Reference no: EM132809733

Briefly identify the company and provide a short explanation of why the company is seeking to restructure.

1. I chose to talk about Nordstrom's)
2. create grand strategy plan addressing the 15 elements of grand strategy:
3. Concentrated growth
4. Market development
5. Product development
6. Innovation
7. Horizontal acquisition
8. Vertical acquisition
9. Concentric diversification
10. Conglomerate diversification
11. Turnaround
12. Divestiture
13. Liquidation
14. Bankruptcy
15. Joint ventures
16. Strategic alliances
17. Consortia, Keiretsus, and Chaebols.
18. Evaluate three types of business strategies (low-cost, differentiation, and speed-based) and determine which is most appropriate for the business you choose based upon your grand strategy. Justify your choice. A combination of business strategies is acceptable if you detail the reasoning behind your approach.
19. Describe how you would implement your business strategy and assess the functional tactics you would implement.
20. Make sure you include a minimum of one graph that supports the researched data-driven arguments and why it is important.

Restructuring Nordstrom's

The large department store Nordstrom which most people recognize at every major shopping mall, Nordstrom originally started off as a small shoe store by Carl F. Wallin and John W. Nordstrom in 1901 in the harbor city of Seattle, Washington. John Nordstrom eventually gave his shoe store to his three sons who eventually turned the small store into a major independent shoe store chain throughout the United States (Nordstrom, 2020). Once those sons passed the company down Nordstrom's started to morph and expanded into selling women's clothes, in 1963 they purchased Best's Apparel which also was in Seattle, Washington. Nordstrom finally went public and eventually in 1973 opened a clearance outlet named Nordstrom Rack. Nordstrom's expansion continued throughout the years ending up as one of the largest luxury clothing department stores in America (Nordstrom press release, 2018).