97%(35)34 out of 35 people found this document helpful
This preview shows page 2 - 4 out of 11 pages.
To reduce costs, drive profitability, and take greater control of the quality and freshness of the products offered to guests 2.To open the first CityTarget stores in Chicago, Seattle, San Francisco and Los Angeles by the end of 20123.Open the first Canada store by spring of 2013, and eventually have 200 plus stores spread across Canada Key People: (Target Corporation, 2012)
NameTitleGregg W. Steinhafel Chairman, Chief Executive Officer and PresidentJohn J. Mulligan Chief Financial Officer and Executive Vice PresidentLalit Ahuja President of Target India and Managing Director of Target IndiaStacia J. Anderson President of Target Sourcing ServiceCasey Carl Senior Vice President of Merchandising and President of MultichannelCompetitive Advantages: The Company’s mix of stylish products and everyday essentials at low prices give it a unique strategy. It is one of the only companies to simultaneously incorporate price leadership and differentiation as its strategic business model. Strong private label brands have allowed Target to capture high profit margins. The company also utilizes its large size to achieve economies of scale so as to better compete with merchandising giants such as Wal-Mart, one of Target’s main competitors (Jack78). Marketing Strategies: Target markets to consumers that most likely do not shop at Wal-Mart or K-Mart. Target is marketed as a department or specialty store that has discount prices. With energy, food and other day-to-day living expenses on the rise consumers of all income levels are looking to save money whenever they can. Target can easily grab some of the market share from the moderately priced department stores. Target also is selling more consumables in their normal retail establishments. This is convenient for the shopper who needs to pick up a few groceries to make one stop at Target. Target also offers Target Red and Target Visa cards to their customers. This delivers suitability to the consumer that desires that type of credit card. They also offer Target Rewards and Target Pharmacy Rewards programs to attract customers into shopping there. Target also contributes 5% or $3 million to the communities they serve. By marketing themselves as a caring and contributing member of society customers will be more willing to support a store that supports the area in which they live. Target offers products that offer quality, value, and an innovative design. They are constantly updating their brand, designs, and partnerships to offer newer products more frequently so the consumer does not get an old and boring product selection (Jack78)Target Market: 93% of their shoppers are women, with a median age of 41. The median household income is approximately $63K. Approximately 45% have children at home and about 48% have completed college.