J. C Penney Executive Summary
The most important thing that J.C Penney should look into is marketing information which is accessible through marketing information system and marketing research.
According to (Pride Hughes, Kapoor 2015. Pg. 311) “a marketing information system is a system for managing marketing information that is gathered continually from internal and external sources,“ the internal records provide marketing managers with current information about sells costs, inventories and cash flows while the external records provide information about marketing-environment, organizations suppliers intermediaries and customers plus the changing conditions in the market, this information is gathered from sources like magazines, trade journals and commercial press. It is a valuable tool that helps in planning, implementing and controlling the marketing activities for the company. because most of these systems are computer based. Its important information for companies to be fully aware of the reasons that drive consumers why they prefer a certain brand over another so …show more content…
that they can better their brand all this is made possible with a well-designed and effective marketing information system because most of these systems are computer based. it is easy to gather information like consumers spending habits, what they are loving at a particular season, what products are mostly returned this helps the company stay on top of new trends and also discontinue what the customers do not like thus developing merchandise offerings that would resonate with their existing customers and help attract new customers.
For J.C.
Penney to predict and respond to changes in fashion trends and customer preferences in a timely manner they should carry out marketing research which is a systematic process of gathering, recording, and analyzing data concerning a particular marketing problem. (pride hughes Kapoor 2015) They should research what their target audience is in regard to their education level, family makeup, income range and interest this will help them in terms of advertise their products to a specific target group, it will also allow them to identify opportunities in the marketplace and make changes to their products to better match their customer needs for example there is a huge market for clothing for petite and plus sizes which they should explore finally it will also help J. C Penney evaluate where they are successful in terms of what their current merchandise and what areas they are failing in thus helping them remain
competitive.
They can also carry out secondary research which is taking advantage of the work someone else has done this will be cost effective, the internet is a great resource with websites like yelp where the consumers offer input on products and services. According to bizfilings.com local, state, and national trade organizations are often excellent sources of information on the trends that are likely to influence your business.
According to (Pride Hughes, Kapoor 2015. Pg. 311) “a marketing information system is a system for managing marketing information that is gathered continually from internal and external sources,“ the internal records provide marketing managers with current information about sells costs, inventories and cash flows while the external records provide information about marketing-environment, organizations suppliers intermediaries and customers plus the changing conditions in the market, this information is gathered from sources like magazines, trade journals and commercial press. It is a valuable tool that helps in planning, implementing and controlling the marketing activities for the company. because most of these systems are computer based. Its important information for companies to be fully aware of the reasons that drive consumers why they prefer a certain brand over another so …show more content…
that they can better their brand all this is made possible with a well-designed and effective marketing information system because most of these systems are computer based. it is easy to gather information like consumers spending habits, what they are loving at a particular season, what products are mostly returned this helps the company stay on top of new trends and also discontinue what the customers do not like thus developing merchandise offerings that would resonate with their existing customers and help attract new customers.
For J.C.
Penney to predict and respond to changes in fashion trends and customer preferences in a timely manner they should carry out marketing research which is a systematic process of gathering, recording, and analyzing data concerning a particular marketing problem. (pride hughes Kapoor 2015) They should research what their target audience is in regard to their education level, family makeup, income range and interest this will help them in terms of advertise their products to a specific target group, it will also allow them to identify opportunities in the marketplace and make changes to their products to better match their customer needs for example there is a huge market for clothing for petite and plus sizes which they should explore finally it will also help J. C Penney evaluate where they are successful in terms of what their current merchandise and what areas they are failing in thus helping them remain
competitive.
They can also carry out secondary research which is taking advantage of the work someone else has done this will be cost effective, the internet is a great resource with websites like yelp where the consumers offer input on products and services. According to bizfilings.com local, state, and national trade organizations are often excellent sources of information on the trends that are likely to influence your business.