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Copy of JCP Marketing Audit
Transcript of Copy of JCP Marketing Audit
New pricing strategy
J.C. Penney’s Vision Statement
The Golden Rule
"Do unto others as you would have others do unto you."
“Winning Together Principles”
•Associates - We value, develop and reward the contributions and talents of all associates.
•Integrity - We act only with the highest ethical standards.
•Performance - We provide coaching and feedback to perform at the highest level.
•Recognition - We celebrate the achievements of others.
•Teamwork - We win together through leadership, collaboration, open and honest communication, and respect.
•Quality - We strive for excellence in our work, products, and services.
•Innovation - We encourage creative thinking and intelligent risk taking.
•Community - We care about and are involved in our communities.
Product: Quality merchandise, from apparel and accessories to home furnishings.
Price: The pricing on J.C Penney’s products is quite fair and reasonable, seeing as, the value of most of their products are high in quality although moderate in popularity.
Placement: Locations nationwide in various shopping centers. Placement online and mobile access.
Promotion: Through television, radio, social media, magazines, newspapers, sponsored events and mail and email.
J.C Penney’s target market is mainly “Middle America”. Their typical customer is a woman aged 35 to 54 with an annual income of $35,000 to $100,000.
The company has made new efforts to appeal to younger shoppers, with its introduction, in 2008, of private label lines of colorful dorm room furnishings called Dorm Life and back-to-school wear, called Fabulosity, by designer Kimora Lee Simmons.
RankRevenues ($ millions)
1 Wal-Mart Stores - 1421,849.0
2 Target - 3367,390.0
3 Sears Holdings - 5743,326.0
4 Macy's - 10725,003.0
5 Kohl's - 14218,391.0
Figures are for fiscal year ended Jan. 31, 2011
6 J.C. Penney - 14617,759.0
7 Dollar General - 18813,035.0
8 Nordstrom - 2549,700.0
9 Family Dollar Stores - 3027,867.0
10 Dillard's - 3706,253.5
J.C Penney’s Macro Environment
Political (Legal) Forces
Merchandise quality & Access to merchandise over various channels.
Hard to distinguish merchandise and lacks loyal customers
New locations, besides malls and shopping centers.
Seasonal mobile discounting
Decrease in popularity of malls
Online & Mobile Apps
"It's A Big Deal" Deals
J.C Penney Consumers
Direct Competitors ->