Reasons for Happenings of Things to Macys - Assignment Example

3. EFFECT ON JOB AVAILABILITY IN RETAIL

This will cause a negative purview among the people. People will fear taking up jobs in the retail sector. People will feel that it is unsafe to work in retail stores due to the frequent shifts and closing down of retail stores. Thus though the job availability is more at the initial time of opening of retail stores, after a certain period it is found to be evacuated. Hence a negative effect could be witnessed.

4. CAN MACY’S RECOVER OR NOT

“Where there is a will, there is a way”. Macy’s can recover from this downward trend. It is effective management practices that play a vital role. A firm’s performance solely depends on the strategies followed by the management. Nothing is permanent in the world except the word itself. Failures are the stepping stones for success. They are cyclic processes. If a firm is not moving well today then it does not mean that till the end the same trend will continue. Innovations and initiatives will make a difference. So, planned first-order and second-order changes should be made. Hence the downward spiral for the departmental stores will not continue.

5. STEPS TO INCREASE SALES AND CUSTOMER TRAFFIC

The higher the customer satisfaction, the greater the profit. Some of the steps include:

• Perform market research through the firm’s market intelligence team to know about the customer’s attitudes, tastes, and preferences.
• Find out the prospects and set up the store there.
• Get frequent feedback from customers.
• Develop a good rapport with the employees and keep them motivated and satisfied.
• Deliver good quality products, services, and offers to customers. Today people are quality conscious and not cost-conscious.
• Provide training to the employees.
• Develop a standard mission and vision for the organization.
• Plan the strategies perfectly and convey them clearly to the employees.
• Make changes only if needed and seek the aid of the change agent.
• Make planned changes and not unplanned changes.
• Make both first and second-order changes carefully. Make it only if there is a real need for it.
• Adopt strong marketing techniques. If the customers are satisfied then word of mouth would be effective.
• Maintain good reserves and surplus levels.
• Adopt either a focus or differentiation strategy.
• Develop a strong competitive advantage.