Macy's Marketing Plan
Marketing Plan: Phase I
Creating self-service kiosks in a retail store is the goal of this team. Macy’s, Inc., has been chosen as the retail store that will benefit the most from this creation. Even though Macy’s has a history of raising money for charities, long-standing customer relationships, knowledge of what the customer wants, supporting the local communities and promotions for real issues such as heart disease, this international chain can always use the help of young minds to suggest easier ways to support the business. Self-serve kiosks in this retail store can do more than anyone employed by Macy’s could imagine. The following paper will suggest a method of customer check-out that will make the business easier to maintain …show more content…
and competition for many years to come.
Overview of Organization
In 1858, Rowland H. Macy opened the doors of R.H. Macy & Company. This store sold dry goods in New York City, selling $11.06 the first day. The first year proved to be successful for R.H. Macy & Company, with $85,000 in goods sold with a $2,800 advertising budget ("Macy 's History Inc.", 2014). By 1877, R.H. Macy &- Company had become a full department store. In 1902, the store expanded and became the “World’s Largest Store” having more than 1 million feet of retail space ("Macy 's A History", 2014). Throughout many mergers and acquisitions Macy’s has become one of the nation’s leading retailers, with fiscal 2012 sales of $27.7 billion. The company operates the Macy’s as well as Bloomingdale’s brands with approximately 840 stores in 45 states, the District of Columbia, Guam, and Puerto Rico under the names of Macy’s and Bloomingdale’s. Beyond retail stores, they also operate under Macy’s and Bloomingdale’s websites, and 13 outlet stores ("A Diverse and Inclusive Organization", 2014). Macy’s, Inc. has a diverse workforce including roughly 175,700 employees. “Among the 175,700 employees, 75 percent of them are women and 73 percent of management level executives are women” (A Diverse and Inclusive Organization, 2014). The company also works with minority-owned and women-owned agencies to make sure the concept development and ad placements coincide with the multicultural customer.
Investors can find the company’s shares are traded under the symbol “M” on the New York Stock Exchange.
According to Highlights of Progress (2014), during fiscal 2012, the price of Macy’s, Inc. common stock rose by more than 16.8 percent, and the share price has grown nearly five-fold since the beginning of fiscal 2009. The board of directors doubled the cash dividend on Macy’s, Inc. common stock to an annualized 80 cents per share, beginning with the quarterly payment on April 2, 2012. Not only does innovation and technology keep Macy’s at the top of the retail industry, their commitment to quality customer service and merchandise gives the company the extra …show more content…
edge.
Description of Product
A self-service kiosk (SSK) is a convenient service offered to customers. This service is offered in many grocery stores, airports, and restaurants. The retail industry could benefit from implementing a self-service kiosk in stores. The organization chosen for this marketing plan is Macy’s Inc. According to “Macy’s, Inc.,” (2014), Macy’s Inc. is one of the nation’s premier omnichannel retailers” (About Us). Macy’s understands the marketing concept, customers are the priority. During a huge sale or the holiday season rush, Macy’s customers will enjoy the convenience of the self-service kiosk stations. The customer service lines will be shorter, and customers will not be frustrated. Customers will continue to enjoy the one-on-one customer service experience and sales associate expertise. Macy’s is a consumer of The National Cash Register Company (NCR). NCR is a global technology company provides cash register services to an array of industries like financial institutions, hospitality, retail and travel (“NCR”, 2013).
Self-service kiosks will be set-up throughout the store for convenient accessibility.
The self-service kiosk is similar to a cash register. When a customer scans an item, a description of the item and price is displayed on the display screen. If a customer has a concern or a question about the item, there is a help button option on the display panel to call for assistance. The print on the display screen is large for clarity and it has a glare screen for privacy. It also provides volume control buttons for hard of hearing customers. The kiosk station accepts cash, credit/debit cards, checks and gift cards. Customers can make credit card payments and it provides change to the customer. Using the kiosk station is an effortless process. With less wait time in lines, Macy’s will notice an increase of customer satisfaction. Providing this service will enhance the buying power of Macy’s customers, which will have a positive impact on sales and
revenue.
Importance of Marketing
Macy 's is one of the largest department stores in the United States, and their success when it comes to marketing is something that they take pride in. There is a specific department that is dedicated strictly at Macy 's and it 's called the Macy’s, Omnichannel and MAGIC Selling. They are the key to the marketing success that Macy 's has been using for as long as they have been open. On this website they tell the consumer in specific details and different strategies on how they have been so successful with marketing. Macy 's is an aggressive company when it comes to marketing and they want to make sure that the consumer is well aware of what Macy 's has to offer when it comes to their clothing and what 's new in the store.
The key to a successful corporation is advertising and this is something that many Americans have seen when it comes to Macy 's and they have advertisements all over the country. They have goals that drive them to success and teamwork by this marketing division that they have to make this possible. Every corporation has a marketing department but the one that I have seen on the Macy 's site describing all of the tactics that they have used to make sure that they have a very successful marketing way to be able to catch the consumer 's attention when it comes to clothing. The success of Macy 's marketing department shows that they are the key to helping consumers understand what Macy 's has to offer when it comes to clothing and accessories.
SWOTT Analysis – Latoya
Strengths
Consistency-no attitude, does not bend or break the rules
Experiencing a better buying experience without human flaws
Saves money on wages-cost efficient
Helps get the millennial customer
Establishes reputation
Creates shorter lines
Creates customer satisfaction because of less hassle
Weaknesses
Product recalls
Price of product
Less employees for needed person-to-person contact and assistance
Additional equipment may be required for removal of clothing security tags
Belittles tradition
Opportunities
Time efficient
Promising Future
More customers
Shorter Lines
Easy to use check-out
Competiveness
Threats
Older and computer illiterate customers
Security Threat
Viruses
Increased Competition
Trends
Bill-Payment kiosks
DVD kiosks
Restaurant kiosks
Airport kiosks
Check-In kiosks at hotels
Hospital kiosks
Moving toward computer generation
International uses
Marketing Research Approach
Looking into the market and how this product can benefit the customers of Macy’s is a win-win situation. The kiosks first priority is customer convenience and customer experience at the retail stores. There are several different methods that will be used in order find out how well the kiosks will work for Macy’s. The use of surveys, asking customers what areas can be improved and the feedback generated to inconvenient, long lines. During the observation, which is the other form of marketing research there were a decrease in sales because some of the customers would get out of lines because they were taking so long. In the implementing of the kiosks, field trials were conducted and these trials were to see how the self-service kiosks would work in the stores. While researching the trial, it was founded that the kiosks stations were very successful in the retail stores.
Through the marketing research, it has proven that doing surveys, observation, and field trials, it is evident that it is a good idea to utilize the self-service kiosks within Macy’s stores. It not only saves on time for the customers, it has increased the profits; and it is saving money. Much of the overhead cost can be eliminated because there is not a need to hire additional staff to assist with the kiosks. As a business, Macy’s is always looking to improve customer’s experience as well as speed up the process for the customer’s convenience.
Conclusion
Computer-generated applications, toys and products have come to the forefront of business plans. Many businesses want to succeed and realize that taking the next step is the only way to do so. This paper explains how using a SWOTT analysis and marketing research will ensure that a company will soar. A company such as Macy’s has all there is to offer but a self-service checkout will take this company to the next level. The kiosk will allow the company to compete with the customer satisfaction that comes from other stores, hotels, hospital, airlines and travel agencies. This company realizes the importance of what the customer wants and the self-service kiosk only backs that idea.
References
Macy 's Inc. (2014). Retrieved from http://www.macysinc.com/about-us/
Macy 's inc.. (2014). Retrieved from http://www.macysinc.com/macys/m.o.m.-strategies/default.aspx
NCR. (2013). Retrieved from http://www.ncr.com/industries
Creating self-service kiosks in a retail store is the goal of this team. Macy’s, Inc., has been chosen as the retail store that will benefit the most from this creation. Even though Macy’s has a history of raising money for charities, long-standing customer relationships, knowledge of what the customer wants, supporting the local communities and promotions for real issues such as heart disease, this international chain can always use the help of young minds to suggest easier ways to support the business. Self-serve kiosks in this retail store can do more than anyone employed by Macy’s could imagine. The following paper will suggest a method of customer check-out that will make the business easier to maintain …show more content…
and competition for many years to come.
Overview of Organization
In 1858, Rowland H. Macy opened the doors of R.H. Macy & Company. This store sold dry goods in New York City, selling $11.06 the first day. The first year proved to be successful for R.H. Macy & Company, with $85,000 in goods sold with a $2,800 advertising budget ("Macy 's History Inc.", 2014). By 1877, R.H. Macy &- Company had become a full department store. In 1902, the store expanded and became the “World’s Largest Store” having more than 1 million feet of retail space ("Macy 's A History", 2014). Throughout many mergers and acquisitions Macy’s has become one of the nation’s leading retailers, with fiscal 2012 sales of $27.7 billion. The company operates the Macy’s as well as Bloomingdale’s brands with approximately 840 stores in 45 states, the District of Columbia, Guam, and Puerto Rico under the names of Macy’s and Bloomingdale’s. Beyond retail stores, they also operate under Macy’s and Bloomingdale’s websites, and 13 outlet stores ("A Diverse and Inclusive Organization", 2014). Macy’s, Inc. has a diverse workforce including roughly 175,700 employees. “Among the 175,700 employees, 75 percent of them are women and 73 percent of management level executives are women” (A Diverse and Inclusive Organization, 2014). The company also works with minority-owned and women-owned agencies to make sure the concept development and ad placements coincide with the multicultural customer.
Investors can find the company’s shares are traded under the symbol “M” on the New York Stock Exchange.
According to Highlights of Progress (2014), during fiscal 2012, the price of Macy’s, Inc. common stock rose by more than 16.8 percent, and the share price has grown nearly five-fold since the beginning of fiscal 2009. The board of directors doubled the cash dividend on Macy’s, Inc. common stock to an annualized 80 cents per share, beginning with the quarterly payment on April 2, 2012. Not only does innovation and technology keep Macy’s at the top of the retail industry, their commitment to quality customer service and merchandise gives the company the extra …show more content…
edge.
Description of Product
A self-service kiosk (SSK) is a convenient service offered to customers. This service is offered in many grocery stores, airports, and restaurants. The retail industry could benefit from implementing a self-service kiosk in stores. The organization chosen for this marketing plan is Macy’s Inc. According to “Macy’s, Inc.,” (2014), Macy’s Inc. is one of the nation’s premier omnichannel retailers” (About Us). Macy’s understands the marketing concept, customers are the priority. During a huge sale or the holiday season rush, Macy’s customers will enjoy the convenience of the self-service kiosk stations. The customer service lines will be shorter, and customers will not be frustrated. Customers will continue to enjoy the one-on-one customer service experience and sales associate expertise. Macy’s is a consumer of The National Cash Register Company (NCR). NCR is a global technology company provides cash register services to an array of industries like financial institutions, hospitality, retail and travel (“NCR”, 2013).
Self-service kiosks will be set-up throughout the store for convenient accessibility.
The self-service kiosk is similar to a cash register. When a customer scans an item, a description of the item and price is displayed on the display screen. If a customer has a concern or a question about the item, there is a help button option on the display panel to call for assistance. The print on the display screen is large for clarity and it has a glare screen for privacy. It also provides volume control buttons for hard of hearing customers. The kiosk station accepts cash, credit/debit cards, checks and gift cards. Customers can make credit card payments and it provides change to the customer. Using the kiosk station is an effortless process. With less wait time in lines, Macy’s will notice an increase of customer satisfaction. Providing this service will enhance the buying power of Macy’s customers, which will have a positive impact on sales and
revenue.
Importance of Marketing
Macy 's is one of the largest department stores in the United States, and their success when it comes to marketing is something that they take pride in. There is a specific department that is dedicated strictly at Macy 's and it 's called the Macy’s, Omnichannel and MAGIC Selling. They are the key to the marketing success that Macy 's has been using for as long as they have been open. On this website they tell the consumer in specific details and different strategies on how they have been so successful with marketing. Macy 's is an aggressive company when it comes to marketing and they want to make sure that the consumer is well aware of what Macy 's has to offer when it comes to their clothing and what 's new in the store.
The key to a successful corporation is advertising and this is something that many Americans have seen when it comes to Macy 's and they have advertisements all over the country. They have goals that drive them to success and teamwork by this marketing division that they have to make this possible. Every corporation has a marketing department but the one that I have seen on the Macy 's site describing all of the tactics that they have used to make sure that they have a very successful marketing way to be able to catch the consumer 's attention when it comes to clothing. The success of Macy 's marketing department shows that they are the key to helping consumers understand what Macy 's has to offer when it comes to clothing and accessories.
SWOTT Analysis – Latoya
Strengths
Consistency-no attitude, does not bend or break the rules
Experiencing a better buying experience without human flaws
Saves money on wages-cost efficient
Helps get the millennial customer
Establishes reputation
Creates shorter lines
Creates customer satisfaction because of less hassle
Weaknesses
Product recalls
Price of product
Less employees for needed person-to-person contact and assistance
Additional equipment may be required for removal of clothing security tags
Belittles tradition
Opportunities
Time efficient
Promising Future
More customers
Shorter Lines
Easy to use check-out
Competiveness
Threats
Older and computer illiterate customers
Security Threat
Viruses
Increased Competition
Trends
Bill-Payment kiosks
DVD kiosks
Restaurant kiosks
Airport kiosks
Check-In kiosks at hotels
Hospital kiosks
Moving toward computer generation
International uses
Marketing Research Approach
Looking into the market and how this product can benefit the customers of Macy’s is a win-win situation. The kiosks first priority is customer convenience and customer experience at the retail stores. There are several different methods that will be used in order find out how well the kiosks will work for Macy’s. The use of surveys, asking customers what areas can be improved and the feedback generated to inconvenient, long lines. During the observation, which is the other form of marketing research there were a decrease in sales because some of the customers would get out of lines because they were taking so long. In the implementing of the kiosks, field trials were conducted and these trials were to see how the self-service kiosks would work in the stores. While researching the trial, it was founded that the kiosks stations were very successful in the retail stores.
Through the marketing research, it has proven that doing surveys, observation, and field trials, it is evident that it is a good idea to utilize the self-service kiosks within Macy’s stores. It not only saves on time for the customers, it has increased the profits; and it is saving money. Much of the overhead cost can be eliminated because there is not a need to hire additional staff to assist with the kiosks. As a business, Macy’s is always looking to improve customer’s experience as well as speed up the process for the customer’s convenience.
Conclusion
Computer-generated applications, toys and products have come to the forefront of business plans. Many businesses want to succeed and realize that taking the next step is the only way to do so. This paper explains how using a SWOTT analysis and marketing research will ensure that a company will soar. A company such as Macy’s has all there is to offer but a self-service checkout will take this company to the next level. The kiosk will allow the company to compete with the customer satisfaction that comes from other stores, hotels, hospital, airlines and travel agencies. This company realizes the importance of what the customer wants and the self-service kiosk only backs that idea.
References
Macy 's Inc. (2014). Retrieved from http://www.macysinc.com/about-us/
Macy 's inc.. (2014). Retrieved from http://www.macysinc.com/macys/m.o.m.-strategies/default.aspx
NCR. (2013). Retrieved from http://www.ncr.com/industries