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Hi, need to submit a 500 words paper on the topic Define the Unique Selling Proposition ( USP) for Nordstrom. Describe a USP for each keyroduct and create an Executive Summary.
Hi, need to submit a 500 words paper on the topic Define the Unique Selling Proposition ( USP) for Nordstrom. Describe a USP for each keyroduct and create an Executive Summary. Nordstrom Inc Nordstrom USP Reeves (1950) was the first scholar to talk about a unique selling proposition andhe defined this into three parts: (1) each product must make a proposition to its customers, (2) the proposition must be one that the other competitors in the market do not offer, that is unique. (3) The proposition must be strong so as to pull over new customers (Warner 367-369). A company’s USP can take form in four different ways: By being the price leader, through differentiation, focus on a specific niche and extra value proposition (Warner 367-369). Nordstrom USP is based on the last aspect and promotes itself based on superior quality and service. Nordstrom promises that the customer will not only get a product of high quality but also will get the best service from the product and from their staff (Nordstrom).
Nordstrom has Jackets that they it calls “Jacket of all Trades”. The branding of the Jackets is the first unique aspect of the clothing. Secondly the branding proposes that the jackets they sell are for all occasions and third is that the jackets are of high quality at affordable prices and thus gives the customers value for their money and this also has the potential to attract new customers (Nordstrom). Nordstrom has a variety of key products and these include clothing, footwear, bedding, furniture, Jewelry, beauty accessories and house ware. The USP for these products is embedded in the overall companies USP of quality and service. All the products are of high quality and give the customers the service they are intended to give besides the exceptional service that the customers are given at the shops. For example their shops have personal stylists assigned to customers shopping for clothing and this shows how much they care about their customers (Nordstrom).
Executive Summary
Nordstrom, Inc. is America’s leading fashion specialty retailers. It was founded in 1901 as a shoe shop in Seattle, currently Nordstrom manage 225 stores in 30 states, including 117 full-line stores, 104 Nordstrom Racks, two Jeffrey boutiques, one treasure &bond store and one clearance store (Nordstrom 2). Nordstrom is also available online at .Nordstrom.com .selling on the internet and through its catalogs. Furthermore, the Company operates in the online private sale marketplace through its subsidiary HauteLook. Nordstrom, Inc.s common stock is publicly traded on the NYSE under the symbol JWN. Its mission is to provide the best possible customer service, selection, quality and value and this has made it attract a huge customer base (Nordstrom).
The company’s corporate strategy is well set in its mission statement saying it wants to offer the very best to its customers in terms of service, selection, quality and value. It has invested hugely in resources such as personnel and finances to ensure their customers receive exceptional service (Ouchi). Its strength lies in the fact that it has been in the market for a very long time and therefore has built a celebrated brand name which it has reinforced through the provision of exceptional service thus gaining customer loyalty. Nordstrom does not have a specific market segment instead it targets children, teenagers and adults, both men and women and this is seen as a weakness that it has to improve. Its marketing strategy is essentially focused on the quality of the customer’s experience and not on the price and this has made it prosper.
The company has continuously grown since its establishment with an annual growth rate of 21.6% between 200-2010 (Fortune). Nordstrom is rated number eight in the general merchandise companies by Fortune 500 companies behind Wal-Mart and Target (Fortune). Nordstrom’s target market product life cycle is seen to be at its highest during the introduction of new products where the company makes a lot of profits and decline with the time the product stays on the market. The company’s financial position is relatively strong as compared to other general merchandise retailers. The company’s revenues in 2011 amounted to $9.7 billion representing a 12.7% increase from 2010 (Nordstrom2).
Works Cited
Fortune. “Is Nordstrom a great company, or what?” 2011. 10 February 2012
.
Nordstrom. “2011 Annual Financial Report.” Annual Report. Washington: US SEC, 2011.
—. Nordstrom products. 2012. 10 February 2012 .
Ouchi, Monica Soto. “Nordstrom strategy fits right with customers, shareholders.” 19 May
2006. 10 February 2012
.
Warner, Charles. Media Selling: Teleision, Print, Internet, Radio. New York: John Wiley
&Sons, 2011.
