Stategic Planning

Neiman Marcus patriarch Herbert Marcus Sr. espoused a management philosophythat he instilled in his children and continues to direct the store management even today. "Its never a good sale for Neiman Marcus unless it is a good buy for the customers". It continues to be at the forefront of higher department stores. To approach the strategic planning of Neiman Marcus, i will be talking first about their Grand strategy which plays an important part in their strategic plan. The main objective of the store is to change the image as a store as the young market will be appealing by applying a business model based on a clear and consistent strategy brand positioning. The grand strategy needs to focus on all the major areas of the strategy planning in order to identified opportunity that appealed to the younger market.The store is knowledgeable that they need to grow in this area and by doing it, they can achieve market growth. The main market that need this growth is the affluent market. What I mean by that is somewhere that have an abundance of spending cash and a discerning audience. At this time, the company is receiving less than 3% of its revenue from the 15-30 years old market mostly due to the fact that the store is flagged as the stores of our " parents and grandparents". This perspective has to change. The belief is that with a good marketing plan and the right product and merchandising campaign, they will be able to tackle the problem and be competent.