Lord & Taylor
Executive Summary for Lord & Taylor Retailing Strategy
In defining the future direction of Lord & Taylor’s retailing strategy, it is critical that the branding, messaging, multi-channel selling, supply chain, and retailing strategies all be synchronized around a common objective of communicating vitality, high energy, and style that is synonymous with professional women in the 35-55 age group. Professional women in this age group see time as a critical resource that needs to be made the most of. These women value the quality, lasting style, and what their purchases say about their ability to achieve first and foremost, which equates into a premium branding and pricing strategy for Lord & Taylor. The days of couponing and testing the depths of pricing to drive sales need to be over now. In shifting all strategies to support the vitality and high energy of high achieving professional women, its’ critical that the existing, and often highly loyal customers not be alienated. To keep the existing customer base connected to the brand, a series of CRM and customer analytics applications are needed to tailor marketing and promotional campaigns that present the new, vital image to the existing customers so they can be the first to see how the changes still include their preferred brands as well.
In creating a synchronized strategy that ties together the entire operations of Lord & Taylor to support and accentuate this new, higher-end and high energy branding position, the controllable factors of designers, suppliers, and, direct marketing, and the remodeling of specific stores that have dated interiors needs to be first addressed (Schlesinger, 2). The uncontrollable aspects of price competition, growth of high-end specialty boutiques, and the onslaught of competition from mass merchandisers including Wal-Mart at the low-end all need to be taken into account in defining a unique identity for Lord & Taylor. The controllable factors in turn need to be addressed through the use of strategies that encompass supply chains, designers, marketing and promotional plans, and the development of entirely new approach to being more focused on how to support and promote the new branding messaging and strategy. The uncontrollable factors of price and competition in both niche-based boutiques and mass merchandisers can be alleviate through building a strong brand with a reputation for executing on the promises it makes to customers; namely the retailing of high quality apparel, accessories and products that personify and support a high-energy, high-achieving lifestyle.
In conjunction with a more vibrant, vital brand to appeal to high-achieving professional women in the 35-55 age group, there is the need to fine-tune the forecasting model Lord & Taylor has relied on. Clearly the need for more agility in responding to consumers’ more mercurial and varied tastes in apparel is critical. The short-term factors of being able to react more responsively with seasonal fashions that become “break out” fashions are critical, and to accomplish this, greater supply chain coordination both with designers and their production centers are critical;. This tighter integration to designers in the short-term will allow for greater variation in forecasts of new, seasonal lines. In addition, the need for better capturing of Point-of-Sale (POS) data is critical to better understand quickly the needs of customers and respond to them (Moin, 2). This added insight of using POS data in conjunction with the CRM system that Lord & Taylor has purchased from Harte-Hanks will also lead to more accurate forecasting.
In forecasting for the long-term, Lord & Taylor needs to track purchasing history of its top customers and better understand what is driving customer loyalty within the customer base attracted by the new branding. In addition, there is the need for investing more in Voice of the Customer (VoC) programs including the creation of advisory councils with the thought leaders of the prime customer base of 35-55 high achieving professional women. In addition to these long-term factors for achieving a higher level of forecast performance, Lord & Taylor needs to analyze and track lifetime customer value and build statistical and econometric models that can predict how best to achieve this level of sales performance and customer satisfaction with key accounts.
All of these strategic initiatives however need to be brought together into more targeted direct marketing campaigns that synchronize all available promotional and sales channels. This includes having a revised website that stresses the quality, convenience and style of the new designer brands supported, the ability to get personalized shopping assistance as part of the Lord & Taylor shopping experience, and above all, the quality of the brands and their strengthening of customers’ self-concepts of being high-energy, high achieving women. The direct marketing strategy must support and stress both the key messages of the brand while at the same time making Lord & Taylor the store of choice for this specific demographic audience. Relying on CRM systems and analytics, the targeting of key messages by each sub-segment or audience through both micro sites online, directed e-mails campaigns, and the exclusive launch events of new designers will be combined in direct marketing campaigns to increase the allure and interest in the stores.
Moin, David. “L&T’s New Strategy: Fall Season Seen Key to Store’s Revamp.”
Women’s Wear Daily.6/15/2007, Vol. 193 Issue 128, p1-11, 2p, 3c. Accessed from EBSCO Host on August 8, 2007.
Schlesinger, Toni. “Dear Lord & Taylor, Retail’s Resting Place.” The New York Observer. September 1, 2006. Accessed from the Internet on August 8, 2007 at http://www.observer.com/node/52666
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!