Tuesday, January 29, 2019

Business and Research Project Essay

JC Penny has been running successfully for beside to 90 years. Most entrepreneurs and managers face the same dilemmas at times. The choices one makes argon the basis for his or her bon ton success. The CEO of JC Penny Ron Johnson was faced with umteen focal point dilemmas. The first of many dilemmas that Ron Johnson was faced with was to innovate or preserves JC Penny. Innovation is important, but one should overly focus on tonic applications and new markets as well. However, the revenues of triggers are in the future. One needs also to get the maximum out of ones sure business. gibe an article published by Forbes Ron Johnson did not try and solving the sincere problem with JC Penny. Sales fell some 25%. The stock dropped 50% He spent lavishly laborious to remake the brand.He modernised the logo, upped the TV ad spend, spruced up neckcloths and implemented a more(prenominal) accordant pricing strategy. But that all was designed to help JC Penney competes in traditiona listic brick-and-mortar retail. Against traditional companies like Wal-Mart, Kohls, Sears, etc (Hartung, 2014). If the leader or manager does not clothe there comes a time when the current business declines without new innovation to take over JC Penny revenues. If a manager invests too much, it whitethorn end up endangering the continuity of the current business. According to Joshua Kennon J.C. Penney saw gross revenue fall from $19.903 billion in 2007 to $12.985 billion in 2013.This caused the firm to go from a pre-tax profit of $1.792 billion to pre-tax losses of $1.536 billion, a staggering shed of $3.328 billion. Dividends were slashed, book value destroyed. There were rumors the company was surviving by pushing payable bills and hoarding cash (Kennon, 2013).The purpose of learning squad Cs research is to identify the most important factors to customers that are considering rat at J.C. Penney. This statement speaks to the researchers attention and states goal or objective o f the research. This statement will evaluate errors that were made J.C. Pennys top management, putting the company into a very vulnerable predicament with the core customers. The factors that will be considered are directly associated with management errors much(prenominal) asMisreading what shoppers want- coupons, sales price/clearance itemsNot exam the ideas in advance- assuming the culture was the same as other companies alien the core customersMisreading the JC Penney brandNot respecting the JC Penney company overallFrom these errors the team will provide research questions to include in the paper, gather the tuition the is related to the customer most recent shopping experience with the company to develop a proposed research plan to address the most management dilemmas.Draft of Research QuestionsLearning team C intends to research the reasons J.C. Penney had a decline in customer core base and sales which closely led to the demise of the company. This research will be conducted via lot with the draped of possibly salvaging the creditability of the company. Our learning will provide surveys to adults that have shopped J.C. Penny each online or in the instal within the last two years. The survey questions used would supply management with opportunities to test potential marketing strategies to strike sales and retain the companys initial core customer base. LTC will provide the following questions to gather data for research in the surveyWhat is the age group/gender of the participantHow far from rest home will he or she be willing to drive to the storeWhat is the importance of coupons and sales price/clearance itemsHow frequent does the participant shop online or in the storeHow important is the brand name that is provided by the companyHow important is the atmosphere of the store (i.e. Arizona, IZOD, Dockers, etc)How important is the culture of store (i.e. is food courts or specialty boutiques important) After compiling a more precise list of question to provide for the survey, we will rank the factors from to the lowest degree to greatest importance to determine the decision making process for J.C. Penney current dilemma.ConclusionEventually, JC Penny did fire Ron Johnson and rehired the previous CEO Mike Ullman, who stills faces self-aggrandising challenges. JC Penny has posted sales drops and losses in its first terzetto quarters. As JC Penny attempts to recover from its dilemmas from the period in which it alienated consumers, and enraged its employees, its new CEO Mike Ullman, is making headway in trying to purge corporate ranks and bring the customers back to shopping at JC Penny. In business leaders or managers all face some challenges that if left over(p) unaddressed such as JC Penny dilemma can massively affect the business. The good news is that there is now a solving in place to help JC Penny return to being successful.ReferencesHartung, A. (2014). ii Wrongs Wont Fix JC Penney. Retrieved from htt ps//ecampus.phoenix.edu/secure/aapd/cwe/citation_generator/web_01_01.asp Kennon, J. (2013). The Collapse of J.C. Penney What Caused It and Can It Be Fixed?. Retrieved from http//www.joshuakennon.com/the-collapse-of-jc-penney-what-caused-it-and-can-it-be-fixed/

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