Imagine you are leading the HR department at Nordstrom’s, list two environmental factors you believe will have/is having a major influence on the business. Provide the definition of the environmental factor AND why you feel it’s impacting Nordstrom’s
The environmental factors which can have a huge impact on Nordstrom are as follows:
- Increase in the level of competition – As the competition is increasing every second, there are various rival companies emerging in the clothing, handbags, cosmetics, jewellery, accessories and the fragrances sector. In order to survive the cut-throat competition and to stand out, Nordstrom’s should be on the toes always and keep a close look at the market happens and then make the strategies and policies according to the market scenario.
2. Rapid change in technology – The latest and new technologies are allowing the organization to reach a a large amount of customers and is constantly improving the market conditions of the product also making the product very customer friendly and easy to use. ,Hence, it is very important for Nordstrom’s to keep up with the pace of the changing environment and match the speed to excel.