The Target Corporation formerly known as “The Dayton Dry Goods Company” is a major retailing company that was founded in 1902 in Minneapolis, Minnesota by George Draper Dayton. It is ranked the second largest discount retailer in the United States and ranked thirty- sixth on the Fortune 500 as of 2013. The Target Corporation has been serving this nation with the best price possible goods since their expansion from “Dayton” and is continuously winning the hearts of consumers with their dedication and service. A phenomenal merchandising strategy and cross channeling has enabled this upscale discounter to serve their purpose of customer loyalty and fulfill their promise of “Expect more and Pay less”.
Target has three primary retail divisions which consist of Mervyn’s, Marshall Field’s and the Target stores. The Target stores are currently the second ranked discount retailer in America behind Wal-Mart. Target has approximately 1,778 stores located across 47 states. The retailer distinguishes itself from competitors by selling higher end, fashionable products at discounted prices.
Products/Brands
Target hosts a variety of well known brands to stock diverse assortment of quality products for its customer base. Some of the more renowned brands would be top companies such as Apple, Disney, Dyson, Fisher Price, and Johnson and Johnson. The stores carry a huge selection of products that consists of everything from baby clothes to high end electronics and furniture.
People in the Company
Target has many people spearheading the great retailer success, but the one of the most important people on that list would have to be President, chairman of the board, and chief executive officer Gregg W. Steinhafel. Steinhafel was named president of the...
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...ts and merchandise have similar quality counterparts at lower prices at Wal-mart could definitely be considered a threat.
Target is one of the America’s top retailers, but still has a few things that can be improved upon before it can overtake its top competitor. Although Target may not be the top ranked retailer at the moment, it’s not hard to see why this company has stood the tests of time and continues to thrive today.
Target Bibliography
Target Corporate website http://pressroom.target.com/leadership/gregg-w-steinhafel Stock info http://www.stock-analysis-on.net/NYSE/Company/Target-Corp/Ratios/Profitability Strategic Business Insights http://www.strategicbusinessinsights.com/vals/ustypes/experiencers.shtml Market Watch http://www.marketwatch.com/investing/stock/tgt Funding Universe
http://www.fundinguniverse.com/company-histories/target-corporation-history/
As I have outlined in the charts below, there are various similarities and differences between Wal-Mart and Target. Wal-Mart is Target’s primary competitor, and vice versa. Wal-Mart has a strong market presence in its global markets and has a diverse range of products and services that are affordable and available in stock. Target, on the other hand, does not have a strong market presence or efficient product supply; however, Target’s physical environment and innovative products further the brand’s image and value. Unfortunately, Target and Wal-Mart are both e-commerce laggards with major competitors such as Amazon. Target faces complications with their pricing strategies and their product availability, which hinders their strength when competing
According to Kantar Retail, most of Target’s shoppers are younger on average than its rivals, and more educated. That means it has to consistently offer something different and appealing; it emphasizes more on the latest-trend apparel, eye-catching home décor and exclusive designer merchandise than its competitors. This results in a willingness to pay a bit more for items by customers who are willing to pay a bit more. Moreover, this successful
Target is an Equal Opportunity Employer and shall not discriminate against any worker based on race, color, age, gender, sexual orientation, religion, ethnicity, disability, political affiliation and national origin. Target will adhere to all laws relating to non-discrimination, wages, hours, working conditions, pension and welfare benefits plans, sexual harassment and other terms and conditions of employment. Discrimination is strictly prohibited.
Target has seen consistent growth since its inception, and has confidence that future growth will continue (see attached financial statements). In 2004, Target sold two of there business units, Mervyn's and Marshall Field's for approximately $4.9 billion. This allowed for extensive aggregate pretax cash that will be used for future store sites (as well as upper management bonuses). Target's Board also approved a $3 billion share repurchase program which they expect to complete in two to three years.
The organization selected to analyze its strategy creation is Target Corporation, which is traded on the NYSE stock exchange with the symbol TGT. A General Merchandise and Retail Trade Target Corporation operates under general merchandise in a retail trade industry with a NAICS code 452 (BLS, 2015). Such sectors are unique in nature and conduct business using equipment and staff that are capable of retaining a much needed variety of non-perishable and perishable products from a single large store. General Merchandise and Supercenters employs mass merchandising, which is a retailing method involving high volume, fast turnover selling of goods sold less than the traditional price. Target Corporation satisfies these selling criteria and is called a general merchandise discount store.
1. The Discount Department Store. Target prefers to be called as the latter instead of just department store. Expect more, pay less. With this tagline, the customers expect to purchase more items and pay the least amount possible. Not like other retail industries like its competitor Kmart and Wal-Mart, Target maintains retail value in terms of product offerings. They are known in their designer’s items in clothes, exclusive beauty products, categorized and functional goods, and seasonal offerings. It also sells the greatest number of gift cards among its rival business.
Target Corporation is the biggest discount retailing business in the US which comes just after Wal-Mart Stores Inc. The headquarters are located in Minneapolis in Minnesota in the USA. George Dayton founded it. It initially started as a family business with a regional retailer shop and later grew into a national full retailer store. The company’s main aim is to offer retail services at friendly rates and, its main attracting feature is discount rates offed on different products in the business. The company has indicated tremendous growth in the retail business. It has a target to outgrow its market and achieve competitive advantage over its competitors. This essay seeks to discuss the competitive analysis and
Target Corporation was founded in 1902 by George D. Dayton originally called “Dayton Dry Goods Company”. By 1962, Dayton opened its first discount store in Roseville, Minnesota by the name of Target (Target.com). Since 1946, Target has been giving 5% back to the communities, which today equals more than $4 million a week (corporate.target.com). Target has a reputation of being an upscale store that sell more stylish designed products at an affordable price. Target is often referred to as “Tar-zhay”. Target does not have a vision statement but their mission statement is, “to make Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional experiences- consistently fulfilling
Target bank is called the Target National Bank. It is owned by the Target Corporations itself and all the receivables go into Target has approximately 1,600 million dollars worth of lines of credits from twenty five different banks, approximately half the worth of the line is used and is due back for payment June 2005, with an extension all the way up to June 2006. The other half of the payment is due June 2008. The expected long term rate of securities rate for October 31 2004 was 8.5 %.
Target Corporation is an American retailing company; the second- largest discount retailer next to Wal-Mart. The Target Corporation was founded in 1902 by John Dayton in Minneapolis, Minnesota. The founder of Target, opened a store located in Roseville, Minnesota in 1692 known as Dayton Dry Goods Company and has since grown becoming the leading division of Dayton Hudson Corporation, the company that later changed their name to Target Corporation in 2000. From 1692 until today, Target has expanded tremendously, having stores throughout the US, Canada and Australia. Now a day, Target Corporation has 1,797 retail stores in the United States and 127 stores in Canada, with 40 distribution centers throughout the US and Canada, totaling 361,000 team members worldwide. Their mission is to make Target the favored shopping destination for their guests by satisfying their mission statement of “Expect More. Pay Less.”
The Dayton’s are credited with the operation of a variety of retail stores including; Marshall Fields, Mervyn’s and of course Target. The new millennium proved Target to be the leading runner in sales for the Dayton Corporation, accounting for roughly 80% of total company sales. It was in 2000 that Dayton Hudson renamed itself the Target Corporation, taking the name of it’s’ most prized possession. Today, Target Corporation is focused solely upon its Target stores.
As compared to its rivals, Target has presented its brand as a middle-class brand which assists in attracting customers that find other stores like Walmart unpleasant
Target is one of America’s leading retailers. Strong private brand strategy and recognition for strong ethics have held target upon a pedestal within the retail sphere. Although, no matter how large a company is, none are perfect. Target while having great success also has some shortcoming and open opportunities still be to taken advantage of such as the global market.
Target Corporation being a retail industry, the structure by product grouped to a functional level practices works the best. This is necessary for the other functional levels to collaborate as a single team to produce a positive customer shopping experience. Target Corporation further divided the functional level into a geographic area to exercise management tasks effectively with the given authority. Each structure of the management at the geographic level has a strategy discussion, a line of communication, growth, and progress reporting according to the corporate reporting plan. Jana Potts who manages Target Corporation store has closer to 300, 000 employees working for her and the effective can be improved if the role is broken within domestic into channels, stores into broader segments and a separate global position. The rapidly growing online channel and global expansion are necessary to support Target Corporation's strategy of internal growth and sustain it for long term sustainability. These structural changes will allow Target Corporation to connect with its employee at a functional level and bring changes faster, track and monitor the
Target Corporation pioneered value chain activities like focusing on customer experience through superior marketing, ability to attract global talent, sustain in and outbound supply logistics, develop supplies with a high-quality vendor and partners, a great customer service, extend return by 30 more days if purchased through Target brand store cards, and a skilled workforce supports its generic strategy of "Expect more Pay Less" improves competitive position that its rival cannot match. --