History of Macys Inc. Then and Now Research Paper

Macy’s is the miracle of United States’ retail industry and the largest chain of department stores in the world. However, it is not a mere store it truly is the embodiment of priceless experience and traditions of American nation. Macy’s Inc. is headquartered in Cincinnati, Ohio and New York, New York. As of January 30, 2010, the company operates a total of 800 shops in the U.S (Macy’s Inc., n.d.). During 150 years Macy’s Inc. has been doing impossible things to continuously surprise their customers care (Grippo, 2009, p.23). Their department stores have absolutely everything for people with any taste and any budget. For this reason we say: â€Å"If you cannot find it in Macy’s, it simply does not exist.† Its rich and revealing history is a powerful showcase of magical transformation from dry goods store into the symbol of success and customer. The Beginning In 1858 in New York City, on the corner of 14th Street and 6th Avenue, a small dry goods store named â€Å"R.H. Macy Company† was opened and over the years expanded into the famous Macy’s Inc. The founder, Rowland Hussey Macy, after five previous failed attempts to open a store in Manhattan, managed to reach sales of one million dollars by 1870 offering its clientele not only dry goods, but also ties, costume jewelry, silver, and fancy imported goods (Grippo, 2009, p.56). In 1875 Robert M. Valentine and Abiel T. La Forge became Macy’s partners, and soon proprietors after unexpected death of Rowland Macy in 1877.   However, in 1887 Charles Webster, Valentine’s relative who became a single owner of â€Å"R.H. Macy Company† was unable continue operating a difficult business solely by himself. For this reason, he approached Straus brothers, who later in 1895 acquired the company (Hower, n.d.). During thirteen years the Straus family was selling chinaware in Macy’s store, generating a quarter of total store sales back then. Under Straus family Macy’s was successfully competing, out pricing its rivals, and within a year reached five million dollar sales (Hower, n.d.). They were the first to use psychological pricing, charging 3.99 instead of 4 dollars, thus making their customers buy more in order to save more. Soon they started selling new lines of merchandise including bicycles, ornate furniture, and rugs. In 1901-1902 the original R.H. Macy and Company Store was built in Broadway by famous architects De Lemos and Cordes, while later additions to the design were made by Robert D. Kohn in Art Deco style, making the building a National Historic Landmark (Grippo, 2009, p.67). In the next decade Macy’s department stores were opened outside New York City in Toledo, Atlanta, San Francisco, Kansas City, in 1983 in Miami, and New Jersey in 1986 (Macy’s Inc., n.d.). In the years of Great Depression and World War 2 Federated Department Stores, Inc. as Macy’s was renamed, were doing its best adapting to new conditions by becoming more flexible and resilient. The company implemented â€Å"pay when you can† credit policies, and started arranging goods by size replacing brand or price store management. Division and Bankruptcy in 1992-1994 In 1986 Macy’s purchased Californian Bullock’s, Bullock’s Wilshire and I. Magnin divisions of Federated Department Stores, and as a result, the company was comprised of three divisions, namely Macy’s Northeast, Macy’s South, and Macy’s California.   However, in spite of countless efforts, Macy’s poor management and diminishing public image inevitable led to profit losses (Grippo, 2009, p.124). Already in 1992 the company was unable to repay its suppliers, and on January 27 Macy’s was officially bankrupt. The management team developed a new business plan which had to reduce advertising expenditures, and proposed focused promotions, significantly improved client service, and a brand-new inventory management system. The plan was successful and the company started to increase its profit, even though in 1993 eleven stores were closed in Connecticut, California, Seattle, and New Jersey (R.H. Macy, n.d.). Nonetheless, Macy’s c ontinued to take actions and following its strategy of cutting costs and increasing the level of productivity. Day by day their sales were growing, bringing new opportunities and paying off all past failures. Merging with the May Department Stores As of 28 February, 2005, Federated Department Stores have merged with The May Department Stores Company. Since that day, Macy’s became one of the largest U.S. chains of department stores with more than one thousand stores all over the country, selling merchandise worth 30 billion dollars annually. The company acquired 330 May department stores, including May’s Marshall Fields, Kaufmann’s, Foley’s, The Jones Store, and others. This event received negative reaction of many May’s customers, who promised to switch to competitors and never shop in converted May stored ever again (Grippo, 2009, pp.145-147). A National Brand In September of 2006 the company owned a total of 850 stores in the U.S., and used the most effective marketing communication tools in order to acquire new customers and grow sales. Television advertising became one of the most promising investments, as well as developing brand management techniques. The company used â€Å"Dancing in the Street† hit song in its advertising, and in 2007 appeared in television series Desperate Housewives. Macy’s traditional Thanksgiving Day Parade is an effective method to gain customer loyalty (R.H. Macy, n.d.). It is considered as a gift to the nation, which aims to unite families and provide entertainment, privately sponsored by Macy’s. Recent Years Macy’s Inc. 150th birthday was celebrated two years ago in 2008. The company launched a commercial, which informed the entire nation of Macy’s past and present accomplishments, values and philosophy. In 2009 an opened Lifestyle Center Store was opened in Gilbert, Arizona, followed by additional stores in Idaho, Texas and Missouri. The new concept was meant to meet modern customer needs and offer a more convenient shopping experience, by providing wireless internet and comfortable fitting rooms (Grippo, 2009, p.183). In October 2006, the company signed a contract with Zoom Systems, turning over Macy’s electronic sections to hundreds of eSpot ZoomShops. In 2009 Macy’s have started its nationwide expansion, and created 49 local stores, which possess a unified operating structure (Macy’s Inc., 2009). In addition, Macy’s extensively uses social media advertising as an innovating contemporary way of customer acquisition and retention. Conclusion Former Federated Department Stores Inc. is now a company that after seventy-nine years of its existence continues to prosper and gain respect by adapting to our ever-changing world. As one of Macy’s founders said: â€Å"The company succeeds by striving to be a living mirror of our civilization in which we see the constant changing needs and wishes of our people† (Macy’s Inc., 2009). This saying demonstrates real, original understanding of marketing a philosophy, according to which the company seeks and understands changing customer needs, creating genuine customer value. The success story of this company is an excellent representation of how effort and continuous struggle over circumstances, flexibility and innovation can win the hearts of the millions and transform a small dry goods store into nation’s miracle. References Grippo, R.M. (2009). Macy’s: The Store. The Star. The Story. The Square One Publishers. Hower, R.M. (n.d.). History of Macy’s of New York 1858-1919. Harvard University Press. Macy’s, Inc. History. (n.d.). In Macy’s Inc. Retrieved December 20, 2010, from http://www.macysinc.com/pressroom/History/ Macy’s, Inc. Press Kit. (2009). In Issue You Publish. Retrieved December 20, 2010, from http://issuu.com/mariaprysock/docs/presskit R.H. Macy Co., Inc. (n.d.). In Funding Universe. Retrieved December 19, 2010, from http://www.fundinguniverse.com/company-histories/RH-Macy-amp;-Co-Inc-Company-History.html

Organizational Behavior Final Paper Essay - 1470 Words

Organizational Behavior: Final Paper Organizational Behavior has taught me a lot in regards to learning to work with others and making groups of people work efficiently. While classroom readings and in-class slideshows have been valuable in understanding key concepts, my greatest personal growth has come from both your personal stories, as well as your many invaluable speakers. Throughout this paper, I will focus on the lessons your speakers have taught me, and how those shared lessons will have a positive impact on my future decision-making. Leadership: Erica Higgins started her presentation with a quote from Arnold H. Glasow, which was, â€Å"A good leader takes a little more than his share of the blame, a little less than his share of the credit.† This quote immediately set the tone for the entire presentation. As a leader, it’s not about playing the hero or being some huge winner. Typically to your subordinates, you’re the coach or the facilitator for your team to be successful. 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Marketing Planning, Orientations and Concepts Free Essays

INTRODUCTION Far – reaching changes have been taking place in the Indian economy during the recent past, consequents to the opening up of our economy through globalization and liberalization policies. The flood gates have been through thrown open to allow international competition for manufactured goods and as well as services, making it a question of survival of the fittest in any industry. In the present highly competitive economy, which can be called as Buyer’s market, it is the customer who wields full power. We will write a custom essay sample on Marketing Planning, Orientations and Concepts or any similar topic only for you Order Now He can make or wreck a company. No wonder that the collective battle cry from sales and marketing people, retailers, wholesalers and advertising wizards alike is now ‘Serve the customer’, or ‘Delight the customer’. The customer who was considered the ’King’ is now treated almost like ‘God’, emulating the highly successful marketing people of Japan. When consumer expectations become higher and higher, superior market driven strategies or customer driven strategies and their execution in the market are important. Companies have to be fully customer oriented to succeed in the present competitive scenario, and should â€Å"Think Customer†, â€Å"Live for Customer†, â€Å"Smell Customer†, and â€Å"Build Customer Relations†. MARKETING â€Å"Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others†. – (PHILIP KOTLER 2007) THE AMERICAN MARKETING ASSOCIATION defines marketing as â€Å"Marketing is a performance of Business activities that directs the flow of goods and services from producer to customer or user†. These traditional definitions have undergone some changes and the new version is given as â€Å"Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of values with others†. Thus marketing is a communication channel through which the industry and consumers are communicated. MARKETING PLAN A marketing plan is a formal statement of a set of business goals, the reason why they are believed attainable, and the plan for reaching goals and the way of reaching to the customer about to their product. Business plans may target changes in perception and branding by the customer, client, tax- payer, or larger community. When managing a business, a business plan, or B-plan, is often confused with the term Marketing Plan. Marketing plans are decision-making tools. There is no fixed content for a marketing plan. Rather the content and format of the marketing plan is determined by the goals and audience. (Deboreh 2010) A marketing plan represents all aspects of business planning process; declaring vision and strategy alongside sub-plans to cover marketing, finance, operations, human resources as well as a legal plan, when required. For example, a business plan for a non-profit might discuss the fit between the business plan and the organization’s mission. Banks are quite concerned about defaults, so a business plan for a bank loan will build a convincing case for the organization’s ability to repay the loan. Venture capitalists are primarily concerned about initial investment, feasibility, and exit valuation. A business plan for a project required equity financing will need to explain why current resources, upcoming growth opportunities, and sustainable competitive advantage will lead to a high exit valuation. Preparing a Marketing plan draws on a wide range of knowledge from many different business disciplines: finance, human resource management, intellectual property management, supply chain management, operations management, and marketing among others. â€Å"A good Marketing plan can help to make a good business credible, understandable, and attractive to someone who is unfamiliar with the business. Writing a good Marketing plan can’t guarantee success, but it can go long way toward reducing the odds of failure†. THE MARKETING ORIENTATIONS OR CONCEPTS The marketing function or activities are conducted by various companies based on six alternative or orientations. They are: The Production Concept The Product Concept The Selling Concept The Marketing Concept The Customer Concept The Societal Marketing Concept The Production Concept The production Concept believes that consumers will favor products that are readily available at reasonable prices. Improvement in production and distribution efficiency will be the focus for managements under this concept. When the demand for a product exceeds the supply, manufacturers have too increase production. When the product’s cost is too high, the management has to bring it down to affordable levels. Production concept, though useful in some situations, could result in ‘Marketing Myopia’, according to Theodore Levitt. Companies following this concept focus too narrowly on their own activities and lose sight of the real objective of customer’s need satisfaction. The Product Concept The product concept believes that the consumers will favor products that offer the most in quality, performance innovative features. Continuous improvements in product and quality are essential for companies that follow the product concept. So, this concept may also lead to Marketing Myopia. The Selling Concept This concept believes that the consumers will not buy enough of the company’s products unless it undertakes pressure selling tactics and heavy promotion efforts. Buyers are believed to have a buying inertia. This concept is especially used for unsought goods which buyers do not think of buying, like cemetery plots, life insurance, etc. The Marketing Concept This concept believes that achieving the company’s objectives depends on understanding the needs wants of target markets and delivering the desired satisfaction in a better way than what the competitors are doing. The Customer Concept Many companies are today moving beyond the marketing concept to the customer concept. These companies shape separate offers, services and messages to individual customers, based on their individual preferences. They hope to achieve profitable growth through capturing a larger share of each customer’s expenditures by building high customer’s loyalty and focusing on customer’s life time value. EXAMPLE: Barbie Dolls, Levi Strauss jeans, Dell Computers. The Societal Marketing Concept This concept believes that organizations should determine the needs, wants and interests of target markets. It should then deliver superior value to the customers in a way that maintains or improves the consumer’s and the society’s well being. Society (Human welfare, environment) Consumers (Needs, wants and Company (Sales volume, profits Satisfaction) and growth) MARKETING PLANNING PROCESS The marketing Planning process consists of the following activities: Analysing market opportunities Selecting target markets Developing the marketing mix Managing the marketing efforts. At the center of the process stand the consumers. The objective is to build a strong and profitable customer relationship. The first step is market segmentation, targeting and positioning, to customers the company should serve and how. This process identifies the total market, and then divides it into smaller segments. The next step is to design a marketing mix consisting of factors under its control like : I. Product II. Place III. Price IV. Promotion For identifying best marketing mix combination and to put into action, the company engages in the activities like: I. Marketing analysis II. Planning III. Implementation IV. Control activities With the help of these, the company watches adopt to the actors and forces in the marketing environment around it. Fig. The Marketing Planning Process 1, 2, 3,4 DENOTES: 1Marketing Intermediaries 3 Market planning 2 Marketing Control 4 Competitors DEVELOPMENT OF MARKETING MIX The marketing manager is a mixer of ingredients, according to JAMES CULLITON, a noted Marketing expert, who coined the expression,† Marketing Mix† â€Å"The marketing mix is the set of controllable, tactical, marketing tools that the firm blends to produce the response it wants in the target market† – (PHILIP KOTLER 2007) The marketing mix consists of the variables such as: Product Price Place Promotion These are well known as the Four P’s of Marketing as classified by McCarthy and this figure below gives clear description about the variables of marketing mix and its various tools. Place stands for the goods and services offered by a company to the target market, to satisfy needs and wants. Price refers to money value that the consumers have to pay to buy for the product or services. Promotion refers to the activities of Advertising, personal selling, sales promotion, public relations and communicating products benefits and attributes to target customers to persuade them to purchase. Place stands for physical distribution activities through which the products moves from the industry to the customers. To be successful, the marketing programmes have to blend the 4 variables into an ideal integrated action plan aimed at achieving the corporate objective. While the 4 P’s concepts relates to the sellers perspective of the market. The other P’s which are included as 7 P’s of marketing are: Packaging Positioning People Packaging is the fifth element of the marketing mix, which refers to the outer physical coverage of the product or the way in which your product is appearing outside. Positioning refers to the present position of our product among the consumers. â€Å"How they think about our companyWhat position does the concern have in the marketWhat is the customer’s perception towards our product in the market?† these questions should be answered in the case of positioning of a product in the market. People refers to both inside and outside people, the former refers to the employees of the industry and the later refers to the customers of our products and services, where they are considered as the important resources of marketing our goods and services. The 7 P’s are a useful framework for deciding how the company’s resources will be manipulated (strategically) to achieve the objectives. However, they are not the only framework, and may divert attention from the real issues. The focus of the strategies must be the objectives to be achieved – not process of planning itself. Only if it fits the needs of these objectives should you choose, as we have done, to use the framework of the 7 P’s. (Jackie 2010) The strategy statement can take the form of a purely verbal description of the strategic options which have been chosen. Thus these are the various tools and variables described under the marketing mix. THE MARKETING AND SALES PLANNING PROCESS Marketing process can be realized by the marketing mix in step 4. The last step in the process is the marketing controlling. In most organizations, â€Å"strategic planning† is an annual process, typically covering just the year ahead. Occasionally, a few organizations may look at a practical plan which stretches three or more years ahead. To be most effective, the plan has to be formalized, usually in written form, as a formal â€Å"marketing plan†. The essence of the process is that it moves from the general to the specific, from the vision to the mission to the goals to the corporate objectives of the organization, then down to the individual action plans for each part of the marketing program. It is also an interactive process, so that the draft output of each stage is cheeked to see what impact it has on the earlier stages, and is amended. TARGET MARKETING To define a target market for your business plan, you should research the potential buying audience for your product. This could range from millions of people if you are starting an online business, to a few thousand individuals if you are opening a retail store in a small town. If you are catering to the consumer market, narrow your potential customer base to a defined demographic group. By doing so, your business will not only be more attractive to investors, but you will have a much easier time compiling sales and marketing plan. Study your product or service and determine the most likely consumer. Define the age range, gender, marital status, and income level of the individual most likely to be your customer. Explain the motivations for purchasing your product or service. Is it a necessity or luxuryWhat value does this product bringIt’s best not to assume or guess. Use surveys, questionnaires, or secondary research to gather your demographic data. Once you have defined the target market: Explain the purchase habits of this demographic group. Show how your company will impact those purchase habits. Explain the motivation behind this demographic group and how you will help them meet their needs. Project future changes in this market. Indicate how you will meet their changing needs. Base your future projections on research and details from your findings. Make projection based on past buying habits, the average purchase amount, and other factors, such as your ability to make the products or services available. The more you know about this target market, the more confidence you will have in your sales projections. The same need to identify your target audience (business-to-consumer market) will also hold true if you are serving a business market (business-to-business market). You need to determine which companies will benefit from your products or services. Will you meet the needs of a specific industry or several industriesLarge or small businessesPublic or privately owned businessesDefine exactly the types of businesses that will buy our product or services and target them through your marketing efforts. Determine how you will reach your target market, i.e. online, by referral, by cold-calling. For more about learning about the customer you intend to pursue, read Use Demographics to Understand Your Target Market. Another way to look at target market is to consider how you are positioning your company and your products. Read â€Å"What’s Your Position in the Market?† to get the basics of this important but tricky concept. MARKETING PLANNING AIMS AND OBJECTIVES Behind the corporate objective, which in themselves offer the main context for the marketing plan, will lay the â€Å"corporate mission†, which in turn provides the context for these corporate objectives. In a sales-oriented organization, the marketing planning function designs incentive pay plans to not only motivate and reward frontline staff fairly but also to align marketing activities with corporate mission. This â€Å"corporate mission† can be thought of as a definition of what the organization is, of what it does: â€Å"our business is †¦Ã¢â‚¬  This definition should not be too narrow, or it will constrict the development of the organization; a too rigorous concentration on the view that â€Å"we are in the business of making meat-scales,† as IBM was during the early 1900s, might have limited its subsequent development into other areas. On the other hand, it should not be too wide or it will become meaningless: â€Å"we want to make a profit† is not too helpful in developing specific plans. Abell suggested that the definition should cover three dimensions: â€Å"customer groups† to be served, â€Å"customer needs† to be served, and â€Å"technologies† to be utilized. Thus, the definition of IBM’s â€Å"corporate mission† in the 1940s might well have been: â€Å"We are in the business of handling accounting information [customer need] for the larger US organizations [customer group] by means of punched cards [technology]†. (Karunakaran 2010) Perhaps the most important factor in successful marketing is the â€Å"corporate vision.† Surprisingly, it is largely neglected by marketing textbooks, although not by the popular exponents of corporate strategy-indeed, it was perhaps the main theme of the book by peters and waterman, in the form of their â€Å"Super ordinate Goals†. â€Å"in search of Excellence† said: â€Å"Nothing drives progress like the imagination. The idea precedes the deed.† if the organization in general, and its chief executive in particular, has a strong vision of where its future lies, then there is an good chance that the organization will achieve a strong position in its markets (and attain that future). This will be not least because its strategies will be consistent and will be supported by its staff at all levels. In this context, all of IBM’s marketing activities were underpinned by its philosophy of â€Å"customer service,† a vision originally promoted by the charismatic Watson dynasty. The emphasis at this stage is on obtaining a complete and accurate picture. A â€Å"traditional† – albeit product-based-format for a â€Å"brand reference book† (or, indeed, a â€Å"marketing facts book†) was suggested by Godley more than three decades ago: Financial data-facts for this section will come from management accounting, costing and finance sections. Product data-form production, research and development. Sales and distribution data-sales, packaging, distribution sections. Advertising, sales promotion, merchandising data-information from these departments. Market data and miscellany-form market research, who would in most cases act as a source for this information. His sources of data, however, assume the resources of a very large organization. In most organizations they would be obtained from a much smaller set of people (and not a few of them would be generated by the marketing manager alone). It is apparent that a marketing audit can be a complex process, but the aim is simple: â€Å"it is only to identify those existing (external and internal) factors which will have a significant impact on the future plans of the company.† It is clear that the basic material to be input to the marketing audit should be comprehensive. Accordingly, the best approach is to accumulate this material continuously, as and when it becomes available; since this avoids the otherwise heavy workload involved in collecting it as part of the regular, typically annual, planning process itself-when time is usually at a premium. Even so, the first task of this annual process should be to check that the material held in the current facts book or facts files actually is comprehensive and accurate, and can form a sound basis for the marketing audit itself. MARKETING PROGRAMS Marketing programs are the most important, practical outcome of the whole planning process. These plans must therefore be: Clear – They should be an unambiguous statement of ‘exactly’ what is to be done. Quantified – The predicted outcome of each activity should be, as far as possible, quantified, so that its performance can be monitored. Focused – The temptation to proliferate activities beyond the numbers which can be realistically controlled should be avoided. The 80:20 Rule applies in this context too. Realistic – They should be achievable. Agreed – Those who are to implement them should be committed to them, and agree that they are achievable. The resulting plans should become a working document which will guide the campaigns taking place throughout the organization over the period of the plan. If the marketing plan is to work, every exception to it (throughout the year) must be questioned; and the lessons learnt, to be incorporated in the next year’s planning. A marketing plan for a small business typically includes Small Business Administration Description of competitors, including the level of demand for the product or service and the strengths and weaknesses of competitors. Description of the product or service, including special features. Marketing budget, including the advertising and promotional plan Description of the business location, including advantages and disadvantages for marketing Pricing strategy Market segmentation Operational plan Operational plans are an important element of writing a business plan and they notify business assessors for how business owners are going to release product/services into the market. That’s why operational plans are also a very important part of writing a marketing plan. In simple words, operational plans help to understand ways for business reviewers, by which products are set to pass the production phase heading toward the targeted customers and these plans must be in the business plan outline. Operational plans are a usual phenomenon in a how to write a business plan, but they outline crucial answers basic questions as such: What are the daily activities of a business What is the raw material sources used How will the company or business use vendors and suppliers What are the labours requirements Who is the product supplier Operational plans need to ascertain the activities and finances for almost every section of the firm or business for the next 1 or 3 years. Operational plans also connect with intended plans and the activities that the business may deliver to its customer base. Good operational plans ought to include: Apparent target areas Preferred results A procedure to supervise growth execution schedules Employment and resource requirements Quality levels Finally, activities which a firm or business may deliver to its targeted customers. REFERENCES: Deboreh (2010) International journal of Market research, â€Å" Agenda Development for marketing research† vol 52, pp 339 – 362. Luan (june 2010) journal of marketing research, â€Å"Forecasting marketing mix responsiveness for new product† vol 47, pp 444 – 457. Karunakaran (2010) â€Å"Marketing Management† The Himalaya publishing house 1st edition pp256 philip kotler (2007) â€Å"Marketing Management† Analysis, planning, implementation and control 9th edition prentice hall, New jersey Baker, M., J.,Hart, S. (2007) the Marketing Book, (5TH edn.), Butterworth- Heinemann,UK. How to cite Marketing Planning, Orientations and Concepts, Essay examples