Nordstrom's Competitive Strategy

Nordstrom is an ideal store based in US equipped with fashionable items that can be bought through coupons availed through Nordstrom coupons. The Nordstrom coupon codes are another way to make discounted deals you can search for on the online web. Women make their important buys of fashionable items which is sold with use of Nordstrom coupon.

Strategy is a set of complicated tactics formulated by the executives of a company directed towards the achievement of company’s goal (Salmela, 2002). It is about all the path ways that a company would follow to reach its ultimate goal. It is a company’s strategy which helps to identify what it does better than the other companies in the industries, which may be different from what it does best. For successful strategy formulation and implementation, a company should know the needs of customers and should have knowledge of its competitors. Through a good strategy a company would identify that opportunity which makes it different from the others (Thompson, 2005).

Nordstrom’s is classified as one of the biggest U.S. department stores. Along with Sears, Macy’s, and JC Penny’s, Nordstrom manages each department in their stores as an individual buying center. Every group functions separately from one another, and is administered by a buyer who is in charge of all varieties and styles of merchandise sold. Promotions that can be used in the stores are included, as well. “The company has also benefited from a new computerized inventory system that gives buyers and salespeople the necessary data to make smarter decisions about what is needed in the stores—and what isn’t.” (Lamb, Hair, McDaniel 569). This new and improved system allows the department store to market a greater amount of full priced items, which ultimately increase sales. The buyer is also able to easily determine what items to obtain and exhibit in the store by using this system.

A competitive strategy is a plan of action that a company develops towards attaining a competitive advantage over its competitors in the industry. Companies examines and research their competitors strengthen and weaknesses and compare them to its own. A company strategy can incorporate efforts to please customers, ward off competitive threats, and meet a unique competitive advantage.

Identify the type of retailer that Nordstrom’s is classified as. Describe the characteristics it shares with other retailers of this type..

Nordstrom, created in 1901 by John W. Nordstrom as a small shoe store in Seattle, Washington, is a major department store located in the United States and Canada. At Nordstrom you can find apparel, home goods, shoes, and accessories for your daily lives. Nordstrom has over 300 stores located in 40 states and has become one of the top department stores through their innovative tactics, great customer service, welcoming store environment, and their wide range of brands and products.

“Waiting for Superman” is a documentary directed by Davis Guggenheim that expands on how vital a child’s education is for their future. It allows parents to see, no matter how rich or poor they are their child deserves a quality education. In the documentary, it expands on how the public education system is starting to fail in many areas in the United States leading to many students seeking charter schools. Director Davis Guggenheim tells the stories of five children and their experiences with insufficient public school and the process of entering charter schools. He introduced Geoffrey Canada, an educator and social activist, to tell the children’s stories to help influence the audience that the public education system is not at the standard it should be in underdeveloped communities and how charter schools are needed for an increase in succession rate. “Waiting for Superman” uses symbolism, the emotions of the parents and children, facts, and lack of teacher interest to enlighten the audience that public education is failing thousands of students every year.

Target offers a friendlier atmosphere, whereas with Walmart has more of a resentment and hostility present when you walk through the doors. For example, when I shop at Target there is always someone to greet me as soon as I work through the door, and when I need assistance in any department there is always a sales person there to help assist me, but at Walmart it’s not that simple. I would have to hunt for someone in order to get assist with whatever I need help with. Going back to what I’ve learned in week 1 of the course, as a business grows so does its customers which will have an increase of sales on products within the business. Target has a good relationship with their customers which has built them a high level of brand loyalty. Even

Time value of money. With the initial $700 million expansion investment, and growth projected at 3% year-over-year for the next five years, the best-case scenario would be most beneficial for Nordstrom to pursue. Whereas, the best-case scenario’s cash flows are 20% higher than the average-case scenario, and the worst-case scenario’s cash flows are 20% less. The conclusion that the best-case scenario is the most lucrative investment opportunity for Nordstrom is based on the factors of Net Present Value (NPV), Internal Rate of Return (IRR), and pack back values, with a discount rate of 10%, and a payback goal of five years. Together, NPV, IRR, and payback values, shed light on factors based on predictability, and are outlined in Table 2. However,

A strategy is said to be a plan that is made for the long term success of a product or brand. It is extremely important to have a strategy in order to figure out a direction towards which any company is able to focus all its resources efficiently and achieve desired outcomes. Formulating effective strategies is a considerably long process in itself that combines analysing several factors, situations and issues that are already present in a company and looking to improve on them alongside trying to implement various innovations and ideas to collectively create a direction towards which they can move and direct the resources available to them.

Recreational marijuana has been a drawn-out debate whether it should be legal or not. However, a number of states have already legalized recreational marijuana and are taxing it, just like anything else, which has brought in a lot of extra revenue to those states. We are in favor for the recreational use of marijuana, because it has much less harmful effects than any other illegal substance does. The desired outcome would include not only bringing extra revenue to each state, but it will also help decriminalize people for using this harmless substance. Our target audience would be the federal government to pass the legalization process among all states. Currently, Attorney General Jeff Sessions, is opposed to the recreational

Alfred Chandler(1963) defines strategy as ‘ the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals’. And Michael porter(1996) sees it as ‘Competitive strategy is about being different. It means deliberately choosing different set of activities to deliver a unique mix of value’.

“Competitive strategy involves positioning a business to maximize the value of the capabilities that distinguish it from its competitor’s” (Porter 1980:47). A successful business plan requires first and foremost the formation of an appropriate strategy. Through the implementation of a suitable strategy, the company is able to obtain its own industry niche and gain an understanding of its customers (Porter 1985). Whichever strategy is adopted it must be adequately integrated within the firms goals and missions to achieve a competitive advantage (Parker and Helms 1992).

A company 's strategy consists of the competitive moves and business approaches that managers are employing to grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance.

The five generic competitive strategies are low-cost provider, broad differentiation, focused low-cost, focused differentiation strategy, and best-cost provider strategy. According to the textbook, “a company’s competitive strategy deals exclusively with the specifics of management’s game plan for competing successfully” (Gamble, 93).