Best Buy Essay
Under their leadership, they remained customer focused, and the company grew into a billion-dollar retailer. They began to empower members of management as well as the sales teams in each individual store to make decisions that were beneficial to the customers and not the store itself. They decentralized Nordstrom's purchasing process and allowed regional managers to make purchases based on their stores geographic. They preferred to hire "nice" people who were trainable in sales versus experienced salespeople who were not very friendly. They even began to reward employees for developing an entrepreneurial persona (Kotler & Keller, 2012, p. 153).
Over the past few years J.C. Penney has found itself on unfamiliar ground seeing its sales figures dwindle along with many other bricks and mortar department stores in the country such as Macy’s, Dillard’s and Kohl’s to name a few. Fighting to compete in an ultra-competitive market in order to survive the retail industry and land on top. In order for J.C. Penney to survive in this market they knew they needed to collectively and collaboratively come up with new approaches. The company needed to change to meet the new demands of the retail industry by building on their knowledge of things that work and take risks on new leadership. This is why the old familiar company chose to hire Marvin Ellison as its new CEO.
History Roommates at Lehigh University Richard Hayne and Scott Belair founded urban Outfitters in 1970. The two were just getting back from doing internships and volunteer work after completing their freshman year of college. Coming back for their sophomore year, the two discussed ideas of a store that sells inexpensive clothes and accessories for dorm rooms. The two open Free People Store in Philadelphia investing $5,000, the store sold inexpensive wore clothes, drug paraphernalia, candles, shirts, and jewelry. Successfully staying in business the two changed the name from Free People Store to Urban Outfitters.
Case Analysis: J. C. Penney Company, Inc. Founded by James Cash Penney in 1902, J. C. Penney Company, Inc. has grown into a major mid-tier retailer. Focusing on providing goods and services for middle-income families, Penney’s competes in several segments. Although men’s and women’s apparel accounts for nearly half of all sales, Penney’s has a diverse portfolio including cosmetics, hair salons, home furnishings and appliances (J. C. Penney Company, Inc., 2015). As one of the oldest retailers in America, Penney’s has recently struggled to maintain the loyalty of existing customers while attempting to attract new ones. Historical Background Penney’s faced a hyper-competitive environment following the recession of 2008.
Is Walmart Good for America? Walmart has been in the media the past few years for its bad reputation with its working conditions. These terrible working conditions include, low wages, and insufficient health care benefits. The low wages that Walmart pays its employees aren't enough to support their families. If Walmart’s working conditions would improve, then Walmart would have the potential to be great for the economy, but at its current status, Walmart is detrimental to both America’s economy and working citizens.
The Target Corporation is an American retail company founded in 1902 in Minneapolis, Minnesota. Originally named Goodfellow Dry Goods, the company was later renamed to Dayton's Dry Goods Company in 1903 and finally becoming the Target Corporation in the year 2000. Over the years, the Target Corporation grew and expanded its retail operations and by the 1970s, it had become a well-known and respected discount retailer by becoming the first retailer to offer a private label credit card to its customers. In the 1980s through 1990s, the Target Corporation invested heavily in technology and supply chain management, which allowed it to expand its product offerings and improve the customer shopping experience. In the years to come, the Target Corporation
Walmart is not good for America for a number of reasons. One of the biggest reasons is because of how powerful and influential it has become. The amount of influence Walmart has on corporations has become exponential and Walmart has become a force to be reckon with. Due the amount of power Walmart has, and how driven they are to ensure that they are buying the cheapest good quality products, they have driven countless businesses and corporations out of America. As a result, Walmart has driven a lot of jobs out of the nation.
Many people throughout the time of the largest retailers existence have argued that the negatives outweigh the positives. I beg to disagree, there are 1.4 million people employed by Walmart. That is approximately 1.7% of the US workforce. To put that in
There eight core values still stands as a elements of their success today. I personally feel that Home Depot would not have stood the test of time if they did not have transformational leaders like Marcus, Blank, Blake and now Menear to motivate the company to achieve their highest level of performance. Many leaders are competent but few qualify as remarkable as those individual. Home Depot is a highly diverse business that is highly committed and decided to its customers. The leadership at Home Depot started with the inverted pyramid, customer and store associated at top and senior level management at the bottom.
Most of the Western companies like Dickies, Walmart, and Disney are getting away with horrendous crimes. The American people don’t know where these products are coming from and how they’re being made. In America, consumers buy items from retailers thinking everything is fine. In the beginning of the article, the author made a scenario about a young girl named Manisha. Manisha looked to be around 16 years old.
Records show due to Walmart is all around the place, gross domestic prices have gone up in an amount. Even though Walmart set up bad labor and gives bad opportunities to their employees, customers still thinks it is very convenient due to the low price. Since it is all around the corner, it is easy for people to walk in and walk out in any minute. The shopping carts are also a useful tool for customers to pick up their products, they also have small drive shopping carts for disables so they can even come to the store without any help. Nothing is better than Walmart in my opinion.
Mitchell wrote that “Best Buy announced that effective Dec. 15, 2008, nearly all of its corporate employees are eligible for a voluntary separation package in order to reduce its corporate expenses significantly.” (Mitchell) The recession of 2008 has had an impact on the company’s performance, but the Best Buy was able to survive since other rival companies exited the market. Best Buy features the latest tech gear and will continue to because of its agreement and relationship to the newest tech companies. “The CEO of Best Buy realized stores could ship packages to customers, serving as a mini-warehouse for the surrounding area allowing for more availability as well as speeding up shipping.”
Best Buy is a major market sharer and is known for being dominant in retailing electronics. Bestbuy operates 1,231 stores that are spread across the U.S., Europe, Mexico, China, Turkey, and Canada. The company also has intensive cost management and this was shown since 2019 Best Buy's earnings have gone up tremendously because of their effective cost management. Best buys interest expense went from $72 million in 2017 all the way down to $64 in the fiscal year 2020. Additionally, the company offers multiple shopping opportunities as the company encourages customers to shop for longer and to act on their wants and impulses.
The article “Labouring the Walmart Way,” author Deenu Parmar talks about how Walmart is able to achieve selling goods at a lower price then any average superstore. The author goes on to explain that Walmart’s antiunion efforts, employee selection, low prices and high retention rate all contribute to their major success. Walmart’s stance on ant unionism allows them to keep wage cost down and keep all their profits up. Not allowing a union keeps Walmart with the power to keep low wages and force unpaid overtime.
One thing I never forget about how my mom and his coworkers spoke of Sam Walton. They said every time Mr. Walton comes to visit he slows the operation down because he interacts and talks to his employees from the store manager all the way down to stockers and housekeeping crew. He will sit in the break room and talk about regular stuff like fishing, hunting and then talk about future operations. He listened to what other people had to say regardless of their work status. They talk about how much they trust him and never doubted that he will do something happen before he leaves the store whether it is additional or expansion of a break area or personal matters.
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