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Department stores such as Macy's, Nordstrom and Saks are showing signs of recovery after the economic slump. 'Nordstrom is expected to post earnings of 79 cents per share for the quarter, more than doubling the 31 cents it posted in the year-ago period' (Cardona 2010). Nordstrom, Saks and Barneys are direct competitors as they cater to high-end clients whereas macy's is more in the middle-priced-ranged market like JC Penny. Nordstrom had the advantage of its robust online selling and a chain of Nordstrom Rack outlets to enjoy increasing sales even during recession. Saks was hardly hit when the luxury market fell and was not able to rebound as quickly as Nordstrom. Although Macy's is slowly getting back to its knees, it's still tough for middle-priced-ranged department stores because shoppers prefer either high-end products or those at value-oriented stores. Market segmentation involves the segregation of consumers into subsets of clients with…
Cardona, Mercedes. "Investors hope sales, macy's and Nordstrom are back in vogue." 2010.
Cumbrowski, Carsten. "50 questions to evaluate the quality of your website." Web. 21 Jun 2011.
WiseGeek. "What is market segmentation." Web. 21 Jun 2011.www.wisegeek.com.
Macy's Corporation is a chain of middle to upper range department stores in the United States. In addition to its famous New York flagship store, the company operates over 800 stores in the United States, as well as 300 consumer electronic stores called eSpot ZoomShop kiosks. As of 2009, they posted revenues of almost $25 billion with net income of just shy of $1billion. Macy's, Inc. employees about 200,000 people, and though no longer the largest store in the world, is the annual sponsor of the New York City Macy's Thanksgiving Day Parade that has been in place since 1924 (www.macys.com).
Situational Analysis - As with any number of stores that have been in business for several decades, Macy's has endeavored to keep up with the times -- albeit not without controversy. Their biggest current challenge is deciding what niche they actually wish to fill, and moving aggressively forward with…
Quantcast (2010). http://www.quantcast.com/macys.com .
Barmash, I. (2003). Macy's For Sale. Washington, DC: Beard Books.
Interviewed: Mark Sipnosky- (VP of store management in the South lorida/Miami market area)
Medium Used: Questionnaire
Does Macy's treat management and leadership as one in the same? YES or NO
Does Macy's rely heavily on employee training and development? YES or NO
Does Macy's use employee feedback at the lowest levels in its overall corporate decision making process? YES or NO
Is management and leadership treated in the same manner in the company in regards to cultivation? YES or NO
Do you believe all employees are aware of Macy's goals and objectives and are willing to work towards the achievement of those goals? YES or NO
Does Macy's use a centrailized structure in regards to decision making? YES or NO
If No to the above question, does Macy's use a decentralized structure? YES or NO
In your opinion is the organization structured in a way that inhibits innovation?…
From the result of the questionnaire, Macy's is a company that has the flexibility to be local in its operations but also possesses the financial acumen to compete globally. This is apparent within its organizational structure that centers on a bureaucracy with limited layers of management. This structure allows the business to flourish in the highly competitive retail environment by being more efficient than its competitors. By processing decisions faster with a flatter organizational structure, Macy's Inc. can bring products to market at a faster rate than competitors. This is apparent with its financial performance in 2011, where same store sales (a significant measure of profitability within the retail industry) increased by 5%. Over that same period, competitors such as Sears and other department stores experienced decreasing profits and in some instances, closed stores.
In regards to management vs. leadership tactics, Macy's engages in numerous mentorship programs to cultivate both management and leadership. It was apparent from my questionnaire that management has a vested interest in the development of its employees. Through its mentorship program termed, "Executive Development Program," Macys attempts to cultivate the next generation of leaders within the confines of its own company. Macy's rarely hires candidates from outside the company but prefers to hire individuals from within. This is beneficial to the overall business as employees are aware of the company culture and methods of doing business, that an outsider may not have prior knowledge of. Further Macys treats management and leadership as one in the same. This will have a profound impact on the organizational structure of the business are managers will also possess leadership characteristics to propel the company forward in adverse macroeconomic cycles.
An alarming answer within the questionnaire was that management did not believe all employees were aware of company objectives. This is alarming as employees may not have a sense of ownership in regards to the performance of the company. This will result in activities that run contrary to the overall goals of the business simply because employees are not aware of the goals to begin with. Further, this answer within the questionnaire displays the competence in management to articulate their vision to employees. It is apparent from the questionnaire that management is having trouble portraying the vision of the company to all employees with the company. This can be a result of lack of desire to do so, as employees can be seen merely as a means of profit and nothing more. This can also be a lack or proactive behavior on the part of employees to educate themselves as to their particular function within the confines of the business. Irrespective of why this has occurred, the questionnaire shows that significant gaps are within the organization structure of Macys between low level employees and management.
4 billion goodwill writedown in 2009. The long-term debt ratio is 39.7%, compared with 32.7% in 2008 and 26.7% in 2006, again indicating that while the level of long-term debt has remained roughly unchanged, the company has become much smaller. Overall, Macy's is solvent, but still has long-term debt issues. The company's leverage climbs higher because the company is shrinking, but cannot find a way to reduce its overall debt.
The gross margin in 2010 was 40.5%, compared with 40.4% in 2008 and 40.7% in 2006. The operating margin is 4.5%, compared with 7.1% in 2008 and 10.8% in 2006. The net margin is 1.5%, compared with 3.4% in 2008 and 6.3% in 2006. The lack of significant change in the gross margin indicates that Macy's has maintained its pricing power both with respect to its suppliers and its customers over the past five years. However, it has allowed its…
Macy's Inc.com website. (2011). Retrieved February 10, 2011 from http://www.macysinc.com/ macys/
MSN Moneycentral: Macy's (2011). Retrieved February 10, 2011 from http://moneycentral.msn.com/investor/invsub/results/statemnt.aspx?symbol=M
Reuters. (2009). Macy's books $5.4 billion impairment charge. Reuters. Retrieved February 10, 2011 from http://www.reuters.com/article/2009/03/31/us-macys-idUSTRE52U7TR20090331
Taub. S. (2009). In the impairment aisle, Macy's is tops. CFO Magazine. Retrieved February 10, 2011 from http://www.cfo.com/article.cfm/13176929/c_13175224?f=TodayInFinance_Inside
Macy's department store, or the Macy's national brand has survived many decades of economic turmoil while becoming a popular and fully recognizable brand that has stood the test of time throughout the 20th and into 21st century. The purpose of this essay is to examine Macy's corporate strategy, specifically its marketing strategy, in order to gain understanding into how a successful national brand, in the form department store, can realize success throughout a very extended period of time. I will examine Macy's corporate vision and financial objectives that are described within the contents of their website. I will then examine how Macy's marketing strategy and tactics are used in the form of target markets, product, price our promotion and distribution.
Referring to their website at Macy's, their brand includes nearly 800 stores in furniture galleries in 45 states. Prior to June 1, 2007 Macy's Inc. was known as Federated Department…
Malhotra, H. (2009). Macy's reworks marketing strategy facing weaker sales. The Epoch Times. Dec 18, 2009. Retrieved from http://epoch-archive.com/a1/en/us/nyc/2009/12- Dec/18/A1_EET_20091218_NY.pdf
Macy's Department Store Website. Viewed 10 Aug 2011. Retrieved from http://www.macysinc.com/
Moore, R. (2011). Is Macy's growth for real? Daily Finance by AOL. 9 Aug 2011. Retrieved
from http://www.dailyfinance.com/2011/08/09/is-macys-growth-for - real/?source=TheMotleyFool
Pride and responsibility are key elements for Sales Associates working within the department areas. A sense of personal pride in terms of appearance is for example an indicator of pride in maintaining the department areas. During the interview, the managers will therefore be searching for a sense of responsibilities in all areas of the candidate's life. This will indicate whether the candidate can handle the many responsibilities of the Sales Associate.
Another key element is flexibility. The candidate needs to be not only personally flexible in terms of working with team members and customers, but also more concretely in terms of time and schedule. Sales Associates will often be required to work during nights or weekends, particularly when newly appointed. Candidates therefore need to have sufficient loyalty towards the store and its customers to give their best even during such difficult working hours. In order to determine whether this level…
In summary, we recommend that the IESBA reconsiders the proposals in the Exposure Draft and provides more guidance on safeguards applicable to sole practitioners and small accounting firms to ensure that the benefits of the changes outweigh the costs to SMEs. Under a principle-based approach, there should be safeguards and practical relief for all practitioners rather than rules-based outright prohibitions. The rewrite of this Independence component of the Code is substantially rules-based rather than principles-based. In this regard, we also encourage the IESBA to prioritize the redrafting of the entire Code using a similar drafting convention to that used by the International Auditing and Assurance Standards Board in its Clarity project" (IESBA Exposure Draft of Sections 290 and 291 of the Code of Ethics on Independence - Proposed Additional equirements in relation to Internal Audit Services, elative Size of Fees and Contingent Fees 2007).
There will also be an all-time…
Kreitner, R., and Kinicki, a. (2004). "Organizational behavior," 6e; [Chap. 17]; [Chap. 18]. Accessed December 19, 2007, from MBA520, eResource, week 5, eBook Collection database.
McShane, and Von Glinow. (2005). "Organizational behavior" (3rd ed.). New York: McGraw-Hill.
); Muret, Don. (1999). "Former Disney VP stresses teamwork at cafe." Amusement Business, 111(49), 22. Accessed August 17, 2007, from EBSCOhost database.
Frazee, Bonnie. (2004). "Organizational Behavior and the Learning Process" Accessed December 19, 2007, at http://www.clomedia.com/content/templates/clo_feature.asp?articleid=698&zoneid=29
The person's name, position and organization
Position: Vice President of Store Management (VPSM)
Why you chose this person to interview
This individual exhibits all the qualities I find admirable as a leader. Irrespective of the field or industry, leadership's skills are necessary to advance. In today's global environment, where competition abounds, leaders must be effective in driving results. David, as I have seen from both his words and subsequent actions, drives results within the retail environment. This environment is characterized with changing consumer sentiments, macroeconomic conditions, and overall business dynamics. David has proven in his extensive career, to overcome many of these pitfalls, while continually improving business results. As such, he is an ideal candidate to interview. For one, he possesses skills which are in high demand and sought after. Secondly, many of the skills and abilities he possesses are transferrable. In the event that I change…
Architecture of Consumption
Most of us have probably never thought a great deal about the ways in which the typical shopping mall, such as the Galleria, is laid out. We all know that there are anchor stores that are at the psychological (although not geometric) "corners" of the mall, and that in between these anchors are smaller, more specialized stores, most of them selling clothes, make-up and jewelry, with the second most important category of merchandise being items that are sold for the purpose of entertainment, including books and CDs and other forms of recorded music. The third most important single category of stores/merchandise at a typical mall (and the Galleria is in no important way substantially atypical in terms of the ways in which architecture is designed to lead to an increased degree of both the desire to consume and the actual process of consumption itself) is that of…
Outline how a strategy of globalization will impact on a policy of pursuing economies of scale advantages
Globalization is now becoming a critical aspect in regards to business operations. Due primarily to technological advances, and economic development, a more interconnected world is becoming standard. As such companies that rely primarily on fixed assets will depend more heavily on economies of scale to reduce the unit cost of each unit produced. Due to globalization, it is not uncommon for fixed assets to be structured geographically in a multitude of countries. By having operations domiciled in various countries, companies can further their cost advantages through economies of scale. Global auto manufactures use this technique extensively in the production of their vehicles. Auto manufacturers rely heavily on fixed assets to produce and assemble vehicles. These assets irrespective of production will cost the company. As such Toyota has incentive to spread the…
1) Halkias, Maria (July 28, 2009). "Macy's tailors stores, including new Fairview location, to match local tastes." Dallas Morning News. Retrieved May 1, 2010
2) Jones, Andrew (2010) Globalization. Key Thinkers. Cambridge: Polity Press, John Wiley & Sons. ISBN 074564322
3) Silvestre, Joaquim (1987). "Economies and Diseconomies of Scale." The New Palgrave: A Dictionary of Economics 2. London: Macmillan. pp. 80 -- 84. ISBN 0-333-37235-2.
Macy's Inc. is one of the nation's largest and well-known department store chains. Started over 150 years ago, Macy's has continually generated excellent returns for its shareholders and employees. After, the global recession, Macy's has generated huge profits with same store sales increasing 5.3% year to date in 2011. In 2012 same store sales increased 4.6% in (Macy's Inc., 2012). Both 2013 and 2014 have also created large profits for the retailer. A primary component of this increases profitability is the overall shopping environment. Consumers now demand instant gratification and quick transactions. Therefore, lines, and there subsequent wait times are very important. Lines are very important as they can deter from the consumer experience, and the overall purchasing activity of the consumer. Retailers, must be cognizant of lines and congestion to help increase sales while also increasing the overall customer experience.
While observing a local Macys location, consumer…
difficult economic timers, buying a house is a risky decision. Purchasing a home, particularly for the first time, has always been so, but uncertain financial periods -- the downturn followed by a possible upturn -- make it all the harder. Few prospective buyers are aware of the excruciating decisions that devolve around the purchase, nor are they aware of the economic minutiae involved. Investing background economic principles may make this somewhat easier and this is what this essay intends to do.
According to Nicolas Gregory Mankiw (2006), an American macroeconomist, ten fiscal decisions underlie economy as the base for decision-making. Following these principles can increase profitability, whilst reducing the risk of fiscal loss. The six pertinent principles include the following:
People face trade offs. 2. The cost of something is what you give up to get it, 3. ational people think at the margin, 4. People respond to incentives. 5.…
Fontinelle, A. (2010) Homebuyer tradeoffs: What will you have to sacrifice. Yahoo! 7 Finance. Accessed on 13 February 2011 from: http://au.pfinance.yahoo.com/moneyandyourlife/buying-a-home/article/-/8008660/homebuyer-tradeoffs-what-will-you-have-to-sacrifice/
Gonzalez Ribeiro, A. (2010). New Home Buyer Incentives Replace Government Tax Credit. MintLife. Accessed on 13 February 2011 from: http://www.mint.com/blog/goals/home-buyer-credit-05202010/
Mankiw, G. (2006). Principles of Economics, 4th Edition. South-Western College Pub.
Surowiecki, J. (March 10, 2008) Home Economics. The New Yorker. Accessed on 13 February 2011 from: http://www.newyorker.com/talk/financial/2008/03/10/080310ta_talk_surowiecki
Besides other awards, he was given a special Congressional Gold Medal by the United States Congress in 1986-87. Copland left an endowment from his estate to a Fund for Composers, which gives $600,000/annum to promote new compositions and performances (Congressional Gold Medial eceipients; Trudeau; Pollack, 548; ockwell).
Copland was an active composer of numerous genres from 1925 to the mid-1960s. His works expressed a new semblance of Americana so easily identifiable that even when performed by foreign orchestras there is a sense of the pioneer days, of American patriotism, and even retelling of American mythology. A few seminal examples of this are:
Fanfare for the Common Man was written in 1942 for the Cincinnati Symphony Orchestra and was inspired by a speech by Vice-President Henry Wallace called the era the "Centruy of the Common Man." The piece was part of a program supoprting the American entry into World…
"Congressional Gold Medial Receipients." 23 September 1986. artandhistory.house.gov. .
Copland, a. Aaron Copland: Selected Writings: 1923-1972. Ed. R. Kostelanetz. New York: Routledge, 2004.
-- . "Day and Night: Aaron Copland." March 1975. Youtube.com. .
-- . "Fanfare for the Common Man." June 2001. YouTube. .
The market structure of the retail industry is that of monopolistic competition. As its name suggests, monopolistic competition is an environment composed of a large number of firms each with a portion of the market. The firms in this type of market structure have similar products but they are differentiated in some way. Nordstrom's for example has private brands that only Nordstrom's can carry. These brands include Hotel Collection sheets, Martha Stewart cookware, Psycho Bunny for men, INC brand clothes for women, and much more. Even though these product offerings may be similar to competitors in regards to color or value proposition, they are differentiated by the fact they are only offered at Nordstrom's locations. Furthermore, there are many firms competing within the retail environment. For example, Nordstrom's must compete with JC Penny, Target, Wal-Mart, Dillard's, Sears, internet stores, and many other outlets. All of these competitors…
9) Thau, Barbara. "Macy's Doubles Down on Its 'Omnichannel' E-Commerce Future." DailyFinance.com. 23 June 2011. Web. 24 Feb. 2012. .
10) Wahba, Phil. "Sears Closing More Stores as Holiday Sales Slide." Reuters. Thomson Reuters, 27 Dec. 2011. Web. 24 Feb. 2012. .
11) Kaplan, Stephen. "Capital Ideas - The Evolution of U.S. Corporate Governance." The University of Chicago Booth School of Business - Business School, Full-time, Part-time, Executive MBA Programs. Web. 13 Jan. 2012. .
I interviewed John Perez who is a recent graduate of Florida International University. John obtained his CPA designation shortly after graduation in 2009. He currently works for Macy's Inc., in Cincinnati, Ohio as a corporate accountant. He has been working in this capacity for the past 8 months and cites his CPA designation as a catalyst for obtaining his career with Macys.
How has having a CPA certification or consulting with a CPA helped you do your job?
Summary answer: John's job is predicated on trust. This is particularly true in the midst of the economic slowdown and the European debt crisis that has gripped world markets and businesses. John indicated in the interview that the economic uncertainty has many companies worried about the future economics of their respective industries. The CPA certification therefore provides trust within an uncertain world according to John. The certification is a sign…
Introduction & on Johnson
At this point it is hard to judge if JC Penney is a well-run company because it just got a new CEO but in recent years it definitely has not been well-run. The recently-fired CEO on Johnson made a few strategic moves to transition the company's store to the modern era (Heller, 2013). Among the moves made were to upgrade the clothing lines, eliminating the deep discounting and reducing the workforce, as well as technology upgrades (Ibid). The problem was that these moves alienated staff and customers, without bringing in any new ones. JC Penney went from $17.2 billion in income in the 2012 fiscal year to $12.95 in the 2013 fiscal year and it lost money both years (MSN Moneycentral, 2013). The decline in net income for 2013 was actually not as great as the decline in revenue would imply, indicating that must…
Chen, J. (2006). Martha Stewart dropped by JC Penney over Macy's disputes: Report. U.S. Weekly. Retrieved November 23, 2013 from http://www.usmagazine.com/celebrity-news/news/martha-stewart-dropped-by-jc-penney-over-macys-dispute-report-201359
Cheng, A. (2013). JC Penney sprints ahead in back-to-school traffic. MarketWatch. Retrieved November 23, 2013 from http://blogs.marketwatch.com/behindthestorefront/2013/07/30/j-c-penney-sprints-ahead-in-back-to-school-web-traffic/
Crossan, M. & Apaydin, M. (2010). A multi-dimensional framework of organizational innovation: A systematic review of the literature. Journal of Management Studies. Vol. 47 (6) 1154-1191.
Fleck, N., Korchia, M. & Roy, I. (2012). Celebrities in advertising: Looking for congruence or likeability. Psychology and Marketing. Vol. 29 (9) 651-662.
security career is varied, offering people wishing to pursue this option with jobs like security guard, loss prevention specialist, crossing guard, deputy sheriff, even security management specialists. The cross fields and some need special training as well as a degree for a person to gain access too, not to mention, some jobs requires prior experience, at least one year. With that said, the most in demand and easy to apply and access job in the security career field is loss prevention specialist. Although it can be hard at times to catch suspected shoplifters, it will teach the person working the job, how to spot suspected criminal activity and learn how to properly detain and question criminal suspects.
Often this kind of job only requires a high school diploma and doesn't need long-term training. Furthermore, the hours are not long unless the person elects to work for a 24-hour store, which…
Fischer, R.J., & Green, G. (2012). Introduction to Security (9th Ed.). Amsterdam: Butterworth-Heinemann.
Nemeth, C.P. (2005). Private security and the law. Amsterdam: Elsevier Butterworth Heinemann.
JC Penney Acquiring Kohl's
Often, a firm that is taken over is struggling financially. One of the reasons is entirely pragmatic -- a struggling firm likely has a lower stock price, making the takeover more affordable. Over the past four years, Kohl's has seen its revenues flatline. evenues were $19.2 billion in FY 2016. The company's cost of goods sold is steady as well, at 63.8%. So in that sense, Kohl's is a very stable firm financially. This stability should actually mean that its stock price fairly accurately reflects the present value of future cash flows, making it difficult for the acquiring firm to earn profit from the transaction, given that they have to pay a premium to Kohl's shareholders.
The company has seen its selling, general, and administration expenses increase gradually over the past couple of years, which has resulted in shrinking operating income. The operating profit…
Kohl's 2015 Form 10-K. Retrieved January 17, 2017 from http://corporate.kohls.com/investors/financial-information
MSN Moneycentral: Kohl's (2017) Retrieved January 17, 2017 from https://www.msn.com/en-us/money/stockdetails/financials/fi-126.1.KSS.NYS
Vasel, K. (2016). JC Penny, Kohl's, Macy's and Sears sued over misleading prices. CNN. Retrieved January 17, 2017 from http://money.cnn.com/2016/12/09/pf/price-scheme-jcpenney-kohls-sears-macys/
Assessing the Culture of Southwest Airlines
airline to never declare bankruptcy and stabilize its customer base during recessionary periods over the last ten years, Southwest Airlines has consistently been able to translate their unique vision, mission, and values into consistently profitable performance (hoades, 2006). The mission statement of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit (Strategic Direction, 2005).
The culture of Southwest Airlines is highly egalitarian in nature, designed to enable a high degree of information and knowledge exchange due to the flat layers and small span of control (Hardage, 2006). The founders of Southwest deliberately constructed an organizational structure contributes to rapid collaboration and openness of communication (hoades, 2006). The culture is also anchored in the highly non-conformist nature of the founder and CEO Herb Kelleher who infuses an…
Freiberg, K. And Freiberg, J. (1996), Nuts: Southwest Airlines' Crazy Recipe for Business and Personal Success, Broadway Books, New York, NY.
Ginger Hardage (2006). PROFILE: COMMUNICATING THE SOUTHWEST WAY. Strategic Communication Management, 10(3), 4.
Thomas A. Kochan (2006). Taking the High Road. MIT Sloan Management Review, 47(4), 16-19.
Lee, William G. (1995). Southwest Airlines' Herb Kelleher: Unorthodoxy at work. Management Review, 84(1), 9.
etailer Comparison for Hobby Lobby & Michael's
Hobby Lobby and Michael's are two major competitors in crafting supply and arts and crafts. Michaels is the largest arts and craft retail chain. It currently operates more than 1040 Michaels Arts and Crafts Stores located in 49 U.S. states and in Canada (Marx, 2009). The average Michaels store now contains 40,000 different products in 18,200 square feet of selling space. The stores sell a selection of arts, crafts, framing, floral, wall decor, bakeware, beads, scrapbooking and seasonal merchandise for hobbyists and do-it-yourself home decorators.
Hobby Lobby is a privately held retail chain of arts and crafts stores based in Oklahoma City, Oklahoma with stores located across the U.S.A. A major competitor for Michaels, stores carry a variety of arts and crafts products, including scrapbooking, beading, knitting, rubber stamping, home decor items, floral items, kids' crafts, paints, framing, greenery, baking and many seasonal…
Green, D. (2009). A Matter of Principle. Chain Store Age, 85(6), 22-24.
Marx, P. (2009). MICHAEL'S. New Yorker, 85(42), 30.
Whitford, D. (2010). ONE FAMILY'S HOBBY. Fortune, 162(7), 69-72.