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Marketing Report for Target. Founded in 1962 by the Dayton Company, Target, a Minneapolis-based discount merchandiser, launched its first of many discount chain stores, now found across the nation.

Extracts from this document...

Introduction

TARGET CORPORATION TABLE OF CONTENTS I. COMPANY INTRODUCTION...............................................................................Page 4 Corporate Information........................................................................................................Page 4 Mission Statement & Vision..............................................................................................Page 5 Company Focus .................................................................................................................Page 5 Inside Target ......................................................................................................................Page 7 Community Outreach................................................................................Page 7 Products & Services ..........................................................................................................Page 8 II.BUSINESS ENVIRONMENT..............................................................................Page 9 Macro Environmental Analysis..........................................................................................Page 9 Economical............................................................................................................Page 9 Technological........................................................................................................Page 9 Demographical......................................................................................................Page 9 Political..................................................................................................................Page 10 Natural...................................................................................................................Page 10 SWOT Analysis................................................................................................................Page 11 Strengths ...............................................................................................................Page 11 Weaknesses............................................................................................................Page 12 Opportunities..........................................................................................................Page 12 Threats...................................................................................................................Page 13 Perceptual Map of Business Environment..........................................................................Page 14 III. MARKETING STRATEGY...........................................................................................Page 15 Segmentation Strategy.......................................................................................................Page 15 Targeting Strategy.............................................................................................................Page 15 Marketing Mix...................................................................................................................Page 15 Product Strategies..................................................................................................Page 15 Price Strategies.......................................................................................................Page 16 Promotional Strategies.........................................................................................Page 16 Distributional Strategies......................................................................................Page 16 IV. WORKS CITED.....................................................................................................Page 18 I. COMPANY INTRODUCTION History Founded in 1962 by the Dayton Company, Target, a Minneapolis-based discount merchandiser, launched its first of many discount chain stores, now found across the nation. The father of Target, identified as the Dayton Hudson Corporation in 1969, acquired Marshall Field's & and Mervyn's, and changed its name to Target Corporation, demarcating the profitability of its discount merchandiser. Through its Target and SuperTarget chain stores, the corporation operates as a mass merchandiser of affordable convenience and shopping products and services. Corporate Information Headquarters: 1000 Nicollet Mall Minneapolis, MN 55403 United States Yahoo Finance considers Target Corporation (NYSE:TGT) an upscale discounter that provides high-quality, on-trend merchandise at attractive prices and serves guests at 1,743 clean, spacious and guest-friendly stores, which include 252 SuperTarget locations, in 49 states nationwide.Together, Target's partners (employees) and spacious store layouts and integrate to provide a convenient shopping experience for its guests (customers) while offering a wide range of differentiated products at reasonable, competitive prices. Contact Information: Main Number (612) 304-6073 Sales Information Line (612) 761-6500 Media Relations (612) 696-3400 Web Site: http://www.targetcorp.com Mission Statement & Vision "Our mission is to make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and an exceptional guest experience by consistently fulfilling our Expect More. Pay Less.(r) brand promise. To support our mission, we are guided by our commitments to great value, the community, diversity and the environment. ...read more.

Middle

SWOT Analysis Target has always been in direct competition with the world's largest retailer, Wal-Mart, since 1962, but what makes target so different from most mass merchandising stores is that it focuses on the overall experience for the shopper, not just great prices. Aside from these facts, there are many strengths, weaknesses, opportunities, and threats to this company. Strengths Weaknesses 1. Strong brand value 2. Global sourcing capabilities 3. Leading market position 1. Frequent product recalls in 2009 2. Involvement in civil and environmental lawsuits 3. Geographic concentration Opportunities Threats 1. Positive financial results amidst difficult economic conditions 2. Growth through Target.com 1. Competition from Wal-Mart 2. Dependence on foreign third-party vendors Strengths: 1. Strong Brand Value Target enjoys strong brand value in the U.S. With a brand value of $17.1 million in 2009, Target is ranked fourth among the top twenty US retail brands. The Bullseye Design is a valuable, registered trademark of Target Brands Inc.; it conducted a study, concluding that 96% of Americans recognize the Bullseye Design (www.target.com). Target spends roughly $1 billion a year on advertising, well above that of its biggest competitor, Wal-Mart. Target has positioned itself as a provider of quality products at competitive prices-which is reflected in its slogan of "Expect More. Pay Less." By virtue of its strong brand value, Target has a loyal and satisfied shopper base and scores high on the American Customer Satisfaction Index. The company has harnessed its brand potential to attract more customers, thereby strengthening its bargaining power. Target has a balanced brand mix, comprising national and licensed brands as well as private-label brands. While a significant portion of the company's sales is from national brand merchandise, it also sells merchandise under private-label brands including. A balanced mix of brands provides various revenue streams for the company and also enables it to attract a wide customer base. 2. Global Sourcing Capabilities Target has participated in worldwide trading practices for about 90 years. ...read more.

Conclusion

Promotional Strategies Promotional campaigns play a vital part to the success of Target. Advertisements and inserts in newspapers allow the company to reach large segments of consumers. Free shipping is offered periodically at Target.com. During the holidays, Target offers special extended holiday hours as well as special promotional pricing for new products or products with high demand. In September 2006, Target launched organic foods and beverages, sold under the Archer Farms label, into their stores. The purpose of the move into organics was to attract younger, female shoppers. "Target was voted # 1 on the top 10 retailers based on consumers' favorite TV holiday advertisements with 24.2 percent compared to Wal-Mart with 21.1 percent." (Hall 2008). The Bullseye Dog, together with the promotional slogan, "See. Spot. Save," is found on discount in-store signage and weekly circulars. Distributional Strategies As of August 2009, Target Corporation has been operating 27 distribution centers across the United States. With the exception of vendor supplied items, such as greeting cards and soda, these distribution centers ship items directly to Target stores. It also has four facilities, operating in the ports of Rialto, California; Savannah, Georgia; Lacey, Washington; and Suffolk, Virginia, which receive shipments from overseas manufacturers and suppliers. The imported merchandise is then directly sent to regional distribution centers. In August 2004, Target announced to its suppliers that it was going to perform a trial on the effects of radio frequency identification (RFID) on the efficiency of supply chain management in the Dallas/Fort worth Metroplex; as of 2009, RFID has been phased out of this geographic segment. Target developed an e-commerce strategy that involved managing its own online distribution at the start of the century. Online retailing gained a larger profile in early 2000 with the formation of a separate e-commerce unit called Target Direct. New store brand web sites were also launched later that year. Its Annual Report of 2008 also discloses that merchandise sold through Target.com is distributed through Target's own distribution network, through third parties, or shipped directly from vendors. IV. ...read more.

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