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Marketing mix and target market for nordstroms
Marketing mix and target market for nordstroms
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Dillards, Inc versus Nordstrom, Inc. FI305.001 Michelle Miller, Phillip Stowe, Daniel Carr Table of Contents Firm Overview……………………………………………………………………………….. 3 Critique……………………………………………………………………………………….. 4 Financial Statements and Ratios………………………………………………………….. 8 Firm Overview Nordstrom’s and Dillard’s are both retail stores categorized within the family clothing retail industry. They fall into this category because they each provide clothing lines for men, women and children; they exemplify the marketing trope: for “the whole family”.
My love for clothes and shoes always leads me to DSW (NYSE:DSW) , Nordstrom (NYSE:JWN) , and Bebe (NASDAQ:BEBE). All three companies are leading apparel stores, taking in millions of dollars a day. In order to perform my financial analysis, I will use several ratios. In order to evaluate the company’s ability to pay current liabilities, I will calculate the current ratio. Additionally, I will calculate the gross profit percentage in order to measure the profitability of each sales dollar above the costs of goods sold.
For customers- I feel Economic conditions are the biggest risk for that area. When people are struggling with the economy they are not going out and making purchases they are going to cut back and save money. Competition- Nordstrom faces competitive market forces as the biggest risk in my point of view.
The company’s visions and missions statement both revolve around the importance of customer service. Aside from prioritized timeline and objectives the firm needs to complete for the quarter, the firm’s strategic sales plan mostly comes from keeping up healthy relationships with customers. The branch out to outlet fashions, broaden the firm’s customer base and keeps customers coming when looking for off-price retail on brand name items. The firm’s use of omnichannel retailing is the large part of their sales strategy.
Additional Store Descriptions Neiman Marcus Store Description: Neiman Marcus is a luxury specialty department store, founded in 1907. The department stores offers in-stores, e-commerce, and catalog shopping. Neiman Marcus offers apparel, accessories, beauty products, and home furnishings. National Geographic Store Store Description: The National Geographic Store offers a wide variety of educational and international products that help fund National Geographic’s “mission of research, education, conservation, and exploration.” Mills Fleet Farm Store Description: Mill’s Fleet Farm was born in 1955 and is now a regional chain of retail stores in Minnesota, Iowa, Wisconsin, and North Dakota.
Consumers of the retail industry are always looking for what’s “in” at the moment, and that could affect Nordstrom in a negative way. Nordstrom only offers high end luxury clothing items and if that’s not the trend at the moment, then consumers will go to other retailers who are supplying what the current trend is. COMPETITVE RIVALRY There is a High level of competitive rivalry for the following reasons: • Main Competitors. The main competitors Nordstrom faces in the Canadian retail industry are comprised of the following large-scale retail stores: Holt Renfrew, Hudson’s Bay Company (HBC), Saks, and Amazon.
Nordstom, Inc. Business Analysis Camille Joublin BA 301 Final Term Paper Section 006 May 28, 2023 Table of Contents Executive Summary 3 Situation Analysis 4 Internal Performance 4 Industry Perspective 7 Problem Analysis & Description 8 Solutions, Evaluation, & Recommendation 11 Reference 15 Executive Summary Nordstrom, Inc. is a large company in the fashion and retail industry. Through the department, off-price, and online stores, Nordstrom offers everything from luxury to discounted fashion selections. The purpose of this report is to analyze this company and its business practices in order to discover business problems harming the company and offer potential solutions. After looking at the company as a whole, the
As stated in the supply chain logistics section, Nordstrom does a fantastic job of ensuring that shelves are always stocked so that consumers have the best possible shopping experience. The many shopping and shipping options that Nordstrom provides for consumers creates a positive customer experience which is a reason for their reputation as a leader of customer service relationships. Taking advantage of new technology in regards to the supply chain software and UberRUSH, it will ensure that shelves are constantly stocked and consumers receive orders in a timely manner. Empower Employees. Nordstrom has always empowered employees to make their own decisions while going through the customer experience process.
Nordstrom is a retailer that has continued to generate revenue and grow its business in light of recent trends that have shifted consumer shopping into the digital domain. Not only does Nordstrom carry brand recognition, but their customer experience design is uniquely their own. By defining their target market and differentiating themselves from competitors who also want to serve those markets, Nordstrom makes decisions that are consistent with their overall position strategy. These choices include Nordstrom's product mix, product availability, price, store design, customer service, and store location. The choices Nordstrom makes in these key areas directly serves their efforts in distinguishing themselves from other retailers and attracting
Nordstrom is a leading retailer for women’s, men’s, and children’s fashion that sells clothing, shoes, and accessories. This retail store is dedicated to assisting its customers in not only purchasing fashionable clothing, but also creating style. It was established in 1901 as a Seattle shoe store, Nordstrom Inc., recorded a company high revenue of $13.1 billion in 2015. (Business Insights) With over 120 full-line store locations in U.S. and Canada, 188 Nordstrom Rack locations, five Trunk Clubhouses, two Jeffrey boutiques and one clearance store, as well as serving customers in 96 different countries online, Nordstrom definitely has wide spread popularity (Hoovers).
Nordstrom has been able to stay successful for so long due to its quality customer experience through personalized service, compelling merchandise offerings, a pleasant shopping environment, and better management of its inventory. Nordstrom is infamously known for their excellent customer service. Customer service is what “sells.” Nordstrom’s employees are highly valued, well trained, and respected which all of these factors cause them to thrive, which is what all companies should strive for within their employees and company. Nordstrom has managed to stay profitable throughout the years even through dips in consumer spending, constant change of fashion trends and intense competition amongst other retailers because of the fourth generation
It is a well-known fact that more than half the world does not look into a high name company they are purchasing something from. We automatically trust in this company because we enjoy what they are selling to us, but does anyone ever think to look into the labor laws of the store and see how they treat their workers? What kind of conditions do these stores provide for their workers along with seeing who gets paid what? For Forever 21, the article states that “In 2001, the Asian Pacific American Legal Center sued Forever 21 on behalf of nineteen apparel workers in Los Angeles, where the retailer is headquartered.
Industry Analysis Industry choice rationale Over the past couple of years, we have experienced a great employment increase. Along with low unemployment rates, people have faced a significant bump in their salaries, which implies a greater disposable income. Therefore, greater spending on men’s clothing, especially for men’s between ages of 18 to 35. Generation Y men are moving away from personal interactions in the shopping experience, in favor of a virtual in a context of internet. We chose men’s fashion industry, specifically based on statistical analysis trend, which has shown, continuously growth of phone application usage for making purchases.
approach, 2017). For example, Nordstrom is an esteemed brand in the retailing industry, where they have the utmost income per square foot compared to any retailer in the country which is due to its hiring method, reimbursement patterns and culture, (Human resources: Human resource and competitive advantage, using the VRIO (value – rarity – imitability – organization) approach, 2017). The secret behind their success is, due to the fact that the company concentrated on each single sales executive who were considered to be the main key to contribute to Nordstrom’s competitive advantage (Barney & Wright, 1998). According to Barney et al (1998), the company provided prominent incentives-based emolument schemes which provided the employees to earn
Nordstrom wants to get closer to their customers so, they have started to build on market strategy strengths to obtain the digital-first platform that was made to enhance customer service, increase market share, and drive growth in profits (Nordstrom, 2021). Since the company wants to base the strategic plans on market strategy, they are allowing customers to shop for products and interact with Nordstrom in whichever way is the most convenient for the customer (in-store or online) which, is the strategy’s focus. By doing so, the company can provide personalized service, provide an increase in product selection by linking the store and supply chain inventory of single markets, and create better choices for item pick-up, delivery, or return from Nordstrom’s service locations (Nordstrom, n.d.). This strategy is created to retain as well as attract customers and create a better experience and individual connections between the company and the customer.
