Product Concept

Neiman is a retailer of specialty products. They have a lot of designers stuffs in their store like: Gucci, Prada, Christian Dior and many other more. They have different designers working for them in order to keep the high standard that they already have. They select good quality material and they have a brand that is exclusive only for Neiman which is the"NM". You can only find that brand in their stores.

Product Concept

Product concept is very important for Neiman Marcus. From the finest designers and luxury merchandise for men and women to precious jewelry, beauty and home decor, Neiman is offering to their customers, an irresistible array of choices. Neiman also values its customers so that is why they pay a lot of attention to the quality of their products. beside clothing, Neiman has some delicious that is served in their restaurants and cafe. Now at last, they shared their recipe worth like 50yrs of recipes in their new lavished illuminated cookbook.

Market Research

Neiman is planning to increase its market presence by opening some new stores in location of strategic importance. the company has open some stores and are planning to open some new one by 2010. Opening new stores increase the company customer's reach. Neiman Marcus offers a strong brand portfolio. The retailers offers private label and branded merchandise through its sale channel. The store offers apparel under the "Neiman Marcus" and "NM exclusive" or "NM private label". National brands can increase customer traffic due to brand recognition they possess in the market.

Market Research

Market research is as important as any other strategy in a business. For Neiman Marcus, it has been pretty difficult as the result of the current economy. Neiman came up with a solution for the holiday. As their catalog for Christmas is out, they have slashed prices on a lot their items so they can attract people back into their stores. The retailer is also asking their suppliers for more merchandise at lower price points. They have listed a lot of items for less than $250. The idea of course is to sell the dream, courtesy of Neiman and to link it with our rarefied fantasies. Even promotions are made differently. They are more targeted. for example, with the new concept that Neiman has called " Midday Dash" sales, launched this summer, alerts customers via email or facebook about deep discounts on selects items. They are only available online for a 2 to 3 hours window frame such as during the NFL Night Monday Football debut when people attracted to fashion may be watching. The CFO of Neiman (James E. Skinner) wont reveal the sales data but says that the results have been better than expected. the recession he says is forcing us to experiment.

Market Segmentation

The segmentation of a company can be done in many level. Geographic segmentation is very important for a business. At Neiman Marcus, they are very careful at choosing the venue for their stores. Neiman situates their stores at carefully choosing venues that cater to their targeted customers in major metropolitan market across the country and design the stores to provide a feeling of residential luxury by blending art and architectural details from the community in which they are located.

Market Segmentation

The success of a company is often based on the market segmentation. What I mean by that is that it is very important. Like at Neiman Marcus, we all know that the store is targeting the wealthy and the people who love to buy luxurious stuffs. Neiman Marcus is the most powerful name in luxury retail and major emporium of world-class luxury brand in the United States, making it an authority. Neiman incorporated is all about style and wealth. It is known for their distinctive merchandise and quality service, servicing the wealthy with confidence and confidentiality. Neiman differentiate its offering from its competitors through both exclusive purchases from core vendors and new emerging designers. Neiman has relationship with well know American and International fashion houses to supply its customer with the best, latest and the most original merchandise in the business. Both segment have their own unique market position and value-creating strategies. Neiman is definitely the ultimate place for higher class citizen to shop, relax and feel secure.

Business Marketing

Like any business, Neiman has a business marketing. I will take the example of their credit cards with HSBC. Neiman sold their card business to HSBC in 2005. This is a business dealing with another business. Neiman ended up suing HSBC over fees and interest rates in 2008. The lawsuit was settled in May 2008. They sold that business to the bank so they can make some type of profit with it. Another company also that Neiman dealt with was SONY. Both companies entered an agreement where Sony was going to be the exclusive provider of electronics made available to Neiman Marcus InCircle Reward Program Members. The Neiman Marcus reward program cater to some of the world discerning customer of luxury goods. A business can have their marketing on every level. That is why we have all type of marketing division.

Consumer Decision Making

This is critical to any business. It is very important to know what your consumer are attracted to. Meaningful consumer experiences are based on the relationship between brands and products. Brands can increase the value of the products and the services of a company. For the case here, Neiman Marcus is appealing to people that love brand name stuffs. They sell so many designer brands like: Gucci, Prada, Lamb, 7 for all mankind and many more. By offering a variety of designer items, they are satisfying the needs of their consumers. One of their targeted market was with the teenagers. Neiman should definitely target the young market. They have now a market for the teenagers. The plan will be to attract , acquire the shoppers and keep them for a lifetime. By doing so they are making sure that the parents are pleased and they are bringing their children along. In this process the marketing team will be involved so they can attend to the needs of their customers.