What Is Nordstrom's Competitive Advantage?

2200 Words9 Pages
Part IV. Comparative Analysis An industry’s immediate competitors motivate their competitive behavior which is important for strategy formulation. (Mack, 2015) Department stores and eating places industries is highly competitive and requires that organizations maintain a competitive advantage in order to remain successful. Competitive advantage in customer satisfaction. Industries with higher achieved competitive advantages in customer engagement and loyalty are three times more likely to have increased revenues. (Daunis, 2015) In competitive global economies, customer engagement and loyalty drives the market. (Daunis, 2015) According to 55% of retail executives, maintaining a competitive advantage in customer loyalty and engagement accounted…show more content…
(ACSI, 2015) In 2013, Department and Discount Stores (Department and Discount Stores, Target, Sears, all others, J.C. Penney, Dollar General, Dillard's, Kohl's and Nordstrom), exceeded the mean of the national ACSI score. In the Industry of Department and Discount Stores where ACSI scores are available from the years 1994 to 2014, Nordstrom, Kohl's, JCPenney, Target, and Meijer exceeded the mean of the National ACSI score. From 1994 to 2014, Dillard's and Dollar General exceeded the mean of the national ACSI except Dillard's in the year 2000 and 2008 and Dollar General in year 2008. Millennials live their lives on social media and their attitudes and satisfaction spread quickly among their peers, reaching across generational lines. (The Boston Consulting Group, 2012) It is important that organizations within Department Stores and Eating Places industries continue to seek to differentiate themselves from one another through high quality customer service. (Anonymous,…show more content…
An additional 11% of women of the Millennial generation shop more than twice a month than their non-Millennial counterparts. (The Boston-consulting group, 2012) Shopping frequency among Millennial men is 38% compared to 10% for non-Millennial men. (The Boston-consulting group, 2012) Department stores have the ability to cater to an emerging market of shopping men than they have in the past. In fact, Millennial men spend twice as much on apparel per year as non-Millennial men; Millennial women outspend non-Millennial women by a third. (The Boston-consulting group, 2012) Millennials prefer having group shopping experiences in retail environments where they can receive help and approval from fashion consultants rather than basic sales assistance. (The Boston-consulting group,
Show More
Related

  • Sears Executive Summary

    3903 Words  | 16 Pages

    department store subsector of the retail industry, which has had decreasing sales in the past years. The goal of this marketing plan is to increase the sales, and gain market share amongst its competitors, such as Macy’s, Kohl’s, J.C Penney, and Nordstrom’s. Focus in the areas of online sales, teen sales, loyalty program memberships, legacy brand sales, and layaway service participation will help reach these goals. Increasing operational performance, decreasing employee turnover rates, attracting and

    Read More

More about What Is Nordstrom's Competitive Advantage?

Open Document