Quantitative Strategic Planning Matrix (QSPM)

How to construct Macy's Quantitative Strategic Planning Matrix by doing the following:

? Step 1: Use the data below to assist. Follow the guidelines provided in Chapter 6 of Strategic Management: A Competitive Advantage Approach, Concepts, and Cases to learn the Quantitative Strategic Planning Matrix (QSPM). refer to Tables 6-4 and 6-5.

? Step 2: Use your Strategic-Planning Template to develop a Quantitative Strategic Planning Matrix for Macy's.

Strength-Opportunity(SO) Strategies

Return to Part I SO Strategies Macy's can leverage its strong brand recognition and reputation to expand internationally and capture new markets.($3, 04) By expanding its online presence and investing in e-commerce technology, Macy's can attract new customers and increase sales, while also diversifying its product 2 offerings to include more sustainable and socially responsible options. ($9, 01) Expand Macy's international presence through strategic partnerships or acquisitions 3 to capitalize on untapped markets. ($2, 06) Utilize data analytics to gain insights into customer behavior and preferences, and 4 personalize marketing efforts to increase sales and loyalty. ($6, 010.)ST Strategies Develop a seamless omni-channel experience that integrates brick-and-mortar and online shopping to enhance the customer experience and differentiate Macy's from competitors. ($2, T1, T2) Leverage Macy's strong relationships with suppliers and partners to negotiate favorable pricing and promotions, which could help mitigate the impact of heavy 2 discounting by competitors. ( $10, T7) Macy's can use its loyalty program and credit card offerings to incentivize customer loyalty and repeat purchases, which could help retain customers in the face of 3 increasing competition from e-commerce giants like Amazon. ($8, T9) By continuing to offer a wide range of product offerings, including private label and designer brands, Macy's can differentiate itself from other department stores and 4 boutique retailers. ( $6, T6)By partnering with popular designers and inuencers. M acy's can attract new customers and increase brand relevance. which could help offset the perception of being a department store and appeal to younger consumers. (W9. 0-4} Diversifying its product offerings to include more sustainable and socially responsible options could also help Macy's appeal to customers who are increasingly interested in ethical and eco-friendly shoppingth 03.) Invest in training and development programs to help employees stay informed on industry trends and innovations. which could help Macy's stay ahead of competitors.{W3, 08} Focus on diversifying its supply chain by sourcing products from multiple suppliers. and also building stronger relationships with suppliers to ensure better communication and collaboration during times of crisis.{ W5. 0?} WT Strategies Macy's dependence on brick-and-mortar sales, heavy discounting, and limited international presence may leave it vulnerable to increasing competition from e-commerce retailers and shifting consumer trends.(W2, T4) Potential disruptions to supply chain and logistics, especially due to global events such as pandemics or natural disasters, could further impact Macy's operations. 2 (W5, T5) Implement cost-cutting measures and supply chain diversification strategies to 3 reduce the impact of potential disruptions to supply chain and logistics.(W4, T3) Develop a targeted marketing campaign to reposition Macy's as a trendsetter in the retail industry, highlighting its unique product offerings and diverse customer base. ( 4 W9, T9)THE IFE TOTAL WEIGHTED SCORES Strong Weak 4.0 1.0 High 4.0 THE EFE WEIGHTED SCORES Low Macy's 1.0 Division Firm's Estimate Estimate Apparel Retail Market in US| $20,243 1.5 3.5 Marketing $1,163 2.5 2.0 New Products $4,267 2.0 4.0 Digital Sales $7,584 3.5 1.5 Customer loyalty $399 3.0 2.0