Nordstrom, Inc. BUSA 308 – Principles of Marketing Michael Jorgenson Brittany Culver Justin King History Opened first store in 1901 Based in Downtown Seattle Purchased Best Apparel in 1963 Went public in 1971 Expansion to the east coast by 1988 Group Mission Our mission as a group was to build a connection between the mission statement and the marketing strategy of Nordstrom and evaluate its effectiveness. Nordstrom’s Mission To offer the customer the best possible service, selection, quality and value. SWOT Analysis Internal Strengths Internal Weakness Atmosphere West Coast vs. Resources East Coast Financial Department People Cohesion Physical Competition Policies Assistance SWOT Analysis External Opportunities External Threats Technological Competition Personal Book Technological Demographics Social Economics 5 Forces Model Industry Competitors Macy’s, Bloomingdales, etc Potential Entrants Barriers to entrants Buyers Set Prices Middle to Upper Class Substitutes Customer Service Brands Suppliers Bargaining Power Limits Target Market Homogenous Heterogeneous Aspects Aspects Quality Juniors: B.P Trends Women: Point of Warranty View, St. John’s Men: Men’s Sportswear, Façonnable Marketing Mix Product Complimentary Amenities Quality Warranty Customer Service Marketing Mix Place West Coast v. East Coast New Stores Atmosphere • Displays • Holiday • Cleanliness Marketing Mix Price Luxury goods • Range Affordable • Upper / Middle Class Justification • Quality • Relationship • Warranty Marketing Mix Promotion Advertising • Catalogues • Online Public Relations • ONE / ALAFA • Beat the Bridge Personal Selling • Personal Book Sales Promotion • Three major sales Value Chain Inbound Logistics Raw materials for Nordstrom’s brand names Operations Stocking the shelves, preparing for customers Outbound Logistics Receiving goods from suppliers e.g. Calvin Klein, DKNY Marketing and Sales Identifying the customers needs Service Providing the best possible customer service Evaluation Does the market strategy match the mission? What the future holds Questions?
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