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Influence Of Leadership And Culture - Essay Example

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This essay discusses that changes in the organization are inevitable for working towards competitive advantage. J.C. Penney too needed these changes to reverse the losses it was facing and undertook these changes under the leadership of its two CEOs…
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Influence Of Leadership And Culture
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Download file to see previous pages It has been established in this essay, through theory and practice, that true leadership is involved deeply with the culture of the organization for making successful changes.
Despite its size, and in fact because of it, J.C. Penney (JCP) fell into terrible times in the nineties. It failed to realize that with time it had to change along with changing demographics of younger customers who had a different outlook. It neglected the aspirations of the new customers and carried on with old ways that were no longer valid in the face of current competition. It had lost its competitive advantage.
It was working on the concept of decentralized purchasing that gave the store manager the authority to purchase locally in the faulty belief that the man closest to the customer knew what the customer needed. This resulted in adding huge varieties to the stock and overburdening inventories. Fashion changes rapidly and eventually these stocks became a burden and had to be disposed later at huge discounts. Inventory management became a headache and the company was unaware of its contents as it did not upgrade technologies.
The competition too became varied. Mall based stores like Gillard offered a more fashionable experience to customers while freestanding stores like Kohl offered lower prices. JCP found itself being removed from the preferred list of the younger customers that passed it over for both value and style.
The effect in the financial market was no less disastrous. JCP shares fell to a low of $ 10 and were placed in the junk class. As a consequence it lost leverage in the market and access to commercial paper was denied; indeed it had to resort to purchasing in cash as it had lost credit facilities.
The competition’s fashion category formats also underwent changes and here JCP lost its uniqueness as the difference between competitions narrowed. Everyone was offering similar fashions in an already mature market. ...Download file to see next pagesRead More
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