Nordstrom: How to Succeed by Selling One Shoe Identify the type of retailer that Nordstrom’s is classified as. Describe the characteristics it shares with other retailers of this type. Nordstrom is an upscale department store chain in the United States. Nordstrom was initially a shoe retailer, the company today also sells clothing, accessories, handbags, jewelry, cosmetics, fragrances, and in some locations, home furnishings. Nordstrom has grown from a regional department store to a national chain by opening store rather than by acquisition of other retailers.
We have discovered a few weakness. Compared to our competitiors are clothing material is not that high quality. We also cannot keep up with the current fashion that celebrities are wearing due to the prices. This would drive our customers away because we want to keep our prices as low as possible. Our last weakness is that we are not a big company.
Each retailer is unique in the level of service provided, product assortment, price range of products and the gross margin. Department stores, specialty stores, supermarkets, convenience stores, drugstores, full-line discount stores, discount specialty stores, warehouse clubs and restaurants are all examples of different types of retailers. Nordstrom is considered to be a department store and as demonstrated by other department stores, Nordstrom’s level of service is rated as moderately high to high with a broad assortment of personal and residential products. The price range of products at Nordstrom’s is categorized as moderate to high and the organization has a moderately high gross margin. Similar to JC Penny’s purchases can be made at each department in the store rather than a central checkout location.
3 major divisions were made that could work across all channels assigning an individual VP to each division handling the work with precision to maintain the customer value and encourage cross channel shopping even further. 2. What changes we made at Sears Canada to encourage customers to shop in more than one channel? A.2 The changes that were made to encourage customers to shop in more than one channel were: . The Retail Stores: A very contemporary appearance being very bright, functional and convenient at the same time.
It doesn’t have to be specific to retail stores, just other jobs with customer service experience. This is a big concern with the focus group because some employees don’t know how to talk to customers. Employees with experience already know how to handle customers and don’t need to be trained. It will save us money and time. 6) Realistic Message – Realistic Job Preview for Sales Associate Positive Job Attributes Good hours Teamwork is
Costco Case 1. Although customer’s repeatedly ask Costco to carry other items outside its price/ quality zone Costco should not give in and carry those items. Costco is dedicated to providing the best quality products at the absolute best value for customers and if they go outside that zone it would affect the way business is done and cost past down to customers. According to Costco’s website “their buyers are the best in the business at negotiating added values and extras not found anywhere else. Plus, our bare-bones operation keeps costs low, so the prices remain low and your savings enormous.” 2.
Nordstrom's Success Principles of Marketing May 25, 2012 1. Identify the type of retailer that Nordstrom's is classified as. Describe the characteristics it shares with other retailers of this type. Nordstrom's is classified as a department store that is a large scale retail unit that carries a wide variety of shopping and specialty goods including apparel, cosmetics, handbags, house wares, accessories, and electronics. As with other department stores, each of Nordstrom's departments is treated as a separate buying center to achieve economies in buying, service and control (Lamb 2010).
There will be plenty of business to be earned. Although the threat of new competition entering the industry is low because the established companies have competitive advantages (of low-cost structures, economies of scale, and brand loyalty), competition from current competitors is intense (DeFoe, 2012). The bargaining power of the consumers is also something to take note of. Customer’s taste, preferences, and expectations influence the demands for products and services (Hoovers, 2013). The Home Depot has to provide the products that the customer’s want, which leaves little room to stand out from competitors.
Wal-Mart has used such TIFs in several other Missouri towns. Some legislators consider these "gray" areas for the use of this money. Some argue that Wal-Mart would build in those areas anyway, and that they did not need the incentives. These stores provide a convenient low-cost alternative for consumers. Wal-Mart is in you community for only one reason, to make a profit.
The only types of business that do not need to carry physical inventory are service and sales organizations. Most of them have small amount of sample items or commonly sold items, however depending on the industry they might not need any at all to function successfully. I look at the inventory as a necessity however I am also aware that there are many cost associated with carrying large inventories so businesses need to have very good inventory management system in place. Many businesses purchase their inventory on credit and must pay interest on the purchases and if they are unable to sell the inventory it might pile up and restraining the organization to purchase new inventory that is needed. The scope of inventory management focuses on the relationships between many things including carrying costs of inventory, asset management, inventory forecasting, quality management, returns and defective goods, demand forecasting and number of others.