Introduction
The story of K-Mart began in 1897, when a man by the name of Sebastian Spering Kresge had the idea to open up a discount store in the heart of Detroit and form a partnership with a man by the name of John McCrory. This whole idea of offering goods and products to customers at discounted rates changed the ideas of retail in a way that was never seen before. It was two years after this partnership began, that it also ended in which Kresege took over, entitling these Detroit stores that were now spreading, S. S. Kresege Company. After years and years of growth, eventually making its way into Canada, in 1962 the first actual K-Mart opened in a surrounding city of Detroit. (Kmart Corporation History) As years went on, K-Mart eventually …show more content…
This is something that K-Mart did not succeed in towards the end of the organization before filing for bankruptcy. In the beginning they found a way to be competitive and were so for a while, but eventually they kept using short term quick fixes over rule with the addition of their concerns focusing on the surrounding competition such as Walmart and Target. In order to remain competitive K-Mart should have stayed one step ahead to build a sustainable competitive advantage. Instead of reacting to their competing forces surrounding them, K-Mart should have taken advice from our textbook and been proactive in building their sustainable competitive advantage by doing one of the following: delivering their products at a lower costs, or deliver superior products at a similar cost. While K-Mart tried to do the first, they did so in a reactive way without thinking long term if they could sustain the lower costs and remain profitable. (Froeb, McCann, Ward & Shor …show more content…
Ultimately they fit their strategies around short term events around what was happening with their competitors instead of listening to their customers.
K-Mart’s management and K-Mart as an organization should have also incentivized their front line employees who came into direct contact with your customers. They should have thought of strategies to help better their employees overall work environment so that this would also turn around and reflect customer satisfaction.
Ultimately what led to the downfall of K-Mart was that they as an organization did not stay true to their original strategic concept. Overall, instead of focusing on their competitors, K-Mart should have used their energy and resources to focus on a long term strategy. A strategy that they started with and not change what they are doing all of a sudden just to compete with their competitors. K-Mart needed to take a step back to where they began and were originally successful, then figure out what they did right then and how to fix their situation
The story of K-Mart began in 1897, when a man by the name of Sebastian Spering Kresge had the idea to open up a discount store in the heart of Detroit and form a partnership with a man by the name of John McCrory. This whole idea of offering goods and products to customers at discounted rates changed the ideas of retail in a way that was never seen before. It was two years after this partnership began, that it also ended in which Kresege took over, entitling these Detroit stores that were now spreading, S. S. Kresege Company. After years and years of growth, eventually making its way into Canada, in 1962 the first actual K-Mart opened in a surrounding city of Detroit. (Kmart Corporation History) As years went on, K-Mart eventually …show more content…
This is something that K-Mart did not succeed in towards the end of the organization before filing for bankruptcy. In the beginning they found a way to be competitive and were so for a while, but eventually they kept using short term quick fixes over rule with the addition of their concerns focusing on the surrounding competition such as Walmart and Target. In order to remain competitive K-Mart should have stayed one step ahead to build a sustainable competitive advantage. Instead of reacting to their competing forces surrounding them, K-Mart should have taken advice from our textbook and been proactive in building their sustainable competitive advantage by doing one of the following: delivering their products at a lower costs, or deliver superior products at a similar cost. While K-Mart tried to do the first, they did so in a reactive way without thinking long term if they could sustain the lower costs and remain profitable. (Froeb, McCann, Ward & Shor …show more content…
Ultimately they fit their strategies around short term events around what was happening with their competitors instead of listening to their customers.
K-Mart’s management and K-Mart as an organization should have also incentivized their front line employees who came into direct contact with your customers. They should have thought of strategies to help better their employees overall work environment so that this would also turn around and reflect customer satisfaction.
Ultimately what led to the downfall of K-Mart was that they as an organization did not stay true to their original strategic concept. Overall, instead of focusing on their competitors, K-Mart should have used their energy and resources to focus on a long term strategy. A strategy that they started with and not change what they are doing all of a sudden just to compete with their competitors. K-Mart needed to take a step back to where they began and were originally successful, then figure out what they did right then and how to fix their situation