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.