Neiman Marcus: The epitome of luxury shopping. When you walk thru the doors of the department store‚ the aromas of the expensive perfumes and genuine leathers instantly greet one. The famous department store‚ originally Neiman-Marcus‚ originated in Dallas Texas‚ where their headquarters still operate. Starting with just one store in 1907‚ Neiman Marcus has now expanded to 42 stores nationwide. They started simply by stocking clothing for the high-class Texan woman‚ to now having expanded to a men’s
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Neiman Marcus (A) Analysis of Growth Strategies Executive Summary Neiman Marcus (NM)‚ which mainly serves the high-end retail market‚ is currently facing a tough future. Although it currently enjoys high profit margins and has made significant improvements in its existing brand performance‚ its growth has plateaued. NM believes that there is only limited potential for growth of its current full-line stores while maintaining its exclusivity. As a result‚ it is considering other growth opportunities
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Analysis of Current and Future Plans Neiman Marcus Background and Overview Neiman Marcus is a premier luxury retailer with distinctive merchandise and superior service. They opened in Dallas‚ Texas in 1908. Since 1908‚ Neiman Marcus has opened 40 additional stores. In 2010‚ the current count is 41 retail stores and 28 clearance centers called Last Call Neiman Marcus. As you can see from the chart‚ Neiman Marcus sells very diverse items. The largest category is women’s apparel‚ followed by
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Company Profile Neiman Marcus is a luxury department store retailer offering upscale assortments of apparel‚ accessories‚ jewelry‚ beauty‚ and decorative home products to the affluent consumer. As of January 28‚ 2012 the company operated 41 Neiman Marcus stores‚ 2 Bergdorf Goodman stores‚ and 30 Last Call clearance centers‚ as well as a direct-to-consumer business with catalog and internet operations under the Neiman Marcus‚ Horchow and Bergdorf Goodman brand names. Company Overview Internet
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Customer focus Customer satisfaction and loyalty are two important indicators for business. If organizations can meet customer expectations‚ it only can help improve customer satisfaction but not loyalty. However‚ if the quality can exceed customer expectations‚ it can help improve and sustain customer loyalty. There are tremendous practices for performance excellence in terms of customer focus. For example‚ identify different customer groups and understand their needs‚ create an organizational culture
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Saks‚ Neiman Marcus‚ Nordstrom Introduction The retail industry is very large and full of many different strategic groups. There is a strategic group that focuses on the finer tastes in life and caters to a more upper-class market. Three dominant members of this group are Saks Incorporated‚ the Neiman Marcus Group‚ and Nordstrom. Through e-commerce strategies we will be able to see the similarities and differences in these firms core competencies and business strategies. Background Since 1998
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psychology is important. 2. 3 The Deming philosophy 3. Understanding process variation ± A production process contains many sources of variation. Reduction in variation improves quality. Two types of variationscommon causes and special causes. Focus on the special causes. Common causes can be reduced only by change of technology. Theory of knowledge ± Management decisions should be driven by facts‚ data and justifiable theories. Don¶t follow the managements fads! 4. 4 The Deming philosophy
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What important role do customers play in the quality management of an organization? The most important asset of any organization is its customers.An organization’s success depends on how many customers it has‚how much they buy‚ and how often they buy.Customers that are satisfied will increase in number‚ buy more‚ and buy more frequently.Customer satisfaction is not an objective statistics but more of a feeling or attitude. If customers are happy with a product or a service they have purchased
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COVERAGE Introduction – What is customer focus and our understanding of the concept Discussion – Why organizations lack customer focus in Fiji? Our case studies:- How this can be overcome? Arguments raised and discussed Conclusion You ’ll never have a product or price advantage again. They can be easily duplicated‚ but a strong customer culture cant be copied. Jerry Fritz INTRODUCTION o What is Customer Focus? To put it simply :- In a customer focused organization‚ leadership
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Silo Busting: How to Execute on the Promise of Customer Focus by Lance A. Bettencourt and Anthony W. Ulwick In 2001‚ under price pressure from the government and managed health care organizations‚ GE Medical Systems (now GE Healthcare) created a unit‚ Performance Solutions‚ to sell consulting services packaged with imaging equipment as integrated solutions. These solutions‚ priced at a premium‚ were intended to enhance productivity by‚ for instance‚ reducing patient backlogs. At the time‚ lots
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