History Of The Company: How Long Have They Been?

History Of The Companyname Of Companyhow Long Have They Been In Busi

History of the Company Name of Company: · How long have they been in business? · Since October 28, 1858. Background information: · Macy’s Store started as a small dry goods store in New York City in the year 1858. It was founded by Rowland Hussey Macy. How has their business changed over the years? · Over the years, the business at Macy’s Inc. has changed from just selling clothing to even acquiring a liquor license in the New York City. The Company has grown worldwide such that it allows for the shipment of goods to over 100 countries worldwide. This has also included online shopping for easy purchases to be made. What is their mission statement? · “Our goal is to be a retailer with the ability to see opportunity on the horizon and have a clear path for capitalizing on it. To do so, we are moving faster than ever before, employing more technology and concentrating our resources on those elements most important to our core customers." Do they plan to expand, penetrate, diversify, or change their retail format in the near future? · In the near future, Macy’s Inc. plans to expand, penetrate, and diversify their retail format to include more online shopping because the demands of their customers keep changing, and this can be easily addressed in an online marketing format. Target Market 1. Who is their target market: Macy’s stores sell consumer discretionary products such as apparel, accessories, cosmetics, and home furnishings. So, their target market are males and females all age from children under 1 years old to seniors. Macy’s target middle class adults incomes of between $30,000 and $100,000. 2. Define their customer according to demographics (age, gender, income level, education etc.). Age, in this scenario Macy’s company will be targeting all customers for each and every age in the clothing category Gender, in this scenario Macy’s company will be targeting male and female. Income level, Macy’s company will be targeting mostly the middle-class income. Education level, Macy company will be targeting customers who have an education level of at least able to have internet access. 3. Trade area – Primary, secondary, tertiary (refer to chapter. 8) From the book chapter 8 note. Additional Notes: It is a natural instinct for business a business to target many people. However, the company should know that promotional strategy will not be directed to one group. By doing this it will allow a highly focused campaign that will meet the needs. Merchandise Assortment: 1. What are the major brands they carry? The major brands are like Adidas, Lauren Ralph Lauren and Calvin Klein and Tommy Hilfiger. 2. Do they have private brands? Yes, they have private brands, according to the CEO Jeff Gennete Macy’s aims to grow its private –label and Private brands. 3. Where does this retailer’s merchandise fit on the category life cycle? This retailer’s merchandise fit on the product category of life cycle. Here new trendy product can gain the highest price. 4. Why do you think they chose this stage of the life cycle? Does this retailer carry convenience goods, shopping goods or specialty goods? They choose this stage of the cycle because the retailer is convenient in specialty goods. 5. Additional Notes: The retail market today has become more of a ‘sea of sameness’ therefore making Macy’s aims to grow its own brands, it is also planning to have an inventory to the chain and it should be different from what has been there already. Store Location: 1. Where is this retail store located? Macy’s located at Easton Town Center in located in Ohio Columbus. 2. Why do you think they chose this location? Macy’s is located in a very strategic area according to esri.com the median income in the area and around is between $35,000 - $79,187 which is higher than state median income. Also, Macy’s located in a mixed area between youth and family which serves the two segments. 3. Is this accessible for the customer? Yes. 4. What type of lease do they have? Macy’s own their stores. Pricing What is this stores pricing policy? (Everyday Low Pricing. High/Low Pricing etc.) The company has High/Low pricing What other practices do they use to compete with price? (Coupons, Rebates, Price Bundling) The company is able to compete with others through the following; coupons, Rebates and price Bundling. This is able to attract customers who are able to purchase its product compared to other companies Does this retailer use the cost-oriented method of pricing or demand-oriented pricing? From the policies of the company, it encourages its retailer to use cost-oriented method of pricing. This allow the retailers to purchase as many goods and give room for easy supplies to the customers. Is there frequent shopper program? The company uses program to facilitate online purchase to its customers. Communication Mix What type of paid advertisements does this business use? The y uses paid advertisement such as Television, and social media to sensations its customers. What type of unpaid communication does this business use? (Publicity) The use social media for instance Facebook, Twitter among others. Does this retailer use cooperative advertising? With whom? It uses cooperative advertisement to facilitate its promotion for instance with other companies such as goggle which help the company to facilitate online selling. What type of sales promotions does this retailer use? (Sales, Sampling, Demos, Contests etc.) The company uses sales and sampling in facilitating its sale promotion among the customers. Store Layout What type of design layout des this store use? (Grid, Racetrack, Free Form etc.) Provide graphics and photos for this one. Is it effective for customer flow? Yes, the layout of the company provides smooth for customer’s flow in and out of the premises What type of fixtures do they use? What type of lighting are they using? They use A gondola lightening In music constantly playing? What type? Not really constant but at times music plays What type of scent is in the store? Does it detract or attract? The company has attractive smell for its customers Customer Service What type of services does this store offer? (Alterations, gift wrapping etc.) The company provides alteration and gift wrapping services to its customers. This is to enable customer and attract more customers. How does this store handle customer complaints? They hear from customer any complain which they forward to the management and refund to the customers in a case where the product was not genuine delivered to the customer. Does this store have – mystery shoppers to check level of service? Yes, the store has mystery the check the level of the services. Is the salesperson – empowered to make decisions or is it up to management? The salesperson has no power to make decision but the store opens for any recommendation and suggestion from the salesperson but the decision is made by the management of the store. Retail strategy: competitive advantage: SCIN 130 Lab 7: CSI Wildlife, Case 1 General Instructions Be sure to read the general instructions from the Lessons portion of the class prior to completing this packet. Remember, you are to upload this packet with your quiz for the week! Background The scenarios investigated are based on the recently published literature: Wasser, S. K., Brown, L., Mailand, C., Mondol, S., Clark, W., Laurie, C., & Weir, B. S. (2015). Genetic assignment of large seizures of elephant ivory reveals Africa’s major poaching hotspots. Science, ), 84–87. The underlying data are available on the Dryad Digital Repository: Remember, DNA is made up of nucleotides and an allele is an alternative form of a gene which may be from mutation, but is found on the same place in a chromosome in individuals and functions similarly. If you are unfamiliar with these terms, make sure to review them in your book prior to completing the lab. Specific Lab Instructions Name:      Date:      Go to: CSI Wildlife on HHMI Biointeractive Part 1: The Introduction 1. Read the instructions on the home page. Then, watch the opening video from the CSI Wildlife Introduction. 2. What is a keystone species?       SCIN 130 Lab 7: CSI Wildlife, Case 1 V1 04.2018 Felicetti       4. In one or two sentences, summarize Dr. Wasser’s research and how it is being used to conserve elephants.       Part 2: Case One 1. Watch the crime scene video on the first slide of Case One. Explain the goal of the case.       2. Look at the map provided; in what type of location are the majority of African elephants located?       3. Proceed to the How DNA Profiling Works section. a. b. What does “STR” stand for and how are they important for identification?       c. Look at the gel on the screen. What do the bands on the agarose gel represent?       d. What is the purpose of the DNA ladder on the agarose gel?  ₂. What is the relationship between the size of a DNA fragment and the distance it migrates in the gel?  ₂. Why does DNA migrate to the positive electrode?       e. Run the gel in the Technique section by pressing the Start button. Which elephant (left or right) has both the largest and smallest fragments? Approximately what size is the largest fragment (bp)? Smallest?       Smallest?      . 6. Proceed to the Application section and look at the gel. a. For Marker C, are the two elephants in the gel on the left homozygous or heterozygous? How do you know?       7. Read the Review section, and make sure you can answer the questions. 8. 9. Go to Finding a Match a. Click on the “+” next to each marker. Compare the bands in the agarose gel from the unidentified elephant and the known elephants. Which elephant (there are two pages of them) matches the unidentified elephant?       10. Watch the video on the “Case Solved” slide. a. b. Name two properties of a good marker and explain why good markers are important.       Adapted from: Click and Learn “CSI Wildlife” (2016). CSI Wildlife Explorer Worksheet. HHMI Biointeractive Teaching Materials.

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The history of Macy’s, one of America's most iconic retail institutions, is a tale of over 160 years of adaptation, expansion, and innovation. Founded by Rowland Hussey Macy on October 28, 1858, in New York City, Macy’s began as a modest dry goods store and has evolved into a global retail giant. This extensive history highlights its growth from a local department store to a worldwide enterprise with a comprehensive approach to consumer needs and market trends.

Initially, Macy’s distinguished itself through a commitment to offering quality clothing, accessories, and home furnishings. Over the decades, Macy’s expanded its merchandise assortment, carrying major national brands like Adidas, Ralph Lauren, Calvin Klein, and Tommy Hilfiger. Recognizing the importance of private brands, Macy’s has strategically grown its private-label offerings, aiming to differentiate itself in an increasingly competitive retail landscape. This effort is driven by its desire to provide unique, exclusive products that appeal to a broad demographic base.

Macy’s business model has significantly shifted over the years to incorporate technological advancements and changing customer preferences. The advent of online shopping has been a pivotal element of Macy’s expansion strategy, allowing the retailer to reach over 100 countries and provide convenience to customers through digital channels. Their mission emphasizes agility and technological integration, aiming to anticipate market opportunities and respond swiftly to consumer demands. Moving forward, Macy’s plans to further penetrate online markets, diversify its retail formats, and enhance its digital presence to stay relevant amidst evolving trends.

The target demographic for Macy’s is remarkably broad, encompassing males and females from children under the age of one to seniors. Its primary target market comprises middle-class consumers with incomes ranging from $30,000 to $100,000 annually. Demographically, Macy’s aims at customers who have at least a basic level of internet literacy, affording them access to online shopping platforms. Geographically, Macy’s stores are strategically located in accessible areas such as the Easton Town Center in Ohio, which benefits from a higher-than-average median income and a demographic that includes both youth and families. This strategic positioning enhances customer accessibility and supports sales growth.

Pricing strategies at Macy’s primarily employ a High/Low pricing policy, utilizing coupons, rebates, and promotional bundling to attract and retain customers. The retailer also emphasizes a cost-oriented approach, allowing flexibility for its sales outlets while maintaining competitive pricing. Promotional efforts include paid advertisements via television and social media, along with unpaid publicity through social media platforms such as Facebook and Twitter. Cooperative advertising partnerships further extend their promotional reach, collaborating with companies like Google to boost online sales.

The store layout adopts an effective grid or racetrack design, facilitating seamless customer flow and enhancing shopping experiences. Fixtures such as gondola lighting and occasionally played background music contribute to an inviting environment. The scent in Macy’s stores is deliberately attractive, contributing positively to customer engagement. Customer service policies focus on offering alterations, gift wrapping, and attentive complaint resolution — with management empowered in decision-making but usually guided by staff suggestions. Mystery shoppers are employed to continually monitor service quality, ensuring high standards are maintained.

In conclusion, Macy’s has demonstrated remarkable resilience and adaptability by continuously refining its merchandise offerings, expanding its digital footprint, and maintaining a customer-centric approach. Its ongoing plans for expansion, diversification, and technological integration suggest that Macy’s intends to sustain its influential position in the retail industry well into the future. These strategic initiatives, supported by effective marketing, store design, and service quality, underpin Macy’s ability to stay competitive in an ever-changing retail environment.

References

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