January 10th, 2018
Marketing case study|Nordstrom stores – Appropriate response strategies to the environmental factors
An adept analysis of the environment could help formulate strategies that control for effects of noted factors. In respect to the political factors the type of strategy adopted would be best informed by the threat that such factors present (Keillor, Wilkinson & Owens, 2005). For Nordstrom stores the threat presented by changing policies on financial institution would necessitate evaluation of other alternatives such as entering into partnerships with different financial institutions to provide solutions to its financial needs.
In respect to economic factors the business should institute strong financial controls with relevant reserves to fund capital expansions being created. With respect to foreign exchange effects the company can explore the appropriate hedging instruments that would cushion it against fluctuations. To understand the socio-trends of the population that are relevant to its business performance, the company should conduct periodical market research and provide ways for customers to provide feedback on various aspects such as the customer service and product quality.
For technological aspects, it would be advisable for the organization to evaluate the technical, operational and economic feasibility of any technology it wished to adopt. Further adoption of technology should follow a phased introduction to assess any weaknesses that such technology would have to the business operations. Such a phased introduction would for instance help in indentifying any faults that would compromise the safety and privacy of the information.
Timely compliance with the legislation requirements would ensure the company is not embroiled in court battles that lead to hefty losses. To ensure such procedures should be instituted to evaluate the level of compliance then appropriate measures adopted where compliance might not have been fully attained. For the marketing environment, the entity should frequently engage its vendors in promotional activities such as consumer reward schemes that would help sustain the established brand.