Comoany Report Research Paper Example | Topics and Well Written Essays - 1500 words

Comoany Report - Research Paper Example Edwin Good who was then a merchant in New York, came to Manhattan to work as an apprentice for Bergdorf. When almost two years passed Goodman had raised enough money to purchase the store from Goodman and moves to a location where it stands today and named the store ‘Bergdorf Goodman’ in 1901. Goodman was the first couturier to introduce ready-to-wear fashion in 1914, which became very popular (The Neiman Marcus, Inc). Gradually Goodman started to purchase the stores nearby and expended its business throughout the street and acquiring the entire block in 1930. Goodman was awarded as the ‘Legion of Honor’ from France and after that he retired as the most accomplished merchant of his time in 1953. Goodman’s son Andrew assumed the position of President and continued to expand its product range (The Neiman Marcus, Inc). The company expanded its business of up to $1 million in beauty salon and bridal services and in the year 1967 the investment of $2.5 million doubled the size of the store. In 1980, Bergdorf Goodman was taken over by Neiman Marcus and Contempo Casuals to form Neiman Marcus Group. The group expanded the business in to a restaurant and a cafà © in which lunch and afternoon tea is served. In 2005, two equity firms acquired Neiman Marcus Group (The Neiman Marcus, Inc). The mission of the Company is to become a premier luxury retailer in providing our customers with unique needs and with superior services. The focus is to serve the affluent customers with distinctive merchandise with a commitment stronger than ever. Our aim remains to maximize the perception of brand exclusivity and alleviate the sales of goods at premium prices (The Neiman Marcus, Inc). Operating earnings for the specialty stores were $272.5 million and the revenues for the August 2009 was $124.3 million. The increase in the operating margin was due to the low net markdowns and higher customer

Challenges and Opportunities in Strategy Implementation Essay - 2

Challenges and Opportunities in Strategy Implementation - Essay Example According to the paper the set plans need to well communicated throughout the organisation to enable all the staff to work together to achieve the company’s expected future results. Both new and existing organizations strive to get the biggest share of customers in the market. To acquire a big market share, organisation conduct different practices and activities to be more appealing and better placed in the market. There needs to be set procedures by the organizations that cover the whole field. An organisation that operates without set plans and procedures stand a chance to overlook other crucial areas needed to be better placed in the market. From this paper it is clear that organizations that set strategies and work towards implementing them are the ones that enjoy a greater market share. Putting set plans to action is one of the most important parts of achieving expected results. The small actions carried out in an organisation on a day to day basis need to be well linked to each other so as to contribute to the expected organizational results. Small daily targets need to be structured to contribute to the strategy of the organisation. Organizations need to be well structured so that all the staff can respect the expected results of the organisation. Communicating the strategies to the staff is crucial to ensure all staff works with a uniform purpose, which is to achieve the expected results of their organisation. For customer retention, organizations need to learn from the market reaction to various processes. Organizations with good strategy implementation plans are better placed to ensure that successful processes are continuously carried out and the non-effective processes are replaced with more productive processes.