Financial Report Summary Nordstrom
Assignment 2: LASA 2—Balanced Scorecard Report
Cathy Jones
Principles of Managerial Accounting
Instructor Michelle Gonzalez
July 19, 2012
Nordstrom, Inc., an upscale department store chain which specializes in clothing, accessories, cosmetics and household furnishings, has hired you as a consultant to help them determine if their performance measures are supporting their company strategies, objectives, mission and goals.
Nordstrom prides itself on providing quality service and high quality clothing. Their mission: "At Nordstrom, our goal is to provide outstanding service every day, one customer at a time.”We work hard to make decisions in the best interest of our customers and those serving them."Further focus is provided to Nordstrom employees at all levels with this Nordstrom goal, which is also a management mission...
Today’s retail market is constantly changing, and trends are at best, a challenge for marketers to keep up with. A company must make strong and credible objectives and remain consistent. In recent years as our economy has slowed, retailers have seen a decrease in sales and demand. During these critical times, consumer loyalty has become critically important.
Nordstrom upholds their goals and objectives by being fair and honest when dealing with customers, coworkers, suppliers, competitors and other business partners. This instills trust, motivation, and confidence in consumers as well anyone involved in the business affairs at Nordstrom. Another means that has shown consistency in goal achievement is through the quality and level of service provided. Nordstrom provides one- on- one personalized assistance. The incorporation of e-commerce, technology and personalization has also shown that Nordstrom wants to offer the consumer a convenient, modern and pleasurable shopping experience.
The company has a scorecard that is comprehensive with detail from a financial perspective, however it is not balanced. The gross profit indicates
Cathy Jones
Principles of Managerial Accounting
Instructor Michelle Gonzalez
July 19, 2012
Nordstrom, Inc., an upscale department store chain which specializes in clothing, accessories, cosmetics and household furnishings, has hired you as a consultant to help them determine if their performance measures are supporting their company strategies, objectives, mission and goals.
Nordstrom prides itself on providing quality service and high quality clothing. Their mission: "At Nordstrom, our goal is to provide outstanding service every day, one customer at a time.”We work hard to make decisions in the best interest of our customers and those serving them."Further focus is provided to Nordstrom employees at all levels with this Nordstrom goal, which is also a management mission...
Today’s retail market is constantly changing, and trends are at best, a challenge for marketers to keep up with. A company must make strong and credible objectives and remain consistent. In recent years as our economy has slowed, retailers have seen a decrease in sales and demand. During these critical times, consumer loyalty has become critically important.
Nordstrom upholds their goals and objectives by being fair and honest when dealing with customers, coworkers, suppliers, competitors and other business partners. This instills trust, motivation, and confidence in consumers as well anyone involved in the business affairs at Nordstrom. Another means that has shown consistency in goal achievement is through the quality and level of service provided. Nordstrom provides one- on- one personalized assistance. The incorporation of e-commerce, technology and personalization has also shown that Nordstrom wants to offer the consumer a convenient, modern and pleasurable shopping experience.
The company has a scorecard that is comprehensive with detail from a financial perspective, however it is not balanced. The gross profit indicates
References: Information retrieved from http://retailindustry.about.com/od/retailbestpractices/ig/Company July 20, 2012 Information retrieved from Mission-Statements/Nordstrom-Stores-Mission-Statement.htm July 20, 2012 Information retrieved from http://phx.corporate-ir.net/phoenix.zhtml?c=93295&p=irol-govDirectorConduct July 20, 2012 Information retrieved from http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default. Julyaspx July 20, 2012 Information retrieved from http://www.freepatentsonline.com/article/Journal-Supply-Chain-Management/75142128.html July 20, 2012 Information retrieved from http://mystrategicplan.com/resources/balanced-scorecard-2/ Information retrieved from http://www.freepatentsonline.com/article/Journal-Supply-Chain-Management/75142128.html July 20, 2012