JC PenneyJC Penney’s are located in most major shopping malls in a variety of communities. JC Penney has over 1,100 locations around the United StatesJC Penney tends to focus on the female demographic. More specifically mothers and middle-age womenTries to sell quality items at a low cost. Their new slogan is “fair and square pricing.” They try to emphasize that their prices are fair at market values. JC Penney is telling customers that they can benefit from their low prices. Don’t go to Nordstrom where everything is expensive or Wal-Mart where the quality is low Wal-MartWal-Marts are often located in low-income areas. Wal-Mart has over 7,000 locations in 15 countries. Wal-Mart targets people of all ages to shop at their stores. They offer children’s, women’s, and men’s clothing. Usually, families shop at Wal-Mart. The average annual income for a Wal-Mart shopper is $35,000-$45,000. Many minorities, as well as white decent are what make up the ethnicity of shoppers.Wal-Mart’s main goal is to provide a wide variety of discount priced items for their customers. Their slogans have included “Always low prices. Always.” and “Save money. Live better.” Rock bottom pricing and price match guarantees are the norm. Wal-Mart is where consumers go for the absolute lowest prices. If a price isn’t as low as another location, Wal-Mart will match it. NordstromNordstrom stores are much less common than Wal-Mart and JC Penney stores. They are placed in areas where the company knows there are enough individuals that want high end items. Nordstrom caters to the professional who is looking for higher end clothing that is made of quality materials. Nordstrom emphasizes quality and customer service. They pride themselves on offering the “best customer service of any retailer in America. Nordstrom offers quality items at a decent price. Customers don’t go to Nordstrom for rock-bottom pricing. They go for personal selling and upscale items.
These three companies have very different approaches to retail. Wal-Mart is the one-stop shop that people go to for the lowest prices. JC Penney offers quality products at a low price. They usually have similar styles as places like Nordstrom but with lesser-known brands. Nordstrom carries high-end products and they stress customer service and quality. They each take up their own segment of the retail business.
Marketing Mix: The Four P’s
ProductThe product is seen as satisfying what a consumer needs. It is a tangible good or intangible service. Intangible services are industries such as tourism. Tangible products are cars, razors, etc. PriceThe amount a customer pays for the product. Price determines a company’s profit and has an impact on marketing strategy. Marketers must be aware of the perceived value of a product when setting prices. Promotion...