1) Return to a strategy of raising prices on brands it owns and then discounting them as a way to lure back bargain-conscious shoppers and boost profits.
2) Yes, J.C. Penney had a good strategy for growth for example, nowadays we now understand that customers are motivated by promotions and prefer to receive discounts through sales and coupons applied. Through applying discount and promotion customers tends to buying the goods and after sales feedback to others as well will create a loyal customers and repetitious customers.
3) The strategic management process is more than just a set of rules to follow. It is a philosophical approach to business. Upper management must think strategically first, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy. The five stages of the process that Penney had implemented are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.
J.C. Penney SWOT Analysis
The SWOT analysis previously prepared by this team has been updated based on the most recent development and resulting circumstances.
J.C. Penney is sadly and seriously lacking in strengths at this point in time. However, they do possess one significant strength. J.C. Penney owns more than 400 of its 1,100 stores (Guinto, 2011). This equates to real estate that could be sold, creating cash that could be invested back into the remaining stores.
The primary weakness at J.C. Penney is its steep decline in sales and net revenues due to the loss of loyalty of their core demographic shoppers, coupled with the cash flow crisis. Other weaknesses include diminished employee morale, brand confusion, low response to the new changes, management turmoil, and a lack of clear direction for next steps.
J.C. Penney has many opportunities that could be pursued, but...