The History Of J.C. Penney Essay

1222 words - 5 pages

HISTORY : In 1902, James Cash Penney, in partnership with two other associates, opened the Golden Rule Store in Kemmerer, Wyoming. At the time it was uncommon to charge the same price to each and every customer; however, Penney preached the slogan "one price charged to all," regardless of customers' social status. After buying out his partners (in 1907), Mr. Penney opened two more stores. At present, J.C. Penney has more then 1400 department stores in the United States, Puerto Rico and Mexico, making it one of the largest retailers in the world.MISSION STATEMENT : J.C.Penney's objective is to offer its customer's fashionable, high-quality merchandise at affordable prices. It wishes to serve customers' needs as best as it can, through superior customer service, timely response and convenient locations. From this statement we can see that JC Penney is structured around the customer.POSITIONING STATEMENT : JC Penney wants to provide their targeted customers with "timely and competitive selections of fashionable, quality merchandise with unquestionable day-in day-out value".THE 4 Ps : Product: -High Quality Merchandise (fashion and basic apparel, accessories, and home furnishings).Place: -Department Stores across North America (USA, Mexico, Puerto Rico) - Online catalogue Line of Distribution: Manufacturer > Supplier > Distributor ("JC Penney stores") > End user Promotion: -Web site -Television and Radio commercials -Magazines -Newspapers -Sponsored events -Mail -Quality of customer service Price: -Affordable products that are competitive within their market TARGET MARKET: - Primary Target Market (named Modern Spenders by JC Penney) - Double income family (gender being both male and female) - Between 0 to 2 children Age: 35 to 54 years old Income: Between forty to fifty thousand USD (U.S. dollars) Behaviour: -No strong retail loyalties and relationships -Consumption oriented -Have existing shopping patterns -Not a lot of free time These people represent 27% of the American population and 43% of JC Penney's sales.EXTERNAL MARKET ANALYSIS Opportunities : 1) Increase Online Presence : Ø By lunching a new web site and making it more interesting & easier to use.Ø Include links to our catalog in the web site .Ø Increase advertisement on the net .Ø Launch an advertising campaign .2) Improve Catalog's Outlook : Ø By making a new design for the company's catalog and to make it as easy as possible for the consumer to use and search .3) Expand the Market by Expanding Internationally : Ø By opening Branches in a in markets that they have never been in .Such as Eastern Europe ( Russia , Poland , Ukraine , Slovakia ) And in the Middle East and the Gulf area .4) Promote Events in a local Communities : Ø By sponsoring sport and music events .5) Reduce Rivalry : Ø By selling out...

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