Ann Taylor’s main challenge is to remain relevant in a market where fads and new options are constantly threatening to steal market share away from them. High-end and low-end brands such as Gucci and TJ Maxx respectively are offering specialized goods to cost aware consumers. To position themselves effectively, Ann Taylor must remain true to their original image as an upscale retailer of professional lades while still offering clothing at a price that consumers are willing to pay. One possible alternative for Ann Taylor is to continue what they are doing as an integration approach leader. Since consumers could buy cheaper alternatives at bargain outlets, the integration strategy allows Ann Taylor to loosely compete in price while keeping a strong focus on high quality products.
What is most important to each customer type? The three customer types that were mentioned in the video (Cole Creative Group, 2013) are (1) the fashion shoppers, (2) resellers, and (3) bargain hunters. The fashion shoppers are searching for trendy items so they can put together their own creations and fashions. Being trendy and creating their own fashion statement is important to them. By shopping at Goodwill, they can achieve this at a cheaper price.
Targets mission is: "Our mission is to make Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional guest experiences by consistently fulfilling our Expect More. Pay Less.® brand promise." Target believes is design for all, letting their designs be fun, energetic different and intelligent along with most importantly, being affordable for everyone. Targets focus on design is to concentrate on how something looks, how it satisfies a need, how it simplifies your life and how it makes you feel. Target tries to stay unique and create and experience unlike any other retailer by keeping stores clean, having a brighter store, wide isles, trend-right merchandise, a unique designer partnership and outstanding customer service.
Optimistic effects include quicker operations, undertaking multiple operations with fewer personnel and accessibility to the consumer base. Systems that take inventory and POS systems all help to achieve these optimistic goals. Antagonistic effects include technology failures and security issues with more vulnerable technologies that are accessed through unsecure networks. In the competitive retail environment, it is imperative that companies utilize these technologies regardless of the negative annotations. It is then important for managers to find the best defenses against technology failures or security breaches.
D. $17,241. E. $16,667. 3. Norton Co., a U.S. corporation, sold inventory on December 1, 2011, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: What amount of foreign exchange gain or loss should be recorded on December 31?
While many will only be looking for other dollar stores following exactly the same format, that is incorrect. In today's marketplace all types of retailers are adding dollar departments and dollar aisles to their stores. Every one of these companies represents a threat to your business. It's important that you know them and what they are doing. Determine how best to use your company's strengths to overcome the strengths and overall performance of the competition you've found.
To continue to be the largest retail store, Target has to make sure that their prices are the lowest and that the products they sell meet all of the wants and needs of each customer. Quality and quantity of merchandise is necessary to make sure customers stay loyal to the company and recommend Target to others for the products and services that are sold there. (Target, 2010) Conclusion An organization must assure that each customer is happy with the products and services sell to become and remain a profitable business. Advertising and sales are important to an organization, but recognizing what a customer wants and needs is most important. If a company does not have the products to keep customers satisfied, they may not
Analyze the business-level strategies for the corporation you chose to determine the business-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion. • BUSINESS CONCEPT • Vision and business idea • “To create a better everyday life for the many people”, this is the IKEA vision. Our business idea is “to offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them”. • We work hard to achieve quality at affordable prices for our customers through optimizing our entire value chain, by building long-term supplier relationships, investing in highly automated production and producing large volumes.
By having trustworthy people in all positions and employees that enjoy what one does on a daily basis, will add to the success of the store. The method behind keeping product in the store is based on the amount of time it can all get done, and the cheapest way to execute this operation. The store has to have a window of time before opening to stock the shelves and work on the cosmetics of the store to make it presentable. During this time the store is not being shopped, hence not making money. It is very important that the system works and in the shortest amount of time possible.
Target is also a discount store, but they offer a different spin. They are more focused on the style. Target’s corporate strategy is one that has changed little over the years: to provide high-quality, stylishly designed items plus all the essentials for life, displayed in a clean, organized and welcoming environment. Target’s size is most beneficial because they can cater their services and products to change with trends more quickly and at prices that are affordable to the customer. Target appears to run on a functional organizational structure.