Question

LL Bean Tries to Escape the Mail Order Wilderness - If you were the new CEO - What would you do to affect L.L. Bean's fortunes and return it to one of the Premiere Apparel Company's in the world? Utilize the articles and use as examples

this's article >> https://drive.google.com/file/d/1uF29woTJVteBC3WubT2Ha0YuSmKhWMsd/view?ths=true

Answer 1

As a new CEO following initiatives should be taken:

1. There should be targeting of the other segments and audiences other than the baby boomers and there should be some flexibility unlike the approach adopted by Mr. McCormick relying heavily upon the baby Boomer segment.

2. It is important to operate the business using different channels and cost reduction. For this reason, web-store and mobile apps should be developed for the company that can attract audiences who prefer convenience shopping. Since it is dealing with apparel sale, then there should be assurances of the product return, if it is not found suitable with proper terms and conditions.

3. The company should gradually move away from the method of catalogue based retailing as it increases the cost, rather shift should take place to let consumers know the product, feel it and they make a purchase. It is also suggested by Mr. Hovstadius as example of teacher and her friend suggest this trend.

4. Rather stuffing catalogues in the mail boxes of the consumers, the company should use email marketing and send links to the soft copy of catalogue to buy from. It can be done using the mobile marketing also. It will eliminate the cost of hard copies of catalogues and response rate will also be improved.

5. The company should conduct exploratory research also know the new trends and preferences of consumers preferred in apparels. Accordingly the company, will bring new designs & stuff in the apparel range.

6. Sales team interacting will the consumers should be trained to be more friendly with the consumers to make them happy with their purchases.

7. Attractive discounts, offers and loyalty based plans should be offered to the consumers as the company already owns a good database. It also creates a good opportunity for upselling and cross selling using CRM.

Above initiatives will help the company regain the sale and become more profitable.