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The purpose of this report is to identify whom the millennial customer is, why they are so important to the future of Nordstrom as a company, and how we can better capture this opportunity to have continued success in later years. The first sections of the report discuss who the millennial is and also covers the sector of this industry that caters to the market of the millennials. Both a SWOT and competitive analysis was used to assess the market place and where Nordstrom currently stands relative to the competition that is favored by the millennial customer. The report also mentions what strategies will be used to capture this segment of the market through remerchandising, updating visuals in current departments, revamping those departments that are not very successful company wide, and improving the current utilization of our social media efforts on an individual store level. Finally, each of our strategies will further explain what tactics we will use to accomplish our marketing objectives .…
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Reisenwitz, T H, Iyer, R, 2009, ‘Differences in Generation X and Generation Y: Implications for the Organization and Marketers’, The Marketing Management Journal, Vol. 19, Iss. 2.…
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Young people at the age of 16-24 are very important for the company because they are the most susceptible to technological innovations and advances introduced by the company. At the same time, this customer group is likely to spend a lot of time and, therefore, money on communication with their friends, family, etc. Consequently, the company can count for considerable profits while providing its products and services to customers at the age of 16-24. In this respect, it is important to understand needs and lifestyle of customers at this age.…
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The purpose of Chapter 5 is to write a summary of this project, make recommendations and give conclusions. This paper focused on the behavior of the millennial generation and how it is affecting companies. The research also evaluated the financial situation of Macy’s and its principal’s competitors inside and outside the retail market. A SWOT analysis of the Company tried to find what weaknesses or threats are hitting and transforming the business. Here, the main point consisted in the focus of find solutions that the Company can implement to reach and capture the Millennials generation. The research found that Macy’s, due its enormous capabilities, with the implementation of effective strategies, will be able to catch and gain the controversial…
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The most significant component to successful marketing is to gain the loyalty of the youth. Today’s consumers relate to brands that help define who they are and who they will like to be in the future. The youth in China are now deciding what they want for their own lives. In the past, their parents and elders were deciding and choosing what was best for them. The families did not have much money. Unlike the youths in the U.S., the youths in China are more focused on more of what they need. They want to figure themselves out and define who they are. They are finding more way to individualize themselves and be unique.…
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Nordstrom’s business decisions in response to changes in the market have focused in reaching younger customers and an omnichannel emphasis. A problem many high end retailers face is maintaining the millennial customer who may not always be able to buy high priced designer consistently. Luckily Nordstrom Rack, Nordstrom’s outlet, appeals to young customers who are seeking deals. In today’s market, positive customer relationships is huge in gaining customer traffic due to gaining returning shoppers who will spread positive information to other potential shoppers. Since Nordstrom Rack appeals to a younger shopper, the likelihood of them become a Nordstrom customer is high and they will have nothing but great things to say about the company.…
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In terms of age 73% of female heavy wholesale club shoppers are no more than 55 years old as stated by Comparative demographics. 38 year old males, compared to females, were more likely to search for brands and products in Electronics, Department Stores, Music.…
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This case study discusses, the marketing strategies Contiki Australia utilizes in order to provide superior value to its customers and in return gain profitable benefits. Their marketing strategies core theme is to create superior customer value. The case study reveals the trend of how the youth in particular, Generation Y (people born between 1977 and 1994) like to travel and what drives, motivates and inspires young travellers.…
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References: The Guardian (2012) The Future of Marketing According to Youth: What 16 – 24sWant From Brands. Retrieved from www.theguardian.com/media-network/media-network-blog/2012/oct/25/future-marketing-youth.…
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The Gap’s target age segment is males and females ranging from seventeen to twenty-five years old (Cosmopolitan, 2000, p. 2). The typical family life cycle for a Gap customer comprises of single teenagers and young adults to young married couples (Cosmopolitan, 2000, p.2). The races Gap targets consist of many minorities such as Hispanics, Asians, and African-Americans in addition to Caucasians (Cosmopolitan, 2001, p. 57). The income segment is middle to upper-class individuals who reside in urban or suburban areas in developed countries such as the U.S. and Japan (PRIZM Cluster, 2001). Common occupations of Gap customers include: high school and college students, entry-level college graduates, and young working, married couples. Gap customers tend to be energetic, work/career oriented, and active people who have significant time to shop (Cosmopolitan, 2001, p.57). In addition, their customers have a sense of style sophistication in their wardrobe, and are confident individuals who feel they are buying the best product available.…
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Mall of America is the largest mall to date in the United States. In my paper today I will be talking about the two primary target markets that Mall of America has and what marketing strategies they should be using to reach those markets. We will also be talking about the types of market research the Mall should be using to decide how to grow. Finally we will also be talking about how the Mall should use Social media to grow.…
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Shopping mall is a classic icon of American culture. Such big shopping center is specifically designed to meat the needs of today’s customer. We like how convenient it is to shop, eat and be entertained all in one place. It is a perfect place to spend an afternoon with your family or if you’re a teen hang out with your friends. But we might just be underestimating the real power such places have over our society. There are plenty of subtle messages being sent to us and those messages in fact play a huge role in the socialization process and shaping of our society as a whole.…
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This paper will focus on the research and promotional message of teenaged consumers in today’s social market. The current generation of teenagers is referred to as Generation Y or Millennial and is a large portion of the consumer market that attracts companies in gaining large profits. In 2001, according to the National Consumers League (2013), teenagers purchased approximately $172 billion dollars. This generation is described as having the following attitudes and beliefs, they are “tech-savvy: prefers media based communication, family centric: prioritize family over work, achievement oriented: confident and ambitious, team oriented: loyal, committed, involved, inclusive, and attention craving: seeks feedback, guidance, and mentoring (Kane, n.d.). The manner in which Generation Y views their world has a significant impact on the psychology behind their purchasing decisions. In being able to define the wants and needs of this generation, marketers will enhance their profit.…
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New Zealand provides American Apparel a gateway into a growing retail market in the Pacific Rim. American Apparel targets a youth market that is prevalent and growing in the urban centers of New Zealand. American Apparel is a unique clothing retailer that targets metropolitan young adults. Universities in New Zealand are growing at a high rate, where Auckland, New Zealand’s business centers are overtaken by young adults pursuing college educations (Euromonitor International, 2009). The high percentage of young adults combined with high university enrollment will support the fashionable yet affordable American Apparel. This is highlighted by New Zealand’s strong economy, growing cities, and…
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The amount of time men and women spend shopping is drastically different. When it comes to shopping, men are more goal-oriented and are usually on a mission. They know what they need to get and have it all planned from before. Therefore, at the store all they have to do is buy it and leave. On the other hand, women are likely to stroll around the mall, try out few things, look around new brands and more. Women go shopping simply to enjoy the overall sensory experience and to gather information that may be used at a later date (Randall). For women, shopping becomes browsing. Fore instance, if they see something they like, they will look at it for more than 15 minutes and will surely buy it. However, with men, they buy what is on their list. For example, when shopping for an LCD, men have the best value, availability and warranty for the LCD figured out already. So all they do at the store is grab it and go. While women linger around at a store and end up buying lot more than actually needed. In general, men spend less time in a store than women do.…
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