According to Spector & McCarthy, 2012), Nordstrom's has an enormous financial position proportioned to be around $1.3 billion in cash, 11 straight quarters for making sales, and its apparent positioning in the Apparel’s top 50 companies ranked by profit margins. The company knows that its customers are in high demand for quality products and services. The company has expanded most of its stores within and outside Europe, something that has enabled many clients access its products and services without any difficulty. The company has shifted most of its growth mechanisms to depend on e-commerce. Most of the customers are able to access Nordstrom's products online.
Firm Research and Bid Strategy Business Description HA Corporation is a competitive firm that deals in the sale and distribution of household appliances throughout the country and has been operational for the last nine years. It is owned and run by six partners all of whom have an equal share of the business as well as responsibilities towards the company. HA is listed as a Fortune 500 company and has annual revenue of over $18 million, more than 700 employees. The company is mainly a dealership business. Appliances from different manufactures award the company’s clients a variety.
Grocery stores are in competition with smaller markets like Kudlers and Whole Foods. If the brand name grocery stores like Ralphs and Vons did not offer organic and specialty items, the market structure of Kudler Fine Foods would differ. This market structure positively affected Kudler because there was no barrier to entrance within the quality foods market. What negatively affects the company with this market structure is that they are compared to big companies who are able to supply some of these rare items at a more competitive price. One of the marketing strategies that ensure the company of long-term profitability is the personal relationship built with the customer base.
Costco Wholesale Corporation Part II Costco Wholesale Corporation is an extremely competitive industry. The following writing will discuss the financial health, technological advantages, globalization, and conducting benchmarking analysis in comparison to Wal-Mart and Target Corporation. To manage financial statements efficiently is by means of income statement, balance sheet, and cash flow. The technology has advance and made developments through the year, technological advantage in Costco Company is helping the progress for success. Globalization is the key to survival that allow to a company to be competitive and offer diverse services and convenience to consumers.
Project 1 Explain how, when working, you would find out what was expected of you and what work standards would be expected of you. How would this knowledge impact on the ways in which you organise your time and manage your work tasks? When working in a workplace I would firstly be expected to find out what the relevant industry standards are and what the organisational goals are within their workplace. I would find out what was expected from the job description that has been assigned to me and a thorough explanation on the job description so that both my employee and I are clear on what is expected by me. Also having a clear understanding of customer expectations and values is essential, as they are important to meet the demands and thus assists the organisation in achieving their personal goals.
We also gained a close understanding of how Wal-Mart uses strategic planning to add organizational and stakeholders’ value while increasing profits. We uncover a series of great efficiency tools used by Wal-Mart such as cost leadership to leverage operating expenses, and how it is used by the organization to strategically dominate the competition, and lead the industry by continuing to provide quality products at discount prices. This perfect planning continues to demonstrate Wal-Mart’s expertise in effectively utilizing global resources to maximizing profits while minimizing the shared risk associated with it. In the end, Wal-Mart’s narrowed financial expense control and robust inventory management alongside with their strategic planning; will sustain a profitable successful organization with profitable
Additionally, Starbucks has distribution agreements with office coffee supplier, hotels, and airlines. Using a variety of distribution channels allows the company to reach a wider market, however the company needs to be careful with this approach due to the potential channel of conflict. Implementation of Pricing Strategy Starbucks is the leader of the coffee market. As an individual company, it controls several times more market than any of its competitors. More than just a high priced coffee shop, Starbucks offers a combination of quality, authority, and relative value.
Planning/strategizing works together with the organization’s primary purpose based on where the organization wants to be and what it will take for them to get there. Planning/strategizing enables management to go beyond daily activities to set realistic goals for the organization’s success. Organizing involves setting the structure and the coordination and use of available resources needed to carry out tasks necessary to achieve the organizational plans. Leading is the ability to motivate people to give their best both individually and within group settings. Through guidance, leadership ability, and supervision of employees managers achieve organizational goals.
The team essentially becomes the boss, with oversight from the company’s managers whom act as a liaison in fostering communication and structure for the goals to be accomplished. The teams will have a sense of shared governance and accountability for the goal attainment. Key components of contributing to a successful launch of the newly created structure include, but are not limited to; a clear vision from the COO on what the direction, and plan of action will be, implementation of strong communication of the plan with the managers and employee’s, and a system of checks and balances to allow for adjustments to be made to accomplish the goals of the
The manager of the business must focus on the day-to-day aspects of keeping the department, team or organization running smoothly. Which includes making sure the department is staffed appropriately, that the company is on target for sales which production is on target. Any leader of a business, must be able to set goals and aspirations for the team, the leader needs to set the tone of the organization, motivate and inspire the group. Truthfully, managers must be able to do both. They must inspire and motivate and they must ensure that the company operates effectively.