Michaels

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Michaels

Elizabeth Allen

This essay is about Michaels. Their mission statement is “to inspire and enable customer creativity, create a fun and rewarding place to work, foster meaningful connections with our communities and lead the industry in growth and innovation (investors.michaels.com).” I will discuss the history and stock symbol, marketing, promotion, service, distributing, and pricing strategies. I will also provide an example of how they use ethics, whether or not they had problems during the recession, and provide a financial statement.

Michaels Store Inc., North America’s largest arts and crafts specialty retailer, began in 1973 with one small store in Dallas. In 1983 Dupey Enterprises, Inc. sold the stores to People Restaurant Inc. In 1984 the company was named Michaels Stores Inc. and became a publicly held company. By 1995 they became the largest arts and crafts store in North America. They became a private company again in 2006 and are to this day trying to go public again. Their stock symbol is MIK (michaels.com).

Michaels provides arts and crafts materials such as scrapbooking, materials to make wreaths for any holiday, and materials to whittle wood. There are so many products that they provide that there isn’t a chance that if you shop in the store you will leave without buying something. They offer classes on jewelry making, painting, drawing, knitting, and baking to name a few. They also offer events for kids to come in and make crafts (michaels.com).

Their marketing strategies include but are not limited to introducing new product, keep product in stock, and making their store more enticing. Their promotional strategies involve using Facebook, twitter, YouTube, Pinterest, Instagram, and Google +, to promote their sales and announce events they have scheduled. They use circulars to show sales and clearance items as well as coupons. They make sure that they are out there to the community...