Yvette Miranda Brooke Willis
Neiman Marcus: Brief History • The first Neiman Marcus opened in September 10, 1907 • Elm and Murphy Street – right in the heart of Dallas • Founded by Herbert Marcus Sr., his sister, Carrie Marcus Neiman, and her husband, Al Neiman • Fire destroys original store along with merchandise • Rebuilt in 1914 on Main and Ervay streets – flagship store • 1928 – the men’s department opened • 1950 – Stanly Marcus was promoted to president of NM after the death of his father, Herbert Marcus • January 2002 – Stanly Marcus passes away
Target Market, Value Proposition and Current Strategy • Considered a department store that sells a luxurious and high-end variety of merchandise such as baby clothing, perfumes, jewelry, makeup, accessories, men’s and women’s handbags, shoes, home décor and many other luxury items from name brands that include Chanel, Christian Louboutin, Tom Ford, Lanvin, Tory Burch and so on. • Neiman’s target market are consumers who are in the top 2% of the income bracket in the U.S. • Women, men, and children • Equally wealthy people around the world • Has an advanced degree, well-traveled and sophisticated • Value Proposition: “We lead, others follow” • The Book: Seasonal and Christmas • They currently have all social media platforms covered • The have the InCircle rewards card
SWOT Analysis • Strengths: Well-developed target market, loyal affluent customers, and years of experience. Neiman’s take the time to improve the luxurious shopping experience through all channels. The great service provided by knowledgeable employees. • Weaknesses: The negative perception some customers have about NM that cause a bad shopping experience and the unapproachable atmosphere created by some of the employees. • Opportunities: Lie in the new brand, Cusp by NM. Cusp is a brand that captures a younger market through a modern look. • Threats: Advertisements for Cusp could backfire because it can ruin the sophisticated look and perception of NM. They could also lose their older demographics due to the new use of technology.
Holes is Current Strategy • Marketing of Cusp does not follow their traditional look. • It is targeted at a younger demographic. Eclectic and chic look, rather than traditional and classy. • NM needs to interact with consumers through social media • Responses need to be quick and informative
Implementation Plan • Customer Interaction and social media responder jobs • Google Analytics software to track social media numbers on their platforms • Fun, friendly, interactive app for Cusp
Mock Digital Tools • Creates a stronger customer relationship through a fun and interactive app for Cusp • Show users the latest trends • Allows users to post pictures and bring window shopping to life • View fashion show videos • Latest trends that Cusp has to offer • The more interactive, the better