Recommend how the company should take advantage of or respond to each of the marketing environment force examples (political, legal, and regulatory; technological; social; and competitive and economic forces).
To respond to the different regulatory changes, the company would have to follow the provisions that are stipulated in the new law. This would means increased legal consultants and procedures in place to ensure compliance. To respond to the changes in technology, the company can begin building a following for the discount stores on Face book and Twitter. They can also offer special discounts to those who are shopping online through their I Phones or Black Berries. The social networking would help to create a core group of die hard Nordstrom consumers, similar to what Apple has, which would address various social issues.
Assume the company is planning to open stores in a new foreign market area, Mexico. Recommend an overall promotional (integrated marketing communication) strategy to support the market entry (major actions, general sequence).
For entry into the new market, Nordstrom would need to show that they offer quality and affordable prices. The various discount stores that the company has would offer this to the low to middle end consumer. Then, the company can create select specialty stores that will cater to the wealthy. All of this will begin with a massive promotion and a brand awareness campaign that would commence at least three-month prior to the opening of the first store. At which point, the company can build the image, through all forms of the media.
Outline at least one...
Provide supporting rationale
An effective marketing channel that can be used is: an advertising campaign to build awareness of the brand. The emphasis will be on the style and affordable prices that consumers are demanding. To achieve this objective the company can use famous celebrities throughout Mexico and favorable international stars to promote these kinds of perceptions in consumers. You would then use all of the different forms of media advertising, to consistently build this image through the use: of television, radio, newspaper, internet, billboards and sponsoring various events. If Nordstrom can engage in such a strategy consistently, then they will be able to create a brand image with consumers. Once this takes place, is when the company can be able to aggressively mirror the strategy that they are using in the United States, as they build a variety of stores geared towards the demographics of a particular location / geographic region.
Bibliography
Nordstrom. (2010). Retrieved May 20, 2010 from Yahoo Finance website:
http://finance.yahoo.com/q/pr?s=JWN+Profile
Duff, M. (2009). Nordstrom's Twilight Signals Mass Move to Recovery. Retrieved May 20, 2010 from BNet
website: http://industry.bnet.com/retail/10004648/nordstroms-twilight-signals-mass-move-to-recovery/
Prater, C. (2009). Obama Signs Credit Card Reforms into Law. Retrieved May 20, 2010 from Credit Cards website:
http://www.creditcards.com/credit-card-news/obama-signs-credit-card-law-1282.php
