UNIT 4 PROJECT BP&S 1
Unit IV Project BUS 4302-21.01.00-1A22-S1 Business Policy & Strategy 5
Unit IV Project
Business Policy & Strategy
Description of the Selected Company, Products and Services
Macy’s, Inc. is one of the frontrunners in retailing of clothes and other apparel. It consists of three major brands, including Bluemarcury, Bloomingdale, and Macy’s. Macy operates websites, stores, and mobile applications (Bowman, 2019). It sells a wide range of clothes for kids, women, men, and teenagers, home furnishings, cosmetics, and other consumer goods. The corporation provides its services through the internet and outlet stores.
History of the Company
Macy’s was first started in 1929 by Rowland Hussey Macy. This happens shortly after several failed retail ventures. The founder ventured into technological advancement that changed the retail industry. He was the first retailer to endorse a woman Margaret Getchell to his business as an executive. During this time, Macy was known doe its creative merchandising, where it introduced tea bags and baked potatoes with multicoloured towels. It was also the first retailer to sell liquor in New York City. In 1930, it became the world’s largest store, occupying over one million square feet of retail space.
Analysis of the Company’s Strategy, Mission, and Organizational Structure
Macy’s Inc. vision is to become an international retailer that offers quality trademarks in its stores through vibrant websites. Its mission is to increase sales for different products available within the stores and maximize returns on investments. The company’s strategy includes localizing the selling strategies to reach as many customers as possible, both online and offline (Bowman, 2019). Macy’s organizational structure comprises the CEO, the executive director, managers, directors, supervisors, and the staff. The company is getting rid of its middle-level managers as a way of restructuring its organizational structure. The structural changes will include store managers instead of middle-level managers.
What Does The Strategy, Mission, And Organizational Structure Say About The Company?
Macy’s strategy, mission, vision statements and organizational structure tell a lot about this company. First, they help direct the company’s strategy towards success. Second, they provide the goals and objectives that can be used as the components of a business strategy (De Treville, 2014). Third, they outline the standards for business performance metrics that the firm strives to achieve. Finally, they can be used as the fundamental tools to attract the stakeholders and engage other segments to establish business partnerships with other companies. Some of the positive aspects of the mission, strategy and organizational structure are powerful when shared with the employees. The employees can recall these aspects upon request. Finally, the company can adopt these strategies and implement them in business operations.
Macy’s Company’s Short-Term and Long-Term Goals
Macy’s short-term goals include strengthening customer relationships and accelerating digital expansion. The company will enhance customer relationships by issues rewards and loyalty programs. It will accelerate digital growth by using technological innovation. The long-term goals include becoming the leading international retailer in the retail industry. It will achieve this by optimizing its portfolio store and working on the short-term goals.
Ways to Improve the Strategy, Mission, and Organizational Structure
Macy’s can use different strategies to improve its organizational structure, mission, and design. First, it can take advantage of the human resource to develop effectiveness. Second, it should emphasize education and growth. This will help the managers to understand the strengths and weaknesses of these aspects and improve them accordingly (De Treville, 2014). Third, the company should keep the customers in mind by producing quality products and services. This will help reinforce the mission and strategy. Finally, the company should apply technology in its organizational structure to strengthen its operations. This strategy will improve the effectiveness and efficiency of the firm.
Bowman, C 2019, “What are dynamic capabilities and are they a useful construct in strategic management?” International Journal Management Review, vo.11 no.1, pp.29-49.
De Treville, S, Shapiro, RD & Hameri, AP 2014, “From supply chain to demand chain: the role of lead time reduction in improving demand chain performance,” Journal of Operations Management, vol.21 no.3, pp.613-627.