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Strategic Plan

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Strategic Plan James Cash Penney started JCPenney, now known as JCP, 110 years ago. Penney aspired to be a lawyer for his family was not really well-off. His father was a Baptist minister and a farmer. He never had an opportunity to start in law school due to educational expenses that his family cannot afford. He worked in a local dry goods store where he became an assistant manager in Golden Rule Store. He had the chance to acquire one-third of the venture. In five years time, that was 1907, Penney acquired that of his partners (Soylent Communications, 2012). He had a vision to establish an entity that treats people the way he wants to be treated and this is what people commonly hear as “fair and square”. His very first retail business was named Golden Rule as based on his philosophy in life coming from the words of Confucius: “treat others as you want to be treated”. JCPenney was successful in his business for long years. His venture has the capacity to be an industry leader in innovation, pricing, and marketing strategy. Way before internet was invented, JCPenney offered catalogs to showcase their products. And now, they have jcp.com and their facebook page in which they do their promotions, marketing and sales (Toy, 2012).
JCPenney had difficult times in keeping a close competition with Macy’s and Dillard’s Department Store especially when there were costs hikes when sales were down. The company adopted measures to deal with its problem. There were reorganization and product modifications to satisfy their customers. JCPenney used to adopt a Mission Statement that speaks of the company’s aim to provide fashionable and high quality products at reasonable prices. It wishes to supply its customers the best service and products that an entity can provide. By establishing stores in ideal locations, JCPenney can respond to customer orders

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