Macy's Business Plan Essay
Reaching its 150th birthday in 2008, Macy’s Inc. has emerged as an American household icon over the past few decades. Macy’s sells a range of merchandise, including men’s, women’s, and children’s apparel, accessories, cosmetics, home furnishings, and other consumer goods. Since its merger with Federated Department Stores in 1994 and May Department stores in 1995, Macy’s has been pursuing ways to be more creative and distinctive in meeting customer needs and in delivering exceptional values. In order to maintain its share of the department store market, Macy’s has been aggressively investing in a distinguished shopping experience with unique merchandise, exclusive fashion brands, online sites, and breakthrough …show more content…
Psychographic. Currently, Macy’s ads have been targeting younger shoppers by turning some of its locations into more contemporary, hipper stores that offer superior private labels at lower prices. It’s currently promoting the “This is It” brand for teenagers and has also launched an interactive website where visitors can download music, view hot fashion trends and get the latest scoop on celebrities.
Socio-demographic. Multi-cultural marketing has been a key element of Macy’s current business strategy. Macy’s believes that this marketing initiative is a way to tailor their product offerings to their diverse customer segments. Macy’s goal is to connect emotionally by being able to communicate to their customers in ways that appeal to them.
Media Segmentation. National brand advertising includes network and cable television, fashion magazines and an increasing amount of digital and online media.
Behavioral Segmentation. Macy’s provides a balanced level of promotional advertising and direct marketing, often including specific items and prices, which drive traffic and sales.
Macy’s acquired its rival, May’s Department Stores Company, in mid-2005 in order to bolster its flagging same-store sales growth (growth in