Still Your Turn Mapping Compensation Strategy In summarizing the key points of our company’s strategy, this is what the observation show. Billy Joe’s Fashions LLC retails their high class and affordable fashion clothing through web sites events, flea markets, and catalogs. The clothing is not only stylishly different but comes from some of the finest quality materials. The company is utilizing southern cotton, and synthetic polyester so that the cloth is not only affordable but tremendously stunning and attractive. Billy Joe’s Fashions Clothing is delivered through salespersons to customers via flea markets, personal shopping, websites and catalogs. BJ’s is the undeniable and unique place to buy from because of the extensive selections offered to our customers. In addition to that, the sale people are experts in the field. Their philosophy is to place service above self and to operate with integrity always looking for new ways to grow and improve customer satisfaction. The mission is to provide clothing for every home in America and changing the lives by changing their appearance. BJ’s Clothing premise is that this clothing line will create an opportunity for other men and women to start their businesses and achieve financial independence doing the kind of work they are excited. The key points that are being discovered about BJ’s Clothing are prominence. “Prominence is the measure of how important total compensation is in the overall HR strategy” (Milkovich, 2014, p.54).
The company’s product mix is simple. They offer a wide variety of junior, plus, men’s, boy’s and infant apparel and low prices. The company also offers accessories, shoes, handbags, and home décor to differentiate itself in the market.
Stagnant sales performance has caused Harrington Collection to explore new avenues for improved performance, including the launch of a new active-wear line. Recognizing an emerging trend of low price and rapid style turnover in the women’s apparel market, along with tremendous growth in the active-wear segment, Harrington needs to work strategically to capture this profitable market opportunity. After careful analysis, it was determined that Harrington should implement a new active-wear line.
WeaveTech, formally known as Johnson-Ware is a military and security apparel company entering into the high-end performance clothing market. Before the acquisition by CVX Partners, WeaveTech which was formed in 1905, relied exclusively on the military (70%) and security (30%) customer base. The need to change the company’s customer base from military and security to high-end performance clothing market apparently arose from the allure of the later market segment and the dwindling growth of the military and security market (Beer & Swiercz, 2015). The departure of Jack Davidson, a retired US Navy Rear Admiral, and WeaveTech CEO from 1983 to 2012 in addition to the conclusion of the Afghanistan and Iraq Wars meant that the traditional market was losing its reliability. Due to the unreliability, there was a need to redesign the customer base and to take advantage of the high-end market segment.
With other companies starting to encroach upon the Jeans market share, Levi’s decided to introduce a new product. With the goal to gain profits, Levi’s pursued diversification with the new product. This product was formal clothing for men.
Hennes and Mauritz AB is a Swedish retail-clothing company, which has expanded enormously in the past years. H&M has grown from one single store in a small town in Sweden to a multinational ranked as the second largest global fashion retailer with its 3,600 stores in over 58 countries and $22 billion in annual sales (The World’s). This incredible story of success makes us wonder about their strategies and how they managed to get where they are today.
First research objective was to determine whether it is profitable for J.Crew to shift their brand focus to a ‘sustainablity’ business model instead of resuming their position in the fast fashion industry.
Due to a strong commitment to customer service and the outdoors, L.L. Bean is recognized as a quality manufacturer and retailer of quality outdoor apparel. Likewise, the company’s focus on the stakeholders begins with caring for employees who in turn serve the customer which ultimately results in profits. L.L. Bean serves customers through multiple channels, but originally began, and continues to excel, in catalog sales. However, due to a changing operational environment, the organization needed to invigorate their business model. Using the total rewards program, the company was able to disperse new strategic goals throughout the organization leading to much needed change and revitalization.
Target’s business-level strategy is one that does not strictly focus entirely on one plan to gain a competitive advantage over competition. It encompasses various strategic and meticulous planning and decision making that is implemented in order to position the company at the top of the retail industry. With competition from the likes of Wal-Mart, Sam’s Club, and Costco, Target uses several clever and “out-of-the-box” ideas to attract consumer attention and ultimately increase market share within the industry. Most of the company’s ideas centered more on the differentiation of products and services provided to customers than lowering prices. For quite some time, the company’s plan was to not compete head-to-head with Wal-Mart in terms of lowering prices but instead to provide their customers, who they identify as “guests”, with a special experience every time they visited a Target location. One idea that was implemented was to market and sell upscale, trendy clothing and unique merchandise at discounted prices.1 This strategy, known as the “cheap-chic” strategy, focused on providing good quality clothing from various well known designers and fancy products from high-profile manufacturers for prices lower than their competition. This plan was vital because it began essentially began the concept of customers referring to Target as “Tar-zhay” which according to Patrick Barwise and Sean Meehan, who are university professors, as a “connote its trendy sensibility”. Target
As Director of Human Resources for Wilson Bros, the conclusions that I draw with respect to the status of the company’s compensation strategies is that they lack security for their employee’s compensation and lack flexibility to the changing economy, competitive environment, and growing organizational needs.
Of the hundreds of named brand clothing that form part of the retail and fashion industry I chose to compare, for my analysis, Abercrombie & Fitch, Forever 21, American Eagle, and H&M. These stores are prominent, well-known for selling apparel, shoes, and accessories by the means of offering sales and promotions to their customers. This is a clever strategy for attracting customers, allowing them to believe that they bought goods at affordable, convenient prices – and not to mention the prestigious name prescribed to the clothing brands. Using keyhole.co as my main source, I obtained relevant and valuable information regarding the status of these brands. My intentions were to compare a period of 14 days, however, due to the limited access that I received from my free trial, the program only allowed me to see fewer of the dates than I anticipated. I want to take this opportunity and mention ahead of time that due to the various and distinctive products that are sold from these stores, when looking for the “spending capacity” I decided to focus on shirts/ jeans for men and women and compare the prices among them since each of these retailers carry those items and as a way to make this report easier to contrast and comprehend. Also, when approaching the section of “setting”, I screen-shotted some of the images on Instagram and made them into a collage to separate the type of clothes and trends that each of these brands sell currently. In the following modules
With over 3,000 stores in 6 countries and a network of over 16,000 vendors in 60 countries, TJX is able to offer consumers deep discounts on many top names in fashion apparel and home goods merchandise. However the Company does not like to be labeled as a “discount store.” Instead, TJX’s vision is to be a “global, off-price value retailer” with a mission to deliver the same brand name value and
TJX Companies consist of several apparel and home fashion stores in the United States, Canada and Europe. The organization continues to expand their brand in these three countries to keep up and hopefully, one day, monopolize their competition in the department store industry. TJX does well financially, such as profits and market share, compared to their competition and has achieved outstanding performance for several years in all the countries in which they operate. “Looking ahead, we see tremendous opportunities to bring value around dthe world. We believe our customer demographic one of the wisest in retail, and we are convinced we will continue to gain U.S. and international market share. To help retail our loyal customers and attract new ones, we’re planning even more aggressive marketing. We also plan to continue upgrading the shopping experience in our stores and offering new and exciting initiatives” (TJX n.p). TJX is a well rounded and diversified company focusing on apparel and clothing fashions. Their acquisitions have only furthered their growth in the market and with consumers globally.
The uniqueness of the demographics of BCBG is that the boutiques are only in large cities, which gives the best business because of the large number of people in the areas. As for psychographics of the company, the goal is to provide attire that can be worn straight from work to a night on the town. The target market, being young professional women, can appreciate the designer price zone, because even though they are professional at work, they also enjoy the nightlife and make enough money to maintain their splurges and bills. For this they need versatile, high fashion garments at prices that won't spoil their income. They have a great mix that they market and manage very well.
As a clothing store which is focusing on local designed and European designed clothes, our products are going to be high-end, fashionable, green and unique.
Levi’s in the comfort business. Not just mean physical comfort but providing psychological comfort – the feeling of security that, when you enter a room of strangers or even work colleagues, you are attired within the brand of acceptability. Although what a consumer defines as psychological comfort may vary from sub-segment to sub segment. The key phrase here is that last one, ‘from sub-segment to sub-segment’. In its attempts to be sensitive to the various fluctuations of taste among the denim-wearing public, Levi’s has diversified its brand by creating a wide range of jean styles.