Dayu Aryanthi
BA 301 – 001
Assignment 1
10/12/2016
Question #1 Nordstrom is an American chain of department stores who have recently extended to Canada. The company includes full-line stores and an off-price retailer Nordstrom Rack. There are 121 full-line stores and 208 Nordstrom Rack stores spanning 38 US states and Canada. The company’s mission statement "to provide outstanding service every day, one customer at a time” (Nordstrom.com) is the driving force between the company’s success and core values. This mission began with John W. Nordstrom in 1901, when John opened a shoe store with his business partner in Seattle called Wallin & Nordstrom. What started as a small shoe store grew to be the largest shoe store in the country by 1960.
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Three of which, Blake, Pete and Erik are co-presidents of the company and a part of the the fourth generation of the Nordstrom family. The main stakeholder is Bruce Nordstrom, who ran the company from 1968 until 1995 and was the chairman from 2000 until he retired in 2005. The last of the 5 stakeholders, James F. Nordstrom was a retired co-chairman who deceased in 1996. History of Nordstrom’s current and past board of directors proves the company’s family centric focus. The top 3 institutional holders include Vanguard Group, Inc., Bank of New York Mellon Corporation and lastly State Street Corporation. The top 3 mutual fund holders include Vanguard Mid-Cap Index Fund, Vanguard Total Stock Market Index Fund and JP Morgan Mid cap value …show more content…
The company puts a dire emphasis on delivering strong customer service. Their forgiving return policy and friendly employees have coined the company as having some of the best customer service in the large players of the retail industry. To spread their message and explain their formula for customer satisfaction, the book “The Nordstrom Way to Customer Service Excellence.” The publics perception of Nordstrom is generally in good light. This perception also pertains to the 52,000+ employees, as the company takes pride in empowing their employees through a sense of store community and commission bases. The employee satisfaction then leads staff the respect the customer and follow nordstroms expectations of employees to walk you around the store, walk your bagged purchases around the counter and answer the phone on the 2nd
The business we chose to focus our project on is Publix Supermarkets. On Sept. 6, 1930, founder George Jenkins opened his first store, called Publix Food Store, in Winter Haven Florida. Today Publix has grown to be Florida’s largest employer with 168,500 employees and run 1,080 stores. Total sales in 2013 were 28.9 billion, relatively large for a regional corporation. Their mission statement is “To be the premier food quality retailer in the world,” and they’re doing an excellent job at it.
Target Corporation (NYSE:TGT) is one of the most recognized discount retailer that provides upscale, trendy merchandise at affordable prices. The company was founded by Draper Dayton in 1902. The first store was opened in Roseville, Minnesota during 1962. As a result of Target’s continued success, its parent company, The Dayton Hudson Corporation was renamed to Target Corporation in 2000. Currently, Target is the second largest retailer and mass merchandiser in the United States.
If the limits and resources required for the development are obliged in any way, it could incite higher costs, delays, budgetary adversities and failure to meet their global objectives (Davis, 2017). In order to achieve and sustain competitive advantage, Nordstrom must manage their risks and threats effectively and coordinate appropriate productivity company wide. Nordstrom must focus security, customer experience, flexibility to guarantee competitive advantage and success. In order to succeed in international markets, Nordstrom has to keep both their global e-commerce price and divider costs relatively close.
Slow speed will give more time while fast speed of technological disruption may give a business little time to cope and be profitable. Technology analysis involves understanding the following impacts: Recent technological developments by Nordstrom competitors Impact on value chain structure in services sector Technology 's impact on product offering Impact on cost structure in the
How would that make you feel? Well, that is the culture of Nordstrom. In 1901 John W. Nordstrom established the company’s philosophy “ offer the customer the best possible service, selection, quality, and value” (Nelson and Quick, 2015, p. 508). Nordstrom’s emphasis on customer service is what sets them apart from any other fashion specialty chain. Given their strict focused, one could consider how they handle conflict.
01.01 Explain what is meant by customer service in the retail sector Customer service is vital in the retail sector as it can make or break a business. If the retail business does not have the monopoly on the products or services it provides, they must introduce tools and behaviours that will entice customers into the business instead of the market competitors. Customer service plays a major role as it is usually engrained in the business plan and continually evolves. Customer service is essentially the interactions between a business and the consumer, however the interaction is the responsibility of the business and the consumer is aware of this. Customer service can occur face to face with consumers, over the telephone, written correspondences either postal or email and also online through the retail website or social media.
Conversely, Nordstrom has been able to produce value in the market, which is reflected in their high market-to-book ratio. Because of this, investors using these ratios will be more likely to seek equity in Nordstrom’s rather than
The functions that are listed as “sell” time are time spent in locating merchandise, stock assignments, sales promotion activities, personal touch activities, meetings etc. The employees will do all these hurriedly and inefficiently to increase their SPH. 4. Would you change the management systems at Nordstrom? If so, how?
When launching a new product or service, a company needs to develop the key group of customers in which they are targeting. There are many steps in identifying the target market; one of these steps is to look at past marketing plans in a company and collect information to produce a customer profile. This profile is important because “it influences the objectives, creation of the communications message and the channels and media mix being selected” (Gbadamosi and others, 2013, p. 275). When this profile is solidified, the appropriate methods to make a successful marketing plan can take action to launch the new product or service. Nordstrom’s Treasure & Bond, is a new clothing line by the leading fashion specialists, targeting 18-30 year
A. History about Ulta Beauty • Ulta Beauty is one of the largest cosmetic, fragrance, hair and skin care products companies in the United States. Since 25 years ago when Ulta has expanded so much and has become one of the most important companies in the United States. Ulta beauty is where you find all things beauty. You can find makeup, fragrances, skin care products, hair products and tools. Ulta offers more than 20,000 products from more than 500 different brands from different categories and prices points.
Many of the same clothes offered by Nordstrom can be purchased elsewhere for less money. However, Nordstrom knows that you can’t get the same level of customer service anywhere else, and people are willing to pay more
Nordstrom is usually located in shopping centers, specialty centers, and central business districts. Nordstrom also has stores in both location choices to further availability to increase its target market, who prefer shopping in these two retail locations. Nordstrom allows customers to search through multiple level stores to find exactly what they want. Nordstrom also has helpful sales floor associates to guide customers to the products they want. .
The sector is witnessing a radical change as traditional retail markets are replacing with new formats such as discounts stores, departmental stores, hypermarkets, supermarkets etc. In this competitive environment the retailers are more forced to concentrate towards Customer service & their satisfaction. In retail stores, the customer service is includes like counter service, billing the products, offer explanation to customers, providing them coupons, explain the product
To decrease the complexity of the process, Starbucks has a set of suppliers that have specific locations to deliver their coffee beans to, allowing them to control the production. This is due to their highly-centralised processes that enables Starbucks to control their global networks. Another component of their value proposition is the service. The process of their customer service follows a pattern that is common to every Starbucks Coffee Shop in the world. This process helps them deliver their value proposition through four different and simple aspects which are to create the perfect product, to deliver this product in a short period of time, the caring product delivery and finally the adoption of effective problem-resolution procedure.