Abstract This paper traces the development of the J.C. Penney Company, an American department store chain founded in 1902, from its origin in Kemmerer, Wyoming, to its expansion into one of the most powerful discountmerchandise and general retail companies in the U.S.A. J.C. Penney has stores in nearly every major metropolis nationwide, the largest catalog business, an Internet store and home furnishing television shows; however, the author states, Penney is not immune from the effects of the economic down turn. The paper describes the ways that this company is managing by rethinking its current structure and market campaigns, by opening and closing stores and by laying off employees.
Table of Contents:
Recent History of J.C. Penney
Success at the Turn of the Century
Economic Woes for the Corporation
J.C. Penney in the Market
From the Paper 'Although the company exhibits much higher grosses after buying out a number of smaller corporations, the profit J.C. Penney experiences after selling those corporation's products under its own name are not as great, as much of the earnings are due to the manufacturers and original corporations. In addition, the recent economic woes have also taken a serious toll on the J.C. Penney organization, as consumers are not as plentiful as they were just a few years ago. J.C. Penney continues, however, to offer new products, and merge with older companies."
Tags: competition, discountmerchandising, shopping malls, store closings, brand
Abstract It is the Internet that has spurred the enormous growth of discount brokerage in the post 1995 period. The Internet is the lifeblood of the discount brokerage and its existence is almost wholly dependent on the ability of the Internet to reach and effectively serve, the armchair global investor. Accordingly, the future shape of the Internet will determine the success or failure of the discount brokerage. To a lesser degree, the discount brokerage will determine the future shape of the Internet, at least in terms of its application to financial services.
Abstract This paper addresses the concept and determinants of present value and the discount factors that affect businesses. The paper presents a two-part case study. Part I addresses a series of discount rate calculation issues. Part II then discusses the writer's analysis of two companies to determine which company would have the lowest discount rates based upon several determinants outlined in the study material.
Table of Contents:
Part I
Part II
From the Paper "Sirius has a massive cost structure - 2006 cash operating expenses (not including depreciation and non-cash compensation) were $414 million. The management's effectiveness was terrible with a negative 20 percent return on assets. The company's Q4 and full year 2006 financial results are mind-blowing. The year-over-year quarterly revenue growths were 141 percent however the net income was a negative $1.1B. Over the past 12 months, the stock price for Sirius Satellite Inc. had a significant change of minus 35 percent. Thus the volatility of the stock is large with a negative change over the past 52 months. Although Sirius Satellite Inc works in a more dynamic industry where the risks are higher, the growth expectations are expected to be higher next year. With Mercedes expediting installation of radios in a high percentage of their cars and the projected merger with XM Radio Inc., the future for Sirius looks better. One of the major risks of management effectiveness has been haunting Sirius for many years. This risk needs serious attention and mitigation steps are required to heal this wound."
Abstract This paper describes in detail discount certificates and bonus certificates. It provides some general information and features of certificates and discusses the engineering and financing of the certificates. The paper then examines the advantages and risks of using these certificates and it then provides a practical example to explain the concept.
Table of Contents:
List of Tables
List of Abbreviations
Introduction
Discount Certificates
General Information
Discounts Caps
Engineering
Advantages and Risks
Example
Key Figures
Interpretations
Explanations
Bonus Certificates
General Information
Bonus
Barrier
Engineering and Finance
Advantages and Risks
Example
Key Figures
Interpretations
Explanations
Summary and Conclusions
From the Paper "Both certificate types are constructed on the basis of an underlying value and some kind of option to finance the mentioned securities as well as benefits. Certificates are sold like share at the stock exchanges in Frankfurt and Stuttgart, as well as through direct trade. Emitter like ABN AMRO sets everyday prices for the products to give liquidity for trade to the investors. There are two different prices offered, the bid and the ask price. The spread in between will finally be the profit for the emitter. Furthermore they make profit through the time value of put options. Offering certificates bears nearly no risk for the emitter. Discount certificates are based on an adverse development that equilibrates any development in the market."
Abstract This paper reviews how Kmart is currently being squeezed by Wal-mart, Target, Kohl's and a host of other discount establishments. The writer explains why the company now risks becoming irrelevant in a discount store world that has moved beyond them. The writer argues that had Kmart taken to heart certain key microeconomic concepts and applied them consistently they could possible have avoided this current state of affairs. These concepts are discussed.
From the Paper "Kmart certainly has its work cut out for itself. But how did it arrive at this state of affairs? Kmart declared bankruptcy in 2002 - the culmination of a number of bad decisions starting in the late 1980's and 1990's. The company had expanded rapidly, seeking to build up "a portfolio of category-dominant chains to complement its core business, the Kmart discount store." (Conrad, Hanson & Hoffman, 2001, p. 2). This strategy appears to have been an attempt to gain economies of scale. However most of these acquisitions had to be sold off as the economies of scale turned to diseconomies. There followed a concerted attempt to reorient the company back to the original discount store strategy."
Abstract This paper evaluates the discount brokerage in terms of Porter's 'Five Forces Analysis. This author reviews job attitudes and job equity for both the manager and broker at a typical discount brokerage firm.
Abstract This paper compares and contrasts the capital asset pricing model (CAPM) and the discounted cash flow (DCF) model in valuing common stock. The paper holds that, because of the complexity and importance of valuing common stock, the above techniques have been devised over time to accomplish this task. It points out that CAPM focuses on inputs to calculate stock prices that are external to the firm while the DCF model focuses on internal factors. Also, CAPM is concerned with growth rate, while DCF is concerned with estimated returns. The paper concludes that both models are important to investors and expanding companies.
From the Paper "For a firm that is expanding, it is difficult to establish a proper growth rate for the DCF. If past growth rates in earnings and dividends have been relatively stable, and if investors appear to be projecting a continuation of past trends, then the growth rate may be based on the firm's historic growth rate. However, if the company's past growth has been abnormally high or low, either because of its own unique situation or because of economic fluctuations, then the growth rate has to be estimated in some other manner."
Abstract This paper examines the large store discount general merchandise market through the comparison of Target Corporation and Wal-Mart Stores. The paper is packed with facts and statistic on the corporations? investments, bank loans and markets. The paper's author asks the question of which company is best to invest in and who is the better employer. This paper is written in outline format with a clear and direct method of presenting information.
Table of Contents
The Large-Store Discount General Merchandise Market
Investment Decisions
Lending Decisions
Employer
Overview Of Target Corporation and Wal-Mart Stores, Inc
Investment Decisions
Employment
Appendix
Bibliography
From the Paper "Outline
1. The companies being analyzed are Target Corporation and Wal-Mart Stores, Inc. They are general merchandise retailers. They compete in the large-store general merchandise market, especially in the discount store segment and the US geographic market.
1.1. Target Corporation's Store Brands in multiple formats are Target, Super Target, Mervyn"s, Marshall Field"s, Target Direct and Target Visa. Target operates 1409 stores in 47 states in the United States and is currently the No.3 discount retailer in the US market.
1.2. Wal-Mart Stores, Inc has several Store Brands: Wal-Mart currently operates 2295 Wal-Mart Discount Stores; 1521 Supercenters; 564 Sam's Clubs and 34 Neighbourhood Markets in 9 countries outside the US - Argentina; Brazil; Canada; China; Germany; South Korea; Mexico; Puerto Rico; United Kingdom. Wal-Mart is today the world's largest retailer (and company measured by revenue) and occupies the No.1 position in the US General Merchandise Retail Market."
Tags: large, store, discount, general, merchandise, employment, investment, investor, information, us
Abstract This paper looks at the development of a web application sales programme for Discount Components, a company that sells computer components at discounted prices in order for them to sell their merchandise on-line. It shows how the idea was to use Java servlets and the incorporation of JavaScript into the code as well as a connection to an Oracle database as opposed to an Access database.
Outline
Introduction
System Description
UML
Current Status
What Was Learned
Summary
From the Paper "Any data entered into the application is verified using JavaScript, and the screen's that are displayed are in HTML format. The way that we have set up the code, this application could be used generically for any company with merchandise. All of the lists, and displays are created directly from the hard drive, nothing is hard coded into our programme. This gives the application added functionality, and salability when bringing it to other companies in the future."
Abstract Analysis of the competative position of the Internet retailer of designer fashion brands at discounted prices. Sales policy. Upscale merchandise and competative strategy as an outlet for factory seconds, rejects & closeouts. Company database & need for improvement to site , megators & keywords. Recommendations for changes. 1 Table.
From the Paper "Competitive Position
Bluefly, Inc. is an Internet retailer of designer fashion brands at discounted prices. According to its 10K (April 2, 2001), the company sells over 450 brands of designer apparel, fashion accessories and home products at discounts that typically range between 25% and 75% off comparable retail prices. This business model resulted in activity, quoted from the 10-K as
In the 12 months of calendar year 2000, we offered over 55,000 different types of items for sale in categories such as men's, women's and children's clothing and accessories as well as house and home accessories. Since its inception, www.bluefly.com has served over 185,000 customer accounts in over 20 countries.
The operation as described achieved these results in the Fiscal Year ending December ..."
Abstract This paper discusses Wal-Mart's history, innovative business principles, and its use of information technology to gain a competitive advantage. The paper also discusses strategies, such as geographic location, inventory management, operations, hub and spoke distribution network, and analyzes the research and development of Wal-Mart's computer system. Also included are conclusions as to why it is considered one of the world's most innovative companies and how Wal-Mart uses R&D money to make it more successful, as well as one of the world's leading discount retail stores.
From the Paper "Sam and James Lawrence (Bud) Walton opened the first Wal-Mart store in 1962, in Rogers, Arkansas. Soon after, the chain of Wal-Mart stores spread across America and abroad to become one of the most successful and innovative retail companies in the world. The company offers customers brand name products at low prices and makes a profit that has allowed it to grow and expand at an extraordinary pace over the last forty years. Wal-Mart's success is primarily attributable to the organization's culture, use of information technology, and the philosophies under which they operate. This paper will discuss Wal-Mart's history, innovative business principles, and its use of information technology to gain a competitive advantage. Also included are conclusions as to why it is considered one of the world's most innovative companies."
Abstract In this case study, the author examines the history of Kmart from its humble beginnings to how it blossomed into one of America's largest discount stores today. Particular attention is drawn to the marketing skills of the Kmart stores in attracting all of the different communities it serves. The paper concludes with additional suggestions of how to improve Kmart's marketing to the wider communities.
A Brief History
The Key To Success: Connecting With Cultures
Another Key To Success: Connecting With Communities
Recommendations For Improving Intercultural Communication
From the Paper " In August 1998, Kmart announced Giselle Blondet, co-host of Despierta America, Univision's lively early morning entertainment program, would debut as the Kmart Pharmacy spokesperson in two new television commercials targeting Hispanic mothers. A new commercial promoting the fun, Sesame Street children's clothing line, also debuted, targeted for Hispanic mothers, through children. (Kmart Debuts New Commercials Touting Convenience And Fun For Hispanic Moms 1)."
Abstract This paper provides an overview of Saks Fifth Avenue, a department store chain that specializes in offering upscale merchandise to higher income individuals, while at the same time, being able take advantage of economy-of-scale dynamics to offer high-end merchandise at better prices then smaller boutique type stores.
Outline
Introduction
Saks Fifth Avenue
Overview of Management
Facilities
Operating Hours
Outline of the History of the Company
Future Plans for the Company
Daily Operations
Customer Relations
Merchandising Competition
Personal Reactions and Comments
References
From the Paper "Both the Saks Department Store Group and Saks Fifth Avenue stores, the company focuses on its commitment to a merchandising strategy that emphasizes branded products, (i.e. Bali, Hart Schaffner, etc.), coupled with a sophisticated style and feel of its merchandise presentation. The company's emphasis on high level customer service helps fuels the merchandising focus. Finally Saks Inc. believes that their emphasis on presenting branded products in the best possible setting coupled with a focus on providing outstanding customer service makes them a preferred distribution channel for premier brand-name products."
Abstract A modern monolith among many in Chicago, the Merchandise Mart was the world's largest building in the 1930s at four million square feet. This paper examines this sprightly combination of commerce and transportation, which makes the Merchandise Mart a dynamic, energetic example of functional architecture. The paper traces the history of this building from the 1930s until the present day, focusing on its unique Art Deco architectural features.
From the Paper "Just as the terrazzo floors flow through the interior of the Merchandise Mart, adding softness and color to what could be an imposing, cold structure, the Chicago River offers a similar sense of softness to the building's exterior. The Merchandise Mart transforms its immediate surroundings into an aesthetically appealing industrial and commercial hub. One of the most striking visual features of the Chicago Merchandise Mart is its proximity to the Chicago River, which often reflects the edifice in its rugged cool waters. A strategic location for an industrial-commercial building that is not only serviced by railroad but river transport, the Merchandise Mart stands as testimony to Chicago's rich financial and architectural history, blending into the environment and skyline seamlessly."
Abstract This paper discusses private retirement plans and interest rates. The paper contends that private retirement plans will increase in importance for Americans over the coming years as a secondary source of income for retired Americans. The paper assesses that there is no direct relationship between the discount rate and the earnings of a pension plan's investments. However, the paper claims that constant fluctuations in the discount rate set forth by Congress make pension plan confidence uncertain.
Outline
Introduction
History of Discount Rates
Summary
From the Paper "The strength of private retirement plans must be maintained in the upcoming years due to the increasing number of Baby Boomers who will be retiring in the United States. Many retired Americans rely on private pensions and employer-sponsored retirement savings as a secondary source of income in addition to Social Security (Brinner 131). In addition, because the human life expectancy has increased dramatically over recent years, it is very important that policymakers encourage the growth of employer-sponsored retirement plans (Hungerford et al. 13)."
