining a sufficient discount for his products from the whole-seller, used to sell the products at full price to the customers and thus enjoyed a substantial amount of profit. Sam Walton during that time was working as a retailer at a J.C. Penney store in Des Moines, Iowa.(Walton & Huey, 1993) Incidentally while working there, he was introduced to Butler Brothers, a big retailer who had chains of variety stores known as Ben Franklin and Sam was offered a store in Arkansas...
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...and Differentiation Strategies @Walmart Submitted by: Samrat Basu INDEX PAGE Walmart Origin Page-3 Walmart Mission/Vision Page-4 Corporate Culture@ Walmart Page-4 Competitive Position of Walmart Page 5-6 Strategies @ Walmart Page 6-9 Private Label and Store Layout Page 9-11 Conclusion Page-11 Appendix Page 12 References and Bibliography Page 13-14 Wal-Mart- Origin Wal-Mart was the product of Sam Walton, a businessman from Arkansas. In the late 1940s, in USA, a retailer who was successful in obtaining a sufficient discount for his products from the whole-seller, used to sell the products at full price to the customers and thus enjoyed a substantial amount of profit. Sam Walton during that time was working as a retailer at a J.C. Penney store in Des Moines, Iowa.(Walton & Huey, 1993) Incidentally while working there, he was introduced to Butler Brothers, a big retailer who had chains of variety stores known as Ben Franklin and Sam was offered a store in Arkansas...
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...discount prices. Their slogan is “Expect More-Pay Less”. Target Corporation operates Target.com, an online, electronic retail store, as well as Super Target, which offers a full line grocery store in addition to the Target retail operation. The company’s other key business include Target Financial Services, which encompass the Target Red and Target Visa card business. Target Corporation, originally called the Dayton Corporation, was formed in 1902 by George Dayton. The company recorded revenues of $59,490 million during the fiscal year ending January 2007. Target Corporation prides itself on its corporate responsibility which includes charitable contributions and being an environmentally friendly corporation. This, in fact, is one of Target Corporations’ many strong points. Their strengths would include branding, market presence, design, and their innovative marketing techniques. While possessing many strengths, Target also suffers from some weaknesses that include the lack of a mission and vision statement, geographic locations, and...
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...discount prices. Their slogan is “Expect More-Pay Less”. Target Corporation operates Target.com, an online, electronic retail store, as well as Super Target, which offers a full line grocery store in addition to the Target retail operation. The company’s other key business include Target Financial Services, which encompass the Target Red and Target Visa card business. Target Corporation, originally called the Dayton Corporation, was formed in 1902 by George Dayton. The company recorded revenues of $59,490 million during the fiscal year ending January 2007. Target Corporation prides itself on its corporate responsibility which includes charitable contributions and being an environmentally friendly corporation. This, in fact, is one of Target Corporations’ many strong points. Their strengths would include branding, market presence, design, and their innovative marketing techniques. While possessing many strengths, Target also suffers from some weaknesses that include the lack of a mission and vision statement, geographic locations, and...
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...Hussey Macy had been through a lot of trial and errors until 1877 that R.H. Macy Co had become a full pledged department store. (macysinc.com) Macys is also well-known for several firsts that changed in the trade industry like the first to introduce such products as the tea bag, the Idaho baked potato and colored bath towels. Also it was the first retailer to hold a New York City liquor license. In 1924, Macys Herald Square became the “Worlds Largest store.” Then by 1918 RH Macy Co was generating $36 million in annual sales. Then in 1922 they went public and began to open regional stores and take over competing retailers. In 1929, Macys Inc. was founded as a holding company for various department operations. As of September 2006, with the conversion of stores acquired from the Macy Department Stores Company. It serves now customers through approximately 800 stores in virtually every major geographic market in the United States, as well as the macys.com website. MARKETING MIX Missing appropriate terminology in this section. User terminology we are currently covering. PRODUCT: Terminology? * provide a wide array of apparel for men, women and kids * provide goods for the home * provides beauty, hair, fragrances and cosmetics for men and women | PRICE Terminology? * affordable goods * constant sales, coupons, and specials like One Day Sale and Family and Friends * Loyalty programs | PLACE Terminology? * 800 stores across the nation * international...
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...the luxury market. In October 2000, Coach went public under the name of Coach Inc. By 2005Coach`s revenues tripled and their share price increased more than 900 % since their IPO in 2000. The Organization Today: Coach is one of the most recognized fine accessories brands in the U.S. and in targeted international markets. Coach is a leading American marketer of fine accessories and gifts for women and men. Their product offerings include women’s and men’s bags, accessories, business cases, footwear, jewellery, sun wear, travel bags, watches and fragrance. Coach’s distribution strategy is multi-channel. Coach operates in two segments: Direct-to-Consumer and Indirect. The Direct-to-Consumer segment includes sales to consumers through Company-operated stores in North America, Japan, Hong Kong, Macau, mainland China, Singapore, Taiwan and the Internet. The Indirect segment includes sales...
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