files. Web viewMarketing Analysis of Macy’s . Karen L ... Identify the controllable and...

Macy’s – Services Marketing Plan

Marketing Analysis of Macy’s

Karen L Campbell

MKT4104

Oct 17,2016

Dr. Edward Wirth Jr.

South University Online

Week 3 Assignment 2: Final Project

Conduct online research and select a struggling retailer to use as your basis for your assignments in Weeks 3 and 5. Assume you have recently been hired by the firm as their V.P. of Marketing to increase sales and profit margin.

Complete the following activities:

Select the retailer based on your online research. Outline why the retailer is struggling.

Prepare a competitive analysis and define the traditional and non-traditional competitors that the firm faces now and in the future.

Outline the target market(s) for the retailer. State the needs of the target market. Identify the controllable and uncontrollable variables that retailers need to consider.

Analyze the uncontrollable factors that may be most damaging to the retailer. Select and defend strategies to improve the business while maintaining current

customers. Explain the importance of building and maintaining relationships with customers in retailing.

Outline the research and information gathering process in retailing. What will you do to improve this process for your firm?

Submit a 5-6 page paper written in APA format.

1


Search the South University online library for peer reviewed articles to justify your answers. Include a minimum of three peer reviewed articles for your paper.

Name your document: SU_MKT4104_W3_A2_LastName_FirstInitial.doc.

Submit to the W3: Assignment 2 Dropbox by Tuesday, October 18, 2016.

2


Table of Contents

1. Introduction 3

2. Why is Macy’s Struggling 3

3. Competitive analysis of Macy’s 3

4. SWOT Analysis 4

5. Identification of target Market along with its need 4

6. Identification of controllable and Uncontrollable variables 5

7. Selecting defends strategies 5

8. Importance of building & maintaining relationships with customers 5

9. Research & information gathering process in retailing sector like Macy’s 6-

7

10. Conclusion 7

11. References 8

3


Introduction

This paper is based on the retailer know as Macy’s. Recently, I have have been hired by the

company as V.P of marketing to outline why Macy’s has been struggling. In this paper,

punctuation competitive analysis has have (grammar) been prepared by me. The traditional

& non-traditional competitors being faced by Macy’s at present and in future has have

(grammar) been identified. The target market’smarkets (grammar) for Macy’s has have

(grammar) been outlined along with its their (grammar) needs. The controllable &

uncontrollable variables that Macy’s need’sneeds (grammar) to consider are identified. The

uncontrollable factors which might be most damaging to Macy’s are highlighted. The

defending strategies are selected by me for improving business by managing current

customers. The importance of building better relationships with customers in a retailing

sector like Macy’s has been demonstrated in a brief manner. The research & information

gathering process related to retailing has been identified along with its improvement

strategies (Payne, A ,1999).

I stopped proofreading here.

Why is Macy struggling?

Macy is a departmentalized chain store with headquarters in the United States which has been

dealing with different kinds of products such as clothing, jewelry, apparels, furniture’s,

beauty product and household items. It has over 870 stores all across the globe with presence

in 45 countries. (Source??) You need an in-text citation here. It was facing challenges and

struggling on a continuous basis from other retailers because its sales declined in 2015,

growing number of its e-rivals who were offering more discounts to customers, customers

getting superior service from other e-commerce online companies, higher costs of operations

were there in Macy’s which forced it to shut down its stores. Employees of Macy’s had been

laid off by offering several kinds of benefits. Macy’s was facing a lack of investment to

sustain its business which forced it to shut down its stores immediately. Excellent

understanding

4


Competitive analysis of Macy’s

The competitive analysis of Macy’s with respect to its Strengths, Weakness, Opportunities

and Threats has been presented below.

Strengths

Macy has been operating with more than 845 stores in U.S.(www.aboutmacys.com)

It has presented shipment over more than 100 countries.

It has a workforce of more than 159,000(Palmer, R.,2003).

It has got a wider portfolio of multiple brands with better quality of services.

Weakness

It has got limited awareness towards global business and technology.

Its market share is growing in a slow manner.

Opportunities

It has been promoting its business with environmental awareness.

It also converted its business on an online basis and increased more customer’s traffic

for boosting up its sales. It is the fourth largest online retailer in the US.

It has been tapping business by segmenting it into organic and inorganic aspects.

Threats

Changing taste and preferences of customers has been affecting its

business.

The unfavorable governmental policy has been impacting Macy’s business.

It is enjoying less margin of profits.

The traditional competitors that Macy’s has been facing at present are identified by me. They

are those who are working in the same segment by offering similar kinds of products and

services such as Aeon, Kohls and Belk’s shopping. The non-traditional competitors are those

who are providing goods and services to customers at online basis such as Amazon, Flipkart

and etc. which might impact the business of Macy’s in future to a much greater extent.

Outstanding SWOT analysis

Identification of target Market along with its need

5


The target market being classified by me for Macy’s along with demographic segmentation

process based on factors such as (Age, gender, income, educational backgrounds & family

structure) has been highlighted. The young age group of customers who have got a high level

of earnings can be targeted and its products and services can be positioned at the top ladder of

their minds. The customer’s who needs to buy reputed brands could be targeted who basically

fall under Millennial’s segments. The needs of its customers could be known by

understanding their behavior in terms of personality, learning, motivation, attitude and

perception. Excellent understanding

Identification of controllable and Uncontrollable variables

The controllable variables which are being identified by me for Macy’s that it needs to

consider are quality of goods and services should be improved on regular basis, budgeting of

business, forecasting of market, level of inventories being managed by Macy’s, pricing

techniques must be changed from time to time, exteriors of Macy’s stores needs to be

developed with better displays and layouts, lightings and smell of stores must be soothing,

employees must be trained in an efficient manner for meeting customers satisfaction level

and sales promotion techniques like discounts, offers and coupons which must be advertised

by Macy’s on a regular basis for growing its business. The uncontrollable factors that might

be most damaging for Macy’s business were being identified by me. They are such as

increasing tax rates, inflation, unemployment rates, interest rates of financial institutions and

legal restrictions being imposed by the government on retailing sectors. You need to show

how any of these uncontrollable factors could damage Macy’s.

Selecting defends strategies

Few strategies being selected by me that can be implemented at Macy’s for growing its

business by generating profits too much greater extent are explained in this paper. The

marketing strategy could be restructured and converted into the process of digital marketing

for managing competition at Ecommerce platform. The online purchasing facilities could be

offered to customers with support of mobiles and tablets for saving their time and engaging

customers at online shopping on a mass scale. Online business could be started by Macy’s

through engaging its talented employees for winning the confidence of investors by funding

its business. Effective inventory management system could be done with Just in Time

concept. Adjustments in departments of Macy’s could be made by creating a team of experts

6


who would manage better PR strategies (Public relation). Some excellent critical thinking

here

Importance of building & maintaining relationships with customers

The importance of building & maintaining relationships with customers at Macy’s was listed

below.

The offerings, best deals for building more customer traffic through discounts,

coupons, vouchers and offers could help in creating more customer traffic. This

process would assist in building long-term relationships with customers by repeating

purchasing behavior through the generation of loyalty (Ryals, L ,2005).

Better communication strategy could be developed at Macy’s using social media,

online advertisement and email marketing for promoting brands of Macy to reduce the

cost of operations & generating higher profit margins for building & maintaining long

term relationships with customers.

The behavior of customers would help Macy’s to make strategic decisions related to

further investment process by driving its business towards success.

It would assist in concentrating on existing customers of Macy’s and also create new

customers for its retailing business through a centralized process.

Outstanding analysis

Research & information gathering process in retailing sector like Macy’s

Secondary/primary research could be used for collection information in a retailing sector like

Macy’s. As a primary research process, questionnaires could be filled by customers while

entering into department stores for gathering information with their feedback responses for

making improvement in business of Macy’s. The feedback of customers could also be known

at online basis to collect information related to attitude towards a business model of Macy’s

through the extension of their brand loyalty programs where willing customers would pay

more prices for their supreme quality of products and services. The information related to

suppliers could also be collected with respect to changes made in prices of several brands.

RIS (Retailing Information System) could be implemented by Macy’s for creating the proper

flow of information and decisions related to shopper’s program Star Rewards, inventory

planning, trading analysis and customer behavior analysis. This all-inclusive information

7


would help in data management related to the retailing process of Macy’s by optimizing

several kinds of costs of operations (Spencer-Matthews ,2006).

Outstanding analysis and critical thinking.

Conclusion

Thus it can be concluded in this paper, that being V.P marketing for Macy’s I must use my

marketing skills in an efficient manner for increasing sales and profits margins. For this, I had

identified the reasons why Macy’s is struggling, prepared competitive analysis like SWOT

and explained about traditional and non-traditional competitors of Macy’s that might impact

the business of Macy’s at present or in future. The target market for Macy’s has been outlined

for stating its needs. The controllable & uncontrollable variables that should be considered

for managing the business of Macy’s are demonstrated with an explanation. The defending

strategies for improving business to manage current customers in the retailing sector along

with its importance’s had been identified briefly. Therefore, process Macy’s has been using

for conducting research & information to improve its business are explained in a detailed

manner.

MKT4104 W3A2 Grading Rubric – Karen Campbell

Criteria Unsatisfactory Emerging Proficient Exemplary Score

Assignment Components:

Selected a retailer which was struggling and included justification.

0 PointsSelection of retailer which is struggling is inappropriate and/or justification is not included.

10 PointsSelection of retailer which is struggling is correct and justification is somewhat clear.

15 PointsSelection of retailer which is struggling is clear and correct. Sufficient justification has been provided.

20 PointsSelection of retailer which is struggling is clear, correct, and well supported.

_20_of 20

8


Prepared a competitive analysis and defined the traditional and non-traditional competitors that the firm faces now and in the future.

Competitive analysis is unclear, not concise, and inaccurate. Does not include commentary of the traditional and non-traditional competitors the firms faces now and in the future.

Competitive analysis is somewhat clear, concise, and accurate. Includes some commentary of the traditional and non-traditional competitors the firms faces now and in the future with some justification.

Competitive analysis is mostly clear, concise, and accurate. Includes commentary of the traditional and non-traditional competitors the firms faces now and in the future with sufficient justification.

Competitive analysis is clear, concise, accurate, and well supported. Includes commentary of the traditional and non-traditional competitors the firms faces now and in the future and is well supported.

_20_of 20

Outlined the target market(s) for the retailer. Stated the needs of the target market.

0 PointsTarget market analysis and stated needs of the market is unclear and incorrect.

10 PointsTarget market analysis and stated needs of the market is somewhat clear and correct.

20 PointsTarget market analysis and stated needs of the market is clear and correct.

30 PointsTarget market analysis and stated needs of the market is clear, correct, and well supported.

_30_of 30

Identified the controllable and uncontrollable variables that retailers need to consider. Analyzed the uncontrollable factors that may be most damaging to the retailer.

Analysis of the controllable and uncontrollable variables is unclear or incorrect. Analysis of the uncontrollable factors that may be most damaging to the retailer is unclear or incorrect.

Analysis of the controllable and uncontrollable variables is somewhat clear and correct. Analysis of the uncontrollable factors that may be most damaging to the retailer is somewhat clear and correct. You need to show how any of these uncontrollable factors could damage Macy’s.

Analysis of the controllable and uncontrollable variables is clear and correct. Analysis of the uncontrollable factors that may be most damaging to the retailer is clear and correct.

Analysis of the controllable and uncontrollable variables is clear, correct, and well supported. Analysis of the uncontrollable factors that may be most damaging to the retailer is clear, correct, and well supported.

_20_of 30

9


Selected and defended strategies to improve the business while maintaining current customers. Explained the importance of building and maintaining relationships with customers in retailing.

Stated strategies to improve the business while maintaining current customers is unclear or incorrect. Did not explain the importance of maintaining relationships with customers in retailing.

Stated strategies to improve the business while maintaining current customers is somewhat clear and correct. Explanation of the importance of maintaining relationships with customers in retailing is somewhat clear and correct.

Stated strategies to improve the business while maintaining current customers is clear and correct. Explanation of the importance of maintaining relationships with customers in retailing is s clear and correct.

Stated strategies to improve the business while maintaining current customers is clear, correct, and well supported. Explanation of the importance of maintaining relationships with customers in retailing is clear, correct, and well supported.

_30_of 30

Outlined the research and information gathering process in retailing. Provided suggestions on how the process can be improved.

Explanation of the research and information gather process in retailing is unclear or incorrect. Did not provide suggestions on how the process can be improved.

Explanation of the research and information gather process in retailing is somewhat clear and correct. Suggestions on how the process can be improved is somewhat clear and correct.

Explanation of the research and information gather process in retailing is clear and correct. Suggestions on how the process can be improved is clear and correct.

Explanation of the research and information gather process in retailing is clear, correct, and correct well supported. Suggestions on how the process can be improved is clear, correct, and well supported.

_30_of 30

Presentation and Writing Components:

Organization

Introduction

Transitions

Conclusion

0 PointsIntroduction is limited or missing entirely.

Transitions between slides are infrequent, illogical, or

5 PointsIntroduction is present but incomplete or underdeveloped

Transitions between slides

8 PointsIntroduction has an opening, provides some background information, and states the topic.

Transitions

10 PointsIntroduction catches the audience’s attention, provides compelling and appropriate

_10_of 10

10


missing entirely.

Conclusion is limited or missing entirely.

are sporadic.

Conclusion is recognizable, but incomplete or underdeveloped.

between slides are present.

Conclusion summarizes main argument and has a clear ending.

background information, and clearly states the topic.

Thoughtful transitions between slides are appropriate and help the flow of ideas.

Conclusion leaves the listener with a sense of closure and provides concluding insights.

Style

Tone

Audience

Word Choice

0 PointsTone, audience, and/or word choice is inappropriate for the assignment.

5 PointsTone, audience, and/or word choice is somewhat appropriate for the assignment.

8 PointsTone, audience, and/or word choice is appropriate for the assignment.

10 PointsTone, audience, and/or word choice is appropriate for the assignment and is clear and well written.

_10_of 10

Usage and Mechanics

Grammar

Spelling

Sentence structure

0 PointsAny written portion contains numerous errors in spelling, grammar, and/or sentence structure that severely interferes with readability and comprehension. Your errors in writing mechanics get in the way of the effective delivery of your message.

5 PointsAny written portion contains errors in spelling and grammar that somewhat interfere with comprehension.

8 PointsAny written portion follows conventions of spelling and grammar throughout. Errors are infrequent and do not interfere with comprehension.

10 PointsThe presentation is basically error free in terms of mechanics. Any written portion grammar and mechanics help establish a clear idea and aid the reader in following the writer’s logic.

_0_of 10

11


Use SUO resources or equivalent to improve here.

APA Elements

Attribution

Paraphrasing

Quotations

When appropriate or assigned

0 PointsNo attempt at APA formatting in presentation.

5 PointsAPA format is attempted to paraphrase, quote, and cite, but errors are significant. In-text citation is missing. (-3 points)

8 PointsUsing APA format, accurately paraphrased, quoted, and cited in most areas throughout when appropriate. Errors present are mostly minor. Your Level 2 headings should be APA Level 1 headings. The title is not a Level 1 heading. See the APA sample paper under “Policies and Guidelines”, and then the “Using APA Standards in your coursework.”

10 PointsUsing APA format, accurately paraphrased, quoted, and cited throughout the presentation when appropriate. Only a few minor errors present.

_5_of 10

Comments Total Score _175__of 200

Overall excellent analysis, except as noted, demonstrating excellent critical thinking.

12


References

https://www.macysinc.com/about-us/

13


Payne, A. (1999). Developing a segmented service strategy: improving measurement in

relationship marketing. Journal of Marketing Management, 15,797-818

Palmer, R. (2003). Segmentation: identification, intuition, and implementation. Industrial

Marketing Management, Vol.33,779-785

Ryals, L. (2005). Experimental methods in market research: from information to insight.

International Journal of Market Research, 47(4), 347- 366

Spencer-Matthews (2006). Improving customer service: issues in customer contact

management. European Journal of Marketing, 40(1/2), 218- 232.

14

files. Web viewMarketing Analysis of Macy’s . Karen L ... Identify the controllable and...

Documents

Transcript of files. Web viewMarketing Analysis of Macy’s . Karen L ... Identify the controllable and...