Jcpenney Swot Analysis
Turn around of JCPenney
Strengths
JCPenney Company, Inc. has realized the need for a company overhaul in order to remain competitive in their market. They have made positive changes like hiring Vanessa Castagna as the new Chief Operating Officer to incorporate new processes and systems and to ensure that senior management would be educated and on top of things. Her prior experiences with Wal-Mart and Target will ensure that JCPenney has an insight into their competitor’s marketability. Additionally, the hiring of the new Chief Executive Officer, Allen Questrom will give JCPenney upscale knowledge that will hopefully attract a new line of customers. Allen Questrom was previously of Nordstrom’s and Neiman-Marcus.
Weaknesses
A major weakness …show more content…
The new management sees the opportunity to corner the market for medium annual income ranges such $25k - $75k range. They realize that this is an opportunity to attract a huge piece of the market by appealing to middle income families by creating affordable and updated fashions for both the home and the individual. Additionally, JCPenney realized the importance of keeping their internet and catalog sales active. They made it possible for customers to shop either outlet and if needed, make exchanges and returns via the storefronts for a no hassle service. Also, the use of a centralized purchasing system enabled JCPenney to eliminate their outdated inventory items by almost half. This would allow them to get new in season merchandise into the storefronts a quicker pace. Finally, the cosmetic updates made to their shopping centers would improve their image in the public’s eye. By making simple changes like new paint schemes, lighting, and adding new fixtures would create a new look and entice the customers to come back into the stores to see the improved
Strengths
JCPenney Company, Inc. has realized the need for a company overhaul in order to remain competitive in their market. They have made positive changes like hiring Vanessa Castagna as the new Chief Operating Officer to incorporate new processes and systems and to ensure that senior management would be educated and on top of things. Her prior experiences with Wal-Mart and Target will ensure that JCPenney has an insight into their competitor’s marketability. Additionally, the hiring of the new Chief Executive Officer, Allen Questrom will give JCPenney upscale knowledge that will hopefully attract a new line of customers. Allen Questrom was previously of Nordstrom’s and Neiman-Marcus.
Weaknesses
A major weakness …show more content…
The new management sees the opportunity to corner the market for medium annual income ranges such $25k - $75k range. They realize that this is an opportunity to attract a huge piece of the market by appealing to middle income families by creating affordable and updated fashions for both the home and the individual. Additionally, JCPenney realized the importance of keeping their internet and catalog sales active. They made it possible for customers to shop either outlet and if needed, make exchanges and returns via the storefronts for a no hassle service. Also, the use of a centralized purchasing system enabled JCPenney to eliminate their outdated inventory items by almost half. This would allow them to get new in season merchandise into the storefronts a quicker pace. Finally, the cosmetic updates made to their shopping centers would improve their image in the public’s eye. By making simple changes like new paint schemes, lighting, and adding new fixtures would create a new look and entice the customers to come back into the stores to see the improved