Task : Develop a report which addresses the following issues:
Problem 1) Briefly describe J.C. Penney's new pricing strategy, also providing background on the company and department store industry.
Problem 2) Do you think J.C. Penney's new pricing strategy will work in the long run even if it seems to be not working at the current stage? Support your position in terms of environmental factors such as economy, the competition, and changing consumer behavior.
Problem 3) How does this pricing strategy complement J.C. Penney's new merchandising and promotion strategies? Take into account J.C. Penney's segmentation, positioning, and branding strategies to explain this issue.
Problem 4) What can you learn from this case? Consider this pricing issue from both short-term and long-term perspectives.