Marketing Plan Guidelines

Project Assignment and Requirements:

You are considering opening a business on Maui, either a franchise or a startup. Your goal is to research an existing company and report on its marketing approach. You may consider any company, but it needs to be one you can actually research (this is generally easier with publicly

traded companies like Google that are often studied and also report much of their financial data).

Research the company:

Research the company to determine its strengths and weaknesses in order to produce a marketing plan. This research should be done using the information you obtain from databases, the internet, magazines, books, articles, and company websites, as well as your own insight. To compose

your marketing plan for the company's product and service you need to get to know everything about them.

- Company information/background/history

- Situation Analysis

Financial and non-financial results (performance results)

Customers (To whom does XX aim their marketing efforts?)

Competition - Include any major competitors in your research.

Economic environment - What economic factors are affecting potential customers?

Social and cultural environment

Political and legal environment - laws, regulations (e.g. effect of ACA, potential minimum wage changes, etc.)

Technological environment

- Marketing Strategies

Product

Pricing

Promotion

Place

What I've already written:

With a modest start as a partner in a single shoe store in 1901, Nordstrom has grown to

be a leading fashion retailer with a global presence. Started by John W. Nordstrom,

the reigns of the company passed from generation to generation growing all the while

and going public in 1971 and formally becoming Nordstrom, Inc.

Today Nordstom has 100 full line stores in the United States, Canada, and San Juan,

Puerto Rico. Additionally, they have 248 Nordstrom Rack stores with a wide offering of

discount clothing and reach over 96 countries with their online presence. Although

started as a shoe store, Nordstrom has grown to be so much more. The average

Nordstrom offers a huge selection of mens and womens clothing, home goods, beauty

products, accessories, gifts and of course shoes. Customers can get their clothes

altered right in store or have a custom suit designed. Adding to the Nordstrom

experience, shoppers can grab a cup of coffee in a Nordstrom coffee shop, eat their

lunch at one of the in-store restaurants, or even book a spa appointment. They even

have a prosthesis program assisting women dealing with the difficulty of breast cancer.

Currently, Ala Moana Center in Honolulu is home to the only Nordstrom in Hawaii and

caters to a wide variety of local business men and women along with international

travelers from all over the world especially Asia.

WIth the mission statement "At Nordstrom, our goal is to provide outstanding service

every day, one customer at a time" and the vision statement "To serve our customers

better, to always be relevant in their lives and to form lifelong relationships"

(comparably.com) guiding their business decisions customers are receiving the

personal and exceptional experience they expect from Nordstroms. This is

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accomplished through their wide variety of offerings, their in-store specialty restaurants,

spas, and specialty services all delivered through top notch customer service.

The market strategy of Nordstrom is no different than their philosophy as a company

which is "everything we do starts with the customer". The main objective in the new

information age is to weave the online and in person shopping experience into each

other. Many online shoppers are in-person shopping and vice versa. The most recent

efforts have been on the e-commerce market which falls right in line with what's being

demanded because of the unusual year the world experienced in 2020 and which

continues into 2021. Nordstrom is still optimistic in their marketing efforts and "Despite

the challenges of the pandemic, Nordstrom still believes in the long-term soundness of

a business model based on inviting stores that work with e-commerce and provide

useful touch-points for shoppers". (Wahba, 2020).

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References

Wahba, P (2020, July 20). Malls are dying, but Nordstrom has no intention of being

dragged down with them. Retrieved from

https://fortune.com/2020/07/20/nordstrom-rack-stores-malls-sales/

https://www.nordstrom.com

https://www.comparably.com/companies/nordstrom/mission

If you could expand on that based on the criteria above, that would be much appreciated!!!!