Objective and goal The objective of METRO GROUP's strategy is generating long range, sustainable growth. First and foremost, our aim is to improve like-for-like sales and earnings. We are also boosting our performance strength and appeal by optimizing our cost position and cash flow, improving our margins and reducing our net debt. The prerequisite for METRO GROUP's long-range sustainable growth is our persistent focus on creating value for our customers. Five focal points guide us in this work: transform, grow, improve, expand and innovate. They provide the strategic framework for our business activities and lend a shared direction to our group across all sales lines and companies. Transform Our customers' needs and expectations form the starting point for all our strategic considerations. Which product ranges do they need in their local stores? Can we offer new services to pique the interest of consumers or professional customers in our business models? Which sales channels do we have to develop to meet our customers' increasing demands? Using these questions as our starting point, we have already made significant strides in the areas of multichannel, delivery, franchising and own brands. In this and other areas, we are rigorously forging ahead with the strategic repositioning of our sales lines. Grow Our second …show more content…
This work begins by firmly anchoring business innovation within our company structure as well as defining innovation focal points that are relevant to our customers and hold growth potential. The key is cultivating a structured network with internal and external experts. This approach forms the foundation of our innovation
Nordstrom can continue providing their exceptional online experience and client focused approach using their online system by offering an unmatched online experience that copies their in-store customer service. This would allow Nordstrom to raise its revenue considerably as well as further improving their brand image. I will also discuss specific ways of successful execution, and the steps required to provide Nordstrom a stunning picture of how to execute strategy.
Footlocker’s marketing plan entails selecting the target market, integrating the best marketing tactic to reach as many customers as possible, and customer retention initiatives. Essentially, this customer-driven marketing blueprint is classified as the marketing concept, which does not rely heavily on promotions to procure sales. Instead, the company learns to pinpoint what the customer wants before he or she does, to accommodate existing and future needs. Moreover, within the past five years, a new store entitled House of Hoops has made its debut in the same mall as Footlocker, which has caused the veteran shoe store to experience a decline in sales. This suggests that Footlocker may need to modify its sales strategy to help the company attract more customers to the store. “House of Hoops has a variety of shoes, and a large store front,” stated the interviewee, “customers are drawn to the store because it is new and possesses a
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Firstly, one of the most important focuses would be given to the target customer as we will need to know more about their taste and preferences. What it is they need and or want. Particular topics covering this area will be, the need for ‘Market segmentation’, identifying a competitive position in the market about to enter in the market and studying consumer behaviour, will all be discussed.
Over the previous couple of decades, modern business has been evolving rapidly and the retail industry has been no exception. Whereas previously the customers received retail ads and offers from disconnected sources, today retailers are operating a combination of all available retail marketing methods to reach the customer.
Marks & Spencer is one of the UK's foremost retailers of clothing, foods, homeware and financial services, boasting a weekly customer base of 10 million in over 300 UK stores. Marks & Spencer operate in 30 countries worldwide, and has a group turnover in excess of £8 billion. It has specific values, missions and visions. It’s main vision is ‘to be the standard against which all others are measured’, it’s main mission is ‘to make aspirational quality accessible to all’, and it’s main values are quality, service, innovation and trust. (www.marksandspencer.co.uk).
The collaboration and carefully connected network was consistent with a culture that allowed the retail kingdom to remain flexible, profitable, and prosperous for two decades (Mehrmann, 2009). Their 4S business model – service, selection, savings and satisfaction where the customer has a choice of wide variety of merchandise, received 110% back if they found a better deal, 30-day money back guarantee and the customer service of high trained sales professional help the company establish a competitive advantage. Their point-of-sale systems facilitated quick transactions and took care of their inventory (Wells
Teece, D.J. (2010) ‘Business Models, Business Strategy and Innovation’, Long Range Planning, vol.43, issue 2-3, pp.172-194 [Online]. Available at: http://www.sciencedirect.com/science/article/pii/S002463010900051X [Accessed 24th November 2013]
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
The competitive environment of Metro Holdings Ltd would be evaluated based on Michael Porter’s 5 forces Model. The factors affecting each force would be critically analysed to determine the competition faced by the business. As the nature of department stores and specialty “accessorize” stores is vastly different, the report would focus on the analysis of department stores which accounts for a bigger portion of the company’s income and presence in the industry.
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business
With the rise of the economy, consumers have become more and more knowledgeable on selecting their favourable product as a result the organization cannot focus on what it sells but on the side focus on what the customer wants to buy.
Open innovation opens the doors for a vast array of ideas and suggestions that can help an organization succeed in being innovative. This will allow the organization to hold a competitive advantage when compared to their competition. Organizations who understand the importance of managing technological innovation will have an easier time succeeding than those organizations who feel they are safe and put innovation on the back burner. Managing technological innovation is essential in this day and age, where technology is advancing at a faster than
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...
As a result of the above they were giving less importance to customer satisfaction and customer relationship building. This form of strategy conformed to short term business motives. In a globalised and highly competitive world, modern marketing is about concentrating ...