Neiman Marcus Case Study Example | Topics and Well Written Essays - 500 words

Neiman Marcus - Case Study Example The strength of Neiman Marcus lies in the department and specialty stores of its product lines. It should heavily focus upon expanding its emerging business segments such as that of shoe through its specialized business forms. Finding large areas for store openings all over the world should be undertaken. Large areas with separate segments for men, women and children can be generated. Visual merchandizing in various parts of the world is perhaps the best pathway that would lead the company towards achievement of its long-term strategic goals. For enhancing performance, NM should undertake massive research on the tastes and preferences of consumers in the selected global markets. Through the research, NM would be in a position to target several segments of the market offering each segment with wide ranges of products. The most important consideration would be, however, to strive towards finding out ways of offering the varied ranges of products under a single roof. On the other hand, the company should also analyze that the new business move gives rise to its financial performance enhancement as well. Thus, merchandizing would provide an effective pathway for the enhancement of business performance. The action plan being provided within this segment of the case analysis would enhance performance of the business and would also make them strive for sustainable growth opportunities. The position statement of the case induces upon the necessity for developing and implementing corporate strategies for growing both in the short-term as well as in the long-term. Identification of competitors’ core areas of strength has led towards the urge for developing sustainable competitive strategies. Identification and implementation of various practices and developments are thus essential. The most effective decision for Neiman Marcus at this stage would be to generate and evaluate opportunities for expanding globally. Groups holding potential for effective merchandizing in various parts of the world are required to be approached. Along with merchandizing, the company should also look for opportunities of leading joint venture businesses. Opportunities within the success of present businesses should be recognized.