Inside John Lewis
Have you seen “Inside John Lewis”? In this documentary, BBC goes behind the scenes of John Lewis (one of Britain's biggest and best known department stores) as it tackles changing tastes of consumers, deals with existing problems and tougher competition and the its worst recession in 80 years.
John Lewis is a chain of high-end department stores operating throughout the United Kingdom. The first John Lewis store was opened in 1864 in Oxford Street, London. It how has 49 stores throughout UK and its first concession opened in Australia in November 2016.
But the documentary does not focus on John Lewis expansion. The documentary addresses how the recession in the UK by 2009 impacted the company’s business. The company suffered …show more content…
As, if the company image changed too quickly or too drastically, there was a really good chance that the company could lose its core and loyal costumer and sales would drop very quickly instead of going up.
Personally, John Lewis’s took a very big risk with this strategy. The John Lewis brand is known for a strong product range and on excellent service and guarantee of quality, value and style, that differentiates them from its competition. This normally is associated with high prices, which is the opposite of what younger costumer wants. On top of that the competition is huge on that market segment, with giants like Primark dominating. I feel like they could have focused more on their online platform, adjusting their pricing point without the risk of losing as much.
But the risk had a purpose: "Has the value range helped? Yes, it has - Mr. Street said. It is less than 1pc of sales. But what it has done is put a price anchor on our product ranges. The following campaign was extremely successful and the redeveloped clothing line had positive …show more content…
Another strength might have been its slightly odd, socialist structure. John Lewis Partnership is owned by its employees who share out a bonus pot every year. All decisions are made by the partners and on the partner’s behalf. This structure of the Partnership that might be a hindrance to growth in the good times, appears to have galvanised employees in the bad times, since staff turnover – the percentage of staff who leave every year – was 12pc, compared with a retail average of
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Tesco's has recently had to make many changes in their staff and have had to change the management structure to be able to pay every manager fairly and pay the wages for their general employees. These effects were taken place due to a major profit change and an unstable financial system. Another effect that has been changed is the Tesco pension scheme back in 2012. The Tesco pension scheme had changed due to financial problems however this would mean employees who have a pension scheme with Tesco will have to work longer if they were in their early 60's . This became a challenge for Tesco's as they couldn't afford to pay out on pension schemes at that precise moment.
In the past, JCP had, on average, one price campaign every day. The stores were full of sale signs and retail rise was getting out of control. JCP partnered with numerous exclusive collaborations which was hoped to bring about an expansion for the firm. However, due to the economic slump, the oversaturation of the market, and an expected lack of quality in the goods from the consumer perspective, JCPenney’s success was degrading in contrast to its competitors. (Sloan, 2010).
Sam Walton was born March twenty-nine, 1918 in a small town in Oklahoma. His father was Tom Walton and his mother was Nancy Lee. Walton lived on a farm until 1923, he moved around a lot from one small town to another. He was the youngest Eagle Scott in the state of Missouri history. While finishing his degree at the University of Missouri, Walton joined J.C. Penny as a trainee in the management program in Iowa. In 1942, Walton began the military until 1945 when he completed service. By the age of 26, he took over management of his first variety store by purchasing a Ben Franklin store in Arkansas. Afterward, he purchased his second store called the Eagle right down the street from his first variety store. Sam Walton gave birth to Wal-Mart in 1962. Later that year, Walton along with his brother Bud opened sixteen stores in several states.
To sum up, the combination of best possible prices, outstanding levels of choice and customer service made John Lewis a particular compelling competitor in their field.
Topshop was founded in 1964 in Sheffield within the ladies fashion store chain Peter Robinson Ltd. The first official stand alone store was opened in 1974, followed by Topman being introduced in 1978 exclusively for male customers. Topshop has over 300 stores in the UK and over 100 stores internationally and has a flagship store in both London andn New York. It is part of the Arcadia Group which also owns Dorothy Perkins, Burton and Miss Selfridge.
JC Penney had to undergo and withstand several competitive issues to include changing of brand image, selling strategy and marketing strategy. JC Penney also had to account for Environmental Factors to include: a population that continued to age and also unemployment rates. JC Penney tried to influence customers by portraying an everlasting sale. No matter how hard JC Penney tried to market their products, if people didn’t
We aim to return the UK High Street Retail business to its role as Britain's most popular stationer, bookseller and newsagent Our plans encompass improved efficiency through cost savings and margin enhancement, while rebuilding the competitiveness and depth of our product ranges.' (Ms Swann BBC, July 2005)
The brand story was considered very strong. It is a high end brand that accounts such as Bloomingdales, Nordstrom, etc. appreciated because it was the best performing brand. It could have been too strong, before the repositioning, because it shifted certain segments away. People associated the brand as for older people, well established in their careers as well as a mom/grandmother brand. It had a very strong brand loyalty associated with it. As the company grew older so did its customers. Some people did not want to be associated with that, and did not buy the brand; therefore shifting younger segments away.
Tesco PLC is a British multinational grocery founded by Jack Cohen in year 1919. As one of the world’s largest retailers with 476,000 colleagues worldwide, serve millions of customers a week in Tesco stores and online (Our businesses, n.d.). In addition, Tesco has stores in 11 countries across Asia and Europe. For example, Malaysia, UK, Hungary, Ireland, Poland, China, India, etc. Since its launch in 2002, Tesco have opened over 50 stores across Peninsular Malaysia.
Topshop has multiple strategies in keeping ahead of their competition. They fundamentally believe that what sets them apart from their competitors is the fact that they are not just selling a product but they are selling an experience (Justin Cooke). You can see this notion
I choose Morgan Stanley for this Mission statement assign, and the answer of “Did I found mission statement on their web site” is no, as the statement shows on http://www.missionstatements.com/investment_services_management_mission_statements.html as “Morgan Stanley's mission is to provide our clients with the finest financial thinking, products and execution. This means setting the highest standards for behaviors that embody our business principles.” But I found their web site as "At Morgan Stanley, diversity is an opportunity – for clients, employees and Firm. By valuing diverse perspectives, we can better serve our clients while we help employees achieve their professional objectives. A corporate culture that is open and inclusive is fundamental
Waitrose was setup at Acton in 1904; it was founded by Wallace Waite, Arthur Rose & David Taylor. In the year 1906 Taylor left the firm, the first shop named “Waitrose” was formed. The company was later acquired by John Lewis Partnership in the year 1937. At that time it had 10 small service food shops and had a turnover of 150000 GBP. After the acquisition, Waitrose now are specialist Supermarkets, having more than 175 supermarkets all over UK mainly in the south-eastern region. It now boasts a work-force of over 37000 employees and many new stores. They offer fresh produce, poultry, bread & meat. Waitrose is a company known for providing high and good quality
One company that has been particularly successful in creating an overall company image in my option has been Starbucks. They have been able to maintain a dominant position in today’s market. Where in the morning most of our society needs a good cup of coffee in order to start their day. At one point, we looked at Starbucks as a high-end marketer. A sort of club to belong to. However, things managed to change in the recent years where a 4.00 cup of coffee was becoming a luxury items. This became known as the Coffee Wars. Starbuck had to now face competition from the fast food world. Which was McDonald’s and Dunkin’ Donuts. They started to look at this market as an opening to gain more customers. They started to offer their