Business Strategies Table of Contents A Brief Overview of the Case The perception of a business strategy is fundamentally described as an action plan which is designed to accomplish predetermined set of business objectives. One of the core functions of the management team of any organisation is to develop a successful business strategy…
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Kohl’s Corporation is regarded to be a rapidly growing department store chain in the United States which offers apparel, valuable accessories for women, men and children, footwear and home furnishing products to its customers. It has been apparent that the corporation generated an amount of revenue in excess of US$13 billion in the year 2006. It performs its business and operational functions in several states of the US. The objective of the corporation is to achieve leadership position in the business market in the US (The New York Times Company). Thesis Statement This paper intends to identify the external trends in order to deal with the changing lifestyle and shopping experience of the consumers. Moreover, the kinds of external information which is required for the corporation to make effective decisions will be taken into consideration. Finally, the significant opportunities as well as the threats of Kohl which can be drawn from the case will also be addressed in the discussion. Discussion Question 1 According to the case, it has been viewed that Kohl adopted significant business strategies due to changing lifestyle, fashion and shopping experience of the customers. ...
case, the strategic manager of Kohl has to deal with the changing lifestyle and the shopping experience of the customers with the motive of improving its profitability along with accomplishing superior competitive position over its chief business market competitors. In this context, the strategic managers of the corporation would have to identify the target market in order to deal with the aforementioned aspects. It can be pointed out that the primary target market of the corporation were mostly the women aged in between 25 years to 54 years. The other external trends which are important for the strategic managers of Kohl to consider include the price as well as the quality of the products and convenient location of the stores (Coulter 103-104). To keep track of the changing lifestyle and shopping experience of the customers, the business managers of Kohl may visit the location of its different retail outlets that are situated in different states of the US. This particular activity would support the corporation to analyze the business trends and preferences of the consumers. Moreover, it is necessary for the strategic managers of Kohl to conduct marketing research within its business market segment in order to maintain the track of the changes. By conducting the market research, the strategic managers of Kohl would be able to obtain frequent feedback from regular customers about their overall shopping experience. By conducting such research, the corporation would be able to analyze the purchasing behavior along with the shopping experiences of the customers at large (Kohl's Illinois, Inc). Discussion Question 2 There are several types of valuable external information which can assist a strategic business manager of an organisation to make significant business
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