JC Penney:
J.C. Penney Company, Inc. is a holding firm with the main operating subsidiary known as J.C Corporation, Inc. The company sells accessories, family apparel and footwear, beauty products, home furnishings, and fine and fashion jewelry in its department stores in America and Puerto Rico. Since its inception, this company has grown to become a major retailer that operates approximately 1,106 department stores by the beginning of 2011. The business of this firm basically consists of selling their products and services through the numerous stores and its online business strategies. This growth has resulted in the company to be ranked as America's largest department-store retailer and catalog business.
Mission, Vision, and Primary Stakeholders of J.C. Penney:
The vision of J.C. Penney Company, Inc. is to become America's shopping destination for inventing great styles at reasonable and attractive prices. This vision is centered on the company's long-range growth initiatives that consist of four integrated business strategies in order to increase its sales, improve its financial performance, and achieve industry leadership. The company's mission is to provide merchandise and services to its global customers at a profit in ways that are consistent with its ethics and responsibilities.
In order to fulfill its vision and mission, J.C. Penney Company, Inc. has several stakeholders that are integral to the success of its operations and profitability. Some of its primary stakeholders are its customers who are its main focus because of the role they play in the effectiveness and profitability of the firm's operations. Since customers act as the lifeblood of this company, it's committed to serving them with quality, smart, and stylish products at reasonable prices. The second primary stakeholders are its diversified supplier base that consists of both domestic and foreign suppliers as the firm is not highly dependent on any single supplier. The other primary stakeholders are its stockholders and investors who also play an integral role to J.C. Penney's profitability in the market.
Competition of J.C. Penney Inc.:
J.C. Penney Company, Inc. operates in the highly competitive business of marketing and services that consists of numerous competitors including Kohl's, Stein Mart, and Dillard's. The competitors within this industry compete for market share depending on brand image investments, economies of scale, and tight cost controls. The five forces of competition for J.C. Penney, Company, Inc. In its business based on an industry...
JC Penny Makeover Background on U.S. Department Stores and Background on J.C. Penney Dr. Robert Tamilia (Marketing professor at the University of Quebec at Montreal) explains that the department store in America not only "…revolutionized the retail store," and the shopping experience, and the available of products and promotional techniques, the department store contributed in a major way to the evolution of "...hiring practices and inventory control procedures" (Tamilia, 2002, p. 3).
JC Penny is an iconic American brand that has catered specifically to the middle class for generations. This strategy upon inception was beneficial, as JCP was able to operate in the great depression. Through use of a "Fair Price" model, customers flocked to JCP for its value orientation. This allowed the company to grow even in the midst of the great depression. However, capitalism evokes change even in the most
Organizational Behavior The Transformation of JC Penny for the New Century Organizational behavior is the study of how the actions of individuals, groups, and structures influence the behavior of an organization. Organizational culture refers to the characteristics that define the organization and make them unique. Organizational culture refers to communication styles, management styles, interaction styles, policies and procedures, as well as the manner of dress within the organization. Organizational culture influences organizational
JC Penney's New Pricing Strategy J.C. Penney was founded in 1902 by James Cash Penney, and by 1907 he had purchased full interest in three locations, moving his company headquarters from Wyoming to Salt Lake City in 1909. By 1912, there were 34 stores in the Rocky Mountain State areas. By 1928 Penny's had opened 1000 stores and by 1941 had 1600 stores in all 48 states. Penny's began national advertising
External Factors Penny's proposed new pricing strategy The new Penny's proposed strategy is a revitalization strategy that is directed at the pricing procedures within the company. According to Penny, there should be a "Fair and Squire Every Day" pricing strategy. This new pricing strategy was not there initially. The transformations, which are also done by JC Penny's CEO Ron Johnson, are ambitious plans, which are geared at changing the phase of
management styles used by JC Penney's management and pros and cons of each era of management. The paper begins with a general introduction of the management and then by answering the questions asked. The paper also evaluates company's management styles and problems faced by the company. Importance of innovative management style and a suitable style for JC Penney is also considered in the given paper. Management Penney being one of the
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