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JC Penney

Team News Story MK222 - Brands, Organizations and Strategies
by

Noelle Madrigal

on 22 October 2012

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Transcript of JC Penney

Team News Story
MK 222: Brands, Organizations and Strategies Lauren Kelly
Brooke Larson
Noelle Madrigal
Haley Merlo
Krystal Metcalf History of JC Penney Reasons for Rebranding New Brand Elements Discussion Questions http://www.brandchannel.com/home/post/JCPenney-Rebrands-012612.aspx

http://adage.com/article/guest-columnists/jc-penney-a-sound-strategy-marketing-errors/237071/

http://9to5mac.com/2012/04/26/j-c-penny-poaches-from-apple-hires-former-retail-store-senior-exec/

http://www.jcpmediaroom.com/posts/18/JCPENNEY%27S-TRANSFORMATION-PLANS-REVEALED-AT-LAUNCH-EVENT-IN-NEW-YORK-CITY

http://historyofbusiness.blogspot.com/2007/03/history-of-jc-penny.html

http://www.fundinguniverse.com/company-histories/j-c-penney-company-inc-history/

http://retailindustry.about.com/od/retailbestpractices/ig/Company-Mission-Statements/JC-Penney-Mission-Statement.htm

http://www.forbes.com/sites/onmarketing/2012/06/24/jc-penneys-misfire-what-went-wrong/

http://www.businessinsider.com/brutal-jc-penney-rebranding-is-driving-its-core-customers-away-from-the-store-2012-6

http://www.brandchannel.com/home/post/JCPenney-Rebrands-012612.aspx

http://betterbusinessbrand.com/jcpenney-brand-overhaul-brilliant-save-or-future-failure Reactions Do you believe that the redesigning of JCPenney’s logo is effective in targeting its “younger, hipper clients”?

Do you believe that the incorporation of mini-stores is effective?

What do you think of the advertisements - choice of celebrity endorsement/actors/writing approach?

Do you think that the incorporation of so many new brand elements still communicates JCPenney’s core values of “honesty, simplicity, relevancy, and inspiration”?

In regards to their many competitors, do you believe that JCPenney is successfully differentiating themselves from other department stores? Citations Brief History... 1900 to 1919: The Golden Rule
James Cash Penney opened in Wyoming in 1902
Called his stores the "Golden Rule" because it was his personal and business philosophy
1920s-50s: Rapid Growth and Expansion
1960-75: A New Era
Mail Order Business & JC Penney Catalog
Competition
1976-85: Mass Merchandiser or Department Store?
Expand to Fashion programs
1986-95: A Dramatic Turnaround
Focus on 4 major merchandizing groups
1995 and Beyond...Doing it Right Mission/Vision Statement: "Do unto others as you
would have others do unto you" Positive Ellen Degeneres & LGBT community
Innovative
New Layout & Mini Stores
New Logo captures the idea of the brand Negative “An epic rebranding fail.”
The first quarter- total sales were down 20%.
The JCP stock- dropped 37% this year.
Most problems with the new pricing policy.
The three tiers confuse customers
16% of customers associated JCP with best pricing
Disliked Idea of not having clearance section or coupons
Psychology of consumer behavior & JCP just isn’t grasping.
The customers are not getting the emotional response However on August 1st, 2012 Announced abandoned three tier policy
No more monthly deals
Best priced section- clearance section instead
New price matching program Kate Coutlas says "We will continue to offer great low prices every day. When it's time for the product to go away to make room for something new, we will call it what it is: clearance -- and it will be marked down to a clearance price so it moves quickly."

To put it simply, analyst Bernie Sosnick said “While the monthlong sales didn’t excite shoppers, “‘clearance’ is a word they understand.” In 2010
Market share: 3%
Market cap: $8 billion
Revenue: $18 billion
Profit: $378 million
Customers: 150 million
Hired new CEO Ron Johnson Goals and Plans to Achieve Them: “Rethink every aspect of our business, boldly pursue change, and create long-term shareholder value, as we become America’s favorite store. Every initiative we pursue will be guided by our core value to treat customers as we would like to be treated – fair and square” -Ron Johnson
Anti-sales mentality
New Logo
Attract younger and hipper clients
Increase the number of times the average customer visits the store
Communicate honesty, simplicity, relevancy, inspiration to customers Commercials Magazine Ads In the Mail... The Month Concept At Stores... Mini-Stores Final Goals
Full transcript