Question Details

[solution] »

Provide feedback that team members can incorporate into their drafts.

Write a synopsis of n


Description

Answer Download


The Question

Provide feedback that team members can incorporate into their drafts.

Write a synopsis of no more than 350 words summarizing what the team has learned from the review and discussion.

Attached are two essays Karen and Aarons essay.  Please summarize each for a total of 350 Words or more if possible. 


Running head: NEW DIVISION OF GENESCO, INC. Business Model and Strategic Plan Part 1: New Division of Genesco, Inc.

 

Aaron L Hampton

 

BUS/ 475

 

December 17, 2015

 

University of Phoenix

 

Thomas Lalka 1 NEW DIVISION OF GENESCO, INC. 2 Business Model and Strategic Plan Part 1: New Division of Genesco, Inc.

 

Nashville-based Genesco, Inc. is a publicly traded retailer specializing in shoes, hats, and

 

other footwear related items (IBISWorld, 2015). Genesco, Inc. was founded in 1924 as Jarman

 

Shoe Company and operated shoe manufacturing in Nashville, TN, and other southern U.S.

 

cities. Genesco, Inc. continued to manufacture shoes under their brand Johnston and Murphy

 

until 2002 when costs of manufacturing in the U.S. became too high. Now Genesco retails shoes

 

produced by third party manufacturers overseas.

 

Genesco, Inc. operates over 2,800 retail stores in the U.S, Canada, United Kingdom, and

 

the Republic of Ireland (Genesco, Inc., 2015). The retail stores operated are Journeys, Journeys

 

Kidz, Shi by Journeys, Schuh, Schuh Kids, Lids, Locker Room by Lids, Lids Clubhouse,

 

Johnston and Murphy, and the internet presence of each (Genesco, Inc., 2015). Additionally,

 

Genesco sells wholesale footwear under its Johnston and Murphy brand as well as licensed

 

brands like Dockers, and SureGrip. Third party producers manufacture these shoes overseas.

 

Genesco Inc. has a long history of innovation in how it produced, and retailed shoes

 

currently owning 2.4% market share in this highly profitable industry, the time to add a new

 

dynamic to increase market share is now. Building on the success of the current retail model a

 

new strategic initiative to provide consumers with athletic wear based on intended use, fit, and

 

performance is proposed. The fastest-growing segment of the footwear industry is athletic shoes

 

(IBISWorld, 2015), and our current model neglects the needs of these consumers. By adopting

 

our Lids stores to retail athletic shoes with one on one consumer advisement, we can differentiate

 

ourselves from the current market leader Footlocker, and reduce overall investment by

 

leveraging current locations and suppliers. NEW DIVISION OF GENESCO, INC. 3 Locker Room Shoes

 

Vision

 

Locker Room shoes will be a full-service athletic shoe destination with a focus on value,

 

and personal service. Our vision is to offer full support for the active lifestyles of the

 

communities we serve. This vision will be realized by offering a full selection of athletic shoes

 

for all sporting events in that community. As an example, La' Cross shoes and expert assistance

 

will not be available in Georgia stores, but will be required in Maryland stores. The goal will be

 

to provide focused customer assistance in athletic shoe selection based on need, and expert

 

fitment. Retailers in this segment like Foot Locker do not offer a personal consultation for needs,

 

and fit; Locker Room Shoes will.

 

Locker Room Shoes will benefit from Genesco Inc. supplier and manufacturing network.

 

Initially, Locker Room Shoes will focus on major brands with an emphasis on emerging

 

technologies, and wide size selection. The future goal is to leverage the retail identity, and

 

Genesco's manufacturing resources to develop a brand of high-quality athletic shoes that will

 

rival Johnston and Murphy's success in the dress shoe segment. These goals are possible based

 

on our existing retail locations providing low facility costs, and our volume purchasing power

 

from or 2,800 plus retail outlets. These savings will mitigate the increased staffing costs related

 

to hiring quality, experienced professionals capable of understanding customer needs, and selling

 

appropriate products at value prices without reducing margins.

 

Mission

 

Genseco Inc. mission is to "improve the overall quality of life in the communities where

 

our employees work and live" (Genesco, Inc., 2015). Providing quality athletic footwear with the

 

service to help consumers make the best choice will dramatically decrease injuries from NEW DIVISION OF GENESCO, INC. 4 inappropriate and ill-fitting footwear while increasing enjoyment. Currently, only small local

 

shoe stores offer this service; Locker Room Shoes will follow that customer service model,

 

thereby aligning this division with the mission and values of Genesco Inc. The Locker Room

 

Shoes division will strive to find new and innovative ways to offer value-driven, innovative, hiperformance footwear for the casual to the professional athlete in everyone.

 

Value

 

The value of this new division is twofold; first we will expand the market base of

 

Genseco Inc., and offer intrinsic value to the communities we serve. Small brick and mortar

 

stores are becoming scarce due to e-commerce. Genesco's experience in both traditional retail

 

and e-commerce combined with our buying power offers an increase in employment and greater

 

opportunity for appropriate well-fit, athletic shoes for the communities we serve. Genesco Inc.

 

has been good at responding to consumer change. However, we stayed with core competencies

 

for too long, resulting in athletic footwear being under-represented in our portfolio. Currently

 

athletic footwear is handled as casual wear in our Journeys stores the addition of Locker Room

 

Shoes will increase revenue, market share and provide the opportunity to private label a range of

 

athletic shoes.

 

All aspects of the business plan for the Locker Room Shoes division are in line with the

 

vision, mission, and values of Genesco Inc. The market share figures combined with the success

 

of Foot Locker point to a need to add this division to our company profile. Once a Locker Room

 

shoe establishes a presence in the marketplace, the division leadership will seek opportunities.

 

Opportunities will be prioritized by our ability to innovate the sales, distribution, and product

 

offerings while staying true to the Genesco mission of giving back to the local communities we

 

serve. NEW DIVISION OF GENESCO, INC. 5 Strategic Direction

 

Initial stores will be co-located with Lids, in instances where a small local competitor is

 

established, and the potential market exists, every effort will be made to acquire that retailer. The

 

strategic vision of the Locker Room Division is to serve every community that lacks value

 

driven; customer focused athletic shoe retailers with the ultimate goal of also offering our brand

 

of athletic footwear. By aligning our division with Lids, we reduce cost and locate with an

 

athletically oriented customer base thereby increasing initial acceptance and increasing revenue

 

generated per customer. Additionally, the wider range of product offerings will increase customer

 

volume, increasing Lids gross revenue. Locker Room Shoes will not identify as Lids, but rather

 

will use Lids to build its brand acceptance.

 

Guiding Principles

 

Culture

 

Cultural change is a big part of starting this division; it will define how we shape the

 

division, and perform in the future. Society as a whole has become far more active in the last few

 

years, and footwear has become increasingly specialized. Much like wine the selection can

 

become daunting, and forces consumers to e-commerce were ill fitting, and potentially

 

inappropriate footwear is purchased. Keeping pace with the local athletic scene will keep Locker

 

Room Shoes culturally current, and provide relevance for our selection and sales staff. The

 

division culture will be equally engaged in the athletic footwear scene, and prioritize innovative

 

technology to improve performance. NEW DIVISION OF GENESCO, INC. 6 Social Responsibility

 

The Locker Room Shoes division will strive to maintain a social conscience and ensure

 

that our employees are paid a living wage, and our merchandise is sourced from sustainable

 

practices. This social responsibility will extend beyond the sales floor and become a part of our

 

future strategic plan. As the division moves forward to new locations, and private label athletic

 

wear a commitment to local, regional, and global sustainability will be maintained. Without a

 

commitment to society as a whole, this division would not be in keeping with Genesco Inc.

 

values.

 

Ethics

 

As a division, our ethical conduct will be reflected in all we do, especially in our fair

 

trade, and responsible manufacturing practices. Locker Room Shoes will only allow

 

manufacturing from certified facilities that maintain ethical work standards as defined by U.S.

 

labor codes. This commitment removes ambiguity and ensures that our customers understand

 

what manufacturing standards we require. Fair trade designation will also be required for all

 

private label products; though we can not control where other brands manufacture their products;

 

ours will only be made in fair trade countries.

 

The Way Ahead

 

Locker Room Shoes is a division whose time has come. For Genesco to fully realize

 

market potential and continue to service the footwear industry it is important we redefine the

 

athletic shoe retail experience. Locker Room shoes have reduced risk based on Genesco's

 

experience, network, and existing retail locations. The risk is further mitigated by co-locating

 

with Lids by reducing space lease costs, and tying to an accepted brand. Moving forward, we

 

will review a SWOT analysis of this division, and analyze supply and value chains. NEW DIVISION OF GENESCO, INC. 7

 

References Genesco, Inc.. (2015, October). Genesco Anual Report 2015. Retrieved from

 

http://media.corporateir.net/media_files/IROL/75/75042/GENE0085_Mnms_AnnualReport_lores.pdf

 

IBISWorld. (2015). Industry MArket Research - Shoe Stores. Retrieved from

 

http://clients1.ibisworld.com.contentproxy.phoenix.edu/reports/us/industry/majorcompani

 

es.aspx?entid=1073#OC

 


Solution details

Solution #000176248

[solution] »

Provide feedback that team members can incorporate into their drafts.

Write a synopsis of n.zip

Uploaded by: Tutor

Answer rating:

This paper was answered on 14-Oct-2020

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Oct 14, 2020

EXPERT

Tutor

ANSWER RATING

BEST TUTORS

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

STUCK WITH YOUR PAPER?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now