JCPenney Mission Statement: Here is the mission and vision statement analysis of JCPenney 2021. So, in this article, we will be going to discover how these statements work effectively behind the great success of the company. So, let’s dive in. Penney OpCo, LLC, also known as JCPenney, is an American midrange departmental store chain that operates 689 stores in 49 United States and Puerto Rico. It is one of the biggest apparel and home furnishing retailing companies in the world.
Many People Ask About JCPenney Mission Statement And JCPenney Vision Statement So We Are Going To Cover These Topics Here.
Customers can find a diverse selection of products from a leading portfolio of private, exclusive, and national brands as they shop jcp.com or visit one of over 850 store locations throughout the United States and Puerto Rico. In 1902, James Cash Penney founded a dry-goods store in Kemmerer, Wyoming, which marked as the beginning of what is now known as the “JC Penney retail chain company”.
Penney’s first stores were known as “The Golden Rule,” which served as the basis of both his organization and personal philosophy. The majority of JCPenney outlets are now in suburban shopping centers. Prior to 1966, the bulk of its stores were housed in downtown neighborhoods.
But JCPenney started to relocating its stores to dominate shopping centers as they became more frequent during the twentieth century. Rather than, selling traditional products, JCPenney provides extensive Jewelry stores, Sephora, The Salon by InStyle. JCPenney branches also sponsor leased departments such as optical centers, Seattle’s Best Coffee, and photo studios.
During the latest years, the retailer has implemented some tricks to make their business more successful including opening some outlets next to the rivals, maintaining customer traffic, portraying the retailing pattern by opening some freestanding outlets. A few of them are housed in power plants.
After 1998, the firm has become one of the popular Online Retailers throughout the United States. It has revamped its catalog and production while also undertaking store-level upgrades. In the recent year of May 2020, JCPenney applied for Chapter 11 bankruptcy protection and in September 2020, Brookfield Asset Management and Simon Property Group decided to buy JCPenney for about $800 million in cash and debt.
Two months later, the agreement was accepted by the United States Bankruptcy Court for the Southern District of Texas.
The warrior spirit of over 100,000 JCPenney associates globally, who are centered on the Company’s three strategic goals of expanding private brands, becoming a world-class omnichannel marketplace, and increasing sales per customer, supporting its value proposition and corporate statements highly.
Most of their business decisions and marketing approaches have followed these corporate tools to brightly shine in the entire Retailing industry.
Overview of the Company
Well, over a couple of centuries ago, as a committed and contributing part of the community, James Cash Penney created this organization and gained a special place in the hearts of American families.
Currently, the company is investing for a better future and is committed to building positive corporate citizenship by advancing global, financial, and ethical values in its operations.
JCPenney is trying to incorporate sustainability into everything they offer, from distributing products globally to maintaining environmental effects among the stores.
|Name of the Company||JCPenney OpCo, LLC|
|Industry Served||Retail Chain Company|
|Founded||14th April, 1902|
|Founders||James Cash Penney, William Henry McManus|
|Offers Products||Clothing, Appliances, Cosmetics, Footwear, Electronics, Housewares, Furniture, toys, jewelry|
|Geography areas served||United States|
|Headquarters||Plano, Texas, United States|
|Current CEO||Jill Soltau|
|Revenue||US$11.167 billion (as of 2019)|
|Numbers of employee||90,000 (As of 2020)|
Significance of implementing the Mission and Vision Statements
The mission and vision statements of JCPenney are how dedicated to performing the company’s higher achievements, that we are going to explore here. Just have a look:
JCPenney is a renowned and successful department store chain in the United States which has capable of sustaining a nationally accredited brand through its outstanding corporate style.
Since 1902, this organization has learned to draw and maintain customers with the use of mission and vision statements.
A strategic vision statement outlines a company’s potential growth strategy, whereas a corporate mission statement, outlines the best way of solutions and initiatives that will enable a company to accomplish its vision.
In this case study of JCPenney, the mission statement is mostly about the bonds that the company creates with its clients.
Its mission statement highly focuses on the retail service and the offerings that the organization provides to its customers.
The company depends on the strength of its core values also to compete globally. These values collaborate with the mission and vision statements to keep this organization on track and eye on the progress always.
The Mission statements Of JCPenney
JCPenney’s mission statement is “to help our customer find what she loves for less time, money, and effort.”
Analysis of Mission Statement Of JCPenney
James Cash Penney always followed its mission statement after starting his first store called The Golden Rule. Since that time, it became one of the important parts of this organization to make the company one of the most successful businesses in the world.
The mission statement emphasizes the importance of providing customers exceptional service in order to achieve a firm’s growth continuously. JCPenney’s mission statement includes the following elements:
- By helping customers improving lives
JCPenney focuses on their customer’s demands or choices which help them to make their customers satisfied with progressive development. In the way of approaching their business, what their customers want, makes the retail chain store one of the popular and international brands among many. Just introducing the way of marketing products to their customers, not only has the company gained lots of achievements over time, but also it helped in offering a better shopping experience with flexibility.
- Simplifying shopping experiences
JCPenney transforms the way of customers shopping experience by saving their time and supplying them with the most recent and high-quality brands from a wide variety of categories. Aside from that, the company’s seamless online shopping app enhances consumer comfort and accessibility by allowing them to buy and order from the comfort of their own spaces.
JCPenney has continually streamlined the retail experiences of shoppers in all 50 states by using those tactics. Indeed, shipping costs are among the most affordable and adaptable in the country.
- Improving Lives
They don’t overlook environmental safety and provide products according to their customers’ needs and requirements. They highly respect customers’ valuable time and effort during shopping. Also, money-making is not their first priority in obtaining a successive growth of the company. They always prioritize their community and environment by providing eco-friendly and quality products to their consumers.
The Vision Statement Of JCPenney
JCPenney’s vision statement is “to win together with our customers, by building deeper, more enduring customer relationships.”
Analysis of Vision Statement Of JCPenney
The Vision statement is all about achieving the trust and expectations of the customers’ by making a strong relationship with them.
The statement relates to the following main features:
- To win together with our Customers
The company wants to achieve its dreams together with wining its customers’ trust and hope. JCPenney mostly focuses on the relationship with their customers that they create during offering their needs. Their main priority is to make their customers satisfied by building a stronger relationship.
- Better customer relationships
The characteristic demonstrates how JCPenney tailors everything in the business to meet the demands and tastes of the customers. They introduced such kind of strategy to ensure most of the benefits of their customers during shopping with the firm. Furthermore, the determination of satisfying their consumer’s needs, demonstrates how important they are, leading to improve better relationships with their customers.
JCPenney’s core values include “customer value, diversity, collaboration, and honesty.” This company’s popularity in the United States and elsewhere is entirely due to these core values.
Rather than these prime core values, eight more principles are there, which guided the company to work together and achieve a far better position in the future.
Associates: We appreciate and reward the contributions of our associates in case of the development of the business.
Integrity: We only operate in accordance with the highest ethical principles.
Performance: We offer fields of learning and guidance to help you operate at your best.
Recognition: We like to acknowledge others’ accomplishments also.
Teamwork: We progress together by practicing teamwork, working collaboratively, communicating honestly and openly, and respecting each other.
Quality: We aim for excellence in all aspects of our business, including our jobs, products, and services.
Innovation: We promote innovative thinking and pre-estimate risk-taking factors.
Community: We are deliberately concerned and involved in our communities.
As a result, the target has always been on how it will impact its consumers’ social lives.
The core values suggested for the business profile demonstrate JCPenney’s concern for its reputation. The principles are the pillars that shape and inspire its entire community, and they are credited as a popular company, along with the purpose and vision statements.
So, it is proved that these basic principles together with the statements, helped the company in becoming one of the best retail chain corporations throughout the United States which respects all its business partners and customers at all times.