Lord & Taylor Executive Summary Term Paper

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The short-term factors of being able to react more responsively with seasonal fashions that become "break out" fashions are critical, and to accomplish this, greater supply chain coordination both with designers and their production centers are critical;. This tighter integration to designers in the short-term will allow for greater variation in forecasts of new, seasonal lines. In addition, the need for better capturing of Point-of-Sale (POS) data is critical to better understand quickly the needs of customers and respond to them (Moin, 2). This added insight of using POS data in conjunction with the CRM system that Lord & Taylor has purchased from Harte-Hanks will also lead to more accurate forecasting.

In forecasting for the long-term, Lord & Taylor needs to track purchasing history of its top customers and better understand what is driving customer loyalty within the customer base attracted by the new branding. In addition, there is the need for investing more in Voice of the Customer (VoC) programs including the creation of advisory councils with the thought leaders of the prime customer base of 35-55 high achieving professional women. In addition to these long-term factors for achieving a higher level of forecast performance, Lord & Taylor needs to analyze and track lifetime customer value and build statistical and econometric models that can predict how best to achieve this level of sales performance and customer satisfaction with key accounts.

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All of these strategic initiatives however need to be brought together into more targeted direct marketing campaigns that synchronize all available promotional and sales channels. This includes having a revised website that stresses the quality, convenience and style of the new designer brands supported, the ability to get personalized shopping assistance as part of the Lord & Taylor shopping experience, and above all, the quality of the brands and their strengthening of customers' self-concepts of being high-energy, high achieving women. The direct marketing strategy must support and stress both the key messages of the brand while at the same time making Lord & Taylor the store of choice for this specific demographic audience. Relying on CRM systems and analytics, the targeting of key messages by each sub-segment or audience through both micro sites online, directed e-mails campaigns, and the exclusive launch events of new designers will be combined in direct marketing campaigns to increase the allure and interest in the stores.

Reference:

Moin, David. "L&T's New Strategy: Fall Season Seen Key to Store's Revamp."

Women's Wear Daily.6/15/2007, Vol. 193 Issue 128, p1-11, 2p, 3c. Accessed from EBSCO Host on August 8, 2007.

Schlesinger, Toni. "Dear Lord & Taylor, Retail's Resting Place." The New York Observer. September 1, 2006. Accessed from the Internet on August 8,….....

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