JC Penney Essay

JC Penney (JCP) is one of the few companies established over hundred years ago. JCP was founded in 1902. It grew into a key retail store with stores in most fifty says and Desfiladero Rico. Your local store sells items through the department store and website, jcp. com. Their very own product combine includes garments, shoes, components, jewelry, house furnishing and beauty products. Additionally to items, JCP gives services such while styling beauty parlors and symbol studios. The corporation was founded under one guideline; treat other folks the way you desire to be treated. The strategy worked over the years. JCP weathered the storm through many significant crises. Nevertheless , in the recent years, JCP has suffered due to a decline running a business. The Great Economic depression hit JCP rather hard. In work to re-gain market share the Board of Directors employed Ron Johnson. Johnson was the head of Apple's retailers and ex - Target business. Johnson suggested to re-brand the retail store in order to make it more competitive. The technique focused on producing JCP American's favorite retail outlet. In 2012, Manley introduced a new business plan to re-invent JCP. It was a four season plan that called for the six P's, new prices, personality, merchandise, promotion, place and business presentation. For a number of years, JCP served the significant middle school with quality merchandise at reasonable prices. JCP catered to the lower end market. JCP had a coupon insurance plan that worked well because it made word of mouth and buzz among consumers to get promoted products. JCP chose to move away from the coupon coverage. It transformed its strategy and production to appeal to upper size consumers rather than middle category consumers. In addition it shut down its list department which in turn, in my opinion, forced customers into the stores for some reason or the other. JCP user's didn't acquire its new company model and as a result lost loyal customers and market share. JCP sales, functioning margins and stock decreased significantly. The...

References: http://www.businessinsider.com/ron-johnsons-failed-plan-to-turn-around-jcpenney-2013-

http://www.cnbc.com/id/100630974

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