How Can Payless Company Increase Profits While Ensuring Current Essay - 26

How Can Payless Company Increase Profits While Ensuring Current Customers are Satisfied - Essay Example The company took a turn in establishing the new image of the luxury in meeting low-end prices. Although the company wants to continue maintaining its image of the low prices, the change mainly within Payless is to create the fashion goods by coming into collision with the designers to hit the marketing niche that was missing for all those years. Although the company is doing excellently on the domestic market, being aggressive on the international market will lead to increased sales and hence income. The company should actively market its products in continents like Asia that has large market base. However, the company should also embrace the domestic market as this can also lead to increased profits and positive publicity to the external markets. The reliance on third parties like New York-based designers like Stacey Bendet, Lela Rose, and Christian Siriano is risky for the company. The company should, therefore, move quickly to rely more on itself for survival. For instance, if the supplier lacks the required law materials necessary, it could harm the company negatively. I, therefore, recommend the company to act quickly into rectifying this weakness. The company should consider changing its name from â€Å"Payless† so that it accommodates other customers with disposable income. Consumers with a large amount of disposable income will not shop there regardless of the fashionable goods found there. Additionally, I don’t believe that it’s any cheaper than the other trendy shops such as Just Call it Spring( subsidiary company of Aldo group). Increased advertisement through social Medias such as Facebook, Twitter, and others in order to keep their customers updated with the latest trends and collections. Social media is a valuable channel for ensuring that the company is maintaining a close relationship with its customers.