It would be important to make a stress on the fact that retailing niche in the market is expanding very quickly, seeking for the new markets as across the country, as well as taking into consideration the global situation and the competition between the key players, such as Nordstrom Inc has to compete for the more effective position is really severe. Thus the strategies the companies used are very important and this research objective is to reveal successful strategies in the global consumer goods industry market on the example of the quite important competitor in this market – Nordstrom Inc, the owner of high class department stores chain in the USA, examining its way to ...view middle of the document...
Understanding the role of marketing strategy is the core idea of the success and Nordstrom Inc could be called the best illustration of the successful practice.
Brief Review of Nordstrom Inc History
Nordstrom Inc is generally regarded to as effective and noticeable player within the retailing market in the present day US. Its shops chains are widely spread all over the country and very often Nordstrom Inc is regarded to as one of the most successful companies suggesting the products for the upper class, selling their production not only in the US. The company was started in 1901 by John W. Nordstrom and since then the company demonstrated outstanding vision and perfect understanding of the current marketing situation, providing exceptional service: “In 1901, the two opened their first shoe store, Wallin & Nordstrom, in downtown Seattle. This was the start of what would become the retail legend of Nordstrom, Inc. From the beginning, John’s business philosophy was based on exceptional service, selection, quality and value. The company built a devoted customer base; and in 1923, the partners added their second store” (Nordstrom, Inc., 2011).
Current Marketing Situation
Being always on the ear Nordstrom Inc has always been an object of investigation as it was the company which first invented the ideas of the exception shop service in practice and their successful performance realized it in practice their understanding of the market. This made Nordstrom Inc retail shops network to be an outstanding example of the successful marketing strategies, leader of the fast food industry: “While Nordstrom was growing nationally, it focused on catering to customers’ needs, individually. Instead of categorizing departments by merchandise, Nordstrom created fashion departments that fit individuals’ lifestyles. Today, Nordstrom has grown from one downtown Seattle shoe store into a nationwide fashion specialty chain with renowned services, generous size ranges and a selection of the finest apparel, shoes and accessories for the entire family” (Nordstrom, Inc., 2011).
It goes without saying that population evolution is very significant for the success of the company. Now we live in the multicultural society and ethnic, racial as well as religious question plays one of the most significant roles in the development of effective marketing, organization technologies. In contemporary world understanding the needs of racial groups means healthy market relationship between the target group and the goods producer. The Marketer could not avoid the diversity question and cultural background in the present day society as ethnic minorities spend more than $600 billion a year on products. It goes without saying that understanding the needs of the target groups includes the precise knowledge of their ethnic racial and religious peculiarities as it help to understand the needs of the target groups, avoid the typical mistakes in the marketing strategy. It goes without saying...