Briefly describe Penney proposed new pricing strategy, also providing bit of background on the company and department store industry. Do you think JC Penney’s new pricing strategy will work? How does this pricing strategy complement Penney proposed new merchandising and promotion strategies?

Case 5 Read these articles. D’Innocenzio, A. (2012). J.C. Penney slashing prices on all merchandise. USA Today (January 27). Accessed 5/5/12 at http://www.usatoday.com/money/industries/retail/story/2012-01-25/penneys-price-overhaul/52787388/1 Mattioli, D. (2012). How J.C. Penney was minted. Wall Street Journal (January 25). Available 5/5/12 through ProQuest database. Mattioli, D. (2012). J.C. Penney chief thinks different. Wall Street Journal (January 26). Available 5/5/12 through ProQuest database. Reingold, J. (2012). Retail’s new radical. Fortune, 165:4(March 19). Available 5/5/12 through EBSCO database. There’s a lot going on at J.C. Penney these days. With a new CEO, Penney’s, confronted with pressing competition up, down, and sideways in the department store wars, is reinventing itself in terms of merchandising, supply, and pricing strategies. Here we’ll concentrate only on the pricing aspects of these new directions. However, this is ultimately about positioning, trying to find a space that is responsive to potential customers as well as differentiating the Penney’s brand from Target, Kohl’s, Wal-Mart, and Macy’s. These articles shed additional light on the implications of Penney’s new direction. Beltrone, G. (2012). Ad of the day: J.C. Penney – Peterson Milla Hooks brings its poppy visual style to the retailer’s big new rebranding effort. Adweek (February 3). Accessed 5/5/12 at http://www.adweek.com/news/advertising-branding/ad-day-jcpenney-137988 Berfield, S. (2012), J.C. Penney vs. the bargain hunters. Bloomfield Business Week (May 25), pp.21-2. Available 5/29/12 through EBSCO database. Conte, C. (2012). Stein Mart reducing coupon use, lowering prices, Jacksonville Business Journal (March 8). Accessed 5/5/12 at http://www.bizjournals.com/jacksonville/blog/2012/03/stein-mart-reducing-coupon-use.html?ana=RSS&s=article_search&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+bizj_jacksonville+%28Jacksonville+Business+Journal%29 Stein Mart plans to reduce its dependence on coupons and return to the everyday low-pricing strategy it became known for, with plans to cut prices between 5% and 10% on much of its merchandise. “We don’t want our customers to think they have to use a coupon to get a better price at Stein Mart,” said interim president and CEO Jay Stein. Girard, K. (2012). Is J.C. Penney’s makeover the future of retailing? Harvard Business School Working Knowledge (March 5). Accessed 5/5/12 at http://hbswk.hbs.edu/item/6944.html Halkias, M. (2011). J.C. Penney buys stake in Martha Stewart’s company. The Dallas Morning News ( December 7). Accessed 5/5/12 at http://www.dallasnews.com/business/retail/20111207-j.c.-penney-buys-stake-in-martha-stewarts-company.ece Should Martha Stewart target markets or mass merchandise? Talley, K. (2012). Penney CEO says profits won’t suffer. Wall Street Journal (January 27). Available 5/5/12 through ProQuest database. Timberlake, C., & Townsend, M. (2012). Macy’s says Martha’s dance card is too full. Business Week (February 28). Available 5/5/12 through EBSCO database. Your assignment: Develop a report in terms of the following guidelines. A well written report should have a brief introduction, headings or subheadings, and a brief concluding comment. Note that you should use some keywords as headings or subheadings such as “Key External Factors”, instead of a sentence or a question. Looking at BACKGROUND5, as well as what you learned in Modules 1, 2, 3, and 4 follow these directives and address the following issue. 1) Briefly describe Penney proposed new pricing strategy, also providing bit of background on the company and department store industry. 2) Do you think JC Penney’s new pricing strategy will work? Support your position in terms of the environmental factors such as economy, the competition, and the changing consumer behavior. 3) How does this pricing strategy complement Penney proposed new merchandising and promotion strategies? (You need to take into account JC Penney’s segmentation, positioning and branding strategies to explain this issue.)

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