In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
In relation to this case, Target Corporation depicts a brand personality among its target audience. Target Corp. is considered as the retail store that caters to the younger and more educated and well-off clientele as to compare with its rival. In a survey conducted, Target Corp. shoppers fall on a 46 years old age median, mostly female, have children at home, and attended or completed college (Target Corporate Facts, 2006). Thus, the target market is perceived to be sophisticated. However, with the corporate values the corporation applies, the brand personality serves as one of its distinguishing pro.
The following are concrete brand personalities of Target. These are defined by the company, preconceived in the thoughts of the customers, and validated by the shopping experience that they will have within the premises on the company or even in online marketing.
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 is also a company that is built on ethics. With integrity instilled in all of their team members, everyone helps to uphold Target’s great reputation and maintain their morals of honesty and family. Another big part of Target’s company culture is their focus on community service. After working for Target, one is truly able to understand the meaning of giving back. At Target, team members dedicate their volunteer hours to work with schools, nonprofit organizations, charities etc. to make a difference in the world.
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
In 1997, Aker defined brand personality as “The set of human characteristics associated with a brand.” (Aker, 1997).
Biel, 1993; Aaker, J., 1997; Karnde et al., 1997). Researchers have found that brand personality plays a significant role in brand selection. Aaker, J. (1999) found that consumers are more likely to choose a brand with the brand personality similar to their personality. For example, a wealthy person is more willing to purchase a classic branded product that can represent his taste. Besides, brand personality is also closely correlated to brand perceived quality which can influence consumer brand selection (Beldona and Wysong,
Target Corporation main competitors are Walmart and Sears. While Walmart is leading their industry of major retail chains, Target is not far behind as they are currently ranked second amongst the major retail chains. In order to maintain their growth and competitive advantage, Target needs to pay close attention to their competitor’s market share, product quality and unique selling proposition in comparison to their own. Target should be analyzing their competition using metrics that will allow them to use that information to set objectives, rate their own performance, and plan for future success for the organization.
On the Target website, it is stated that their mission is to, ”…fulfill the needs and fuel the potential of our guests. That means making Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional experiences—consistently fulfilling our Expect More. Pay Less.® brand promise” (Target Corp). It has 1,799 stores in the United States alone and has locations in India. In 2014, they made $72.6 Billion. Similar to Wal-Mart, Target sells household essentials, apparel, groceries, pet supplies. health, beauty items, home furnishing, entertainment, and electronics. Both also have their own branded items to sell at a lower price than the commercial brands, and each corporation also has a
Companies use a collection of brand equities to represent their products in the market (Voolnes, 2012). Brand equity refers to the commercial value that is derived from the perception of consumers on any given brand name of particular products in the market as opposed to the product itself. Ataman (2003) notes that the effect to the consumer is in the brand name and not the product itself. Companies use logos, trademarks and a collection of other symbols to present this information to the customers. The use of these symbols is meant to try and capture the customer mindset so that they can be thinking about the company products at all times through the items they possess at home (Estes, Gibbert, Guest, & Mazursk, 2012). This can well be explained by use of the customer-based brand equity model that brings together the requirements for a publicly renowned brand in the market.
Many marketers believe that brand personality is created by how marketers and advertisers intend to project, build and manipulate a brand (in both product-related and non-product related ways) (e.g. Levy, 1959; Plummer, 2000; Restall and Gordon, 1993). However, Biel (1993) argued that this is not always the case and could be a dangerous assumption in understanding consumers' perceptions of a brand. He further stated that personal factors, such as personality and socio-demographic profiles of the customer, can affect consumers’ perception of a brand. In this light, Dobni and Zinkhan (1990, p. 117) asserted that brand personality is “a function of the interaction between perceiver and product stimulus”. That means that consumers
What is brand? Brand is a trade name which can distinguish from other product or service (Intellectual property office, 2013). Another meaning of the brand is to convey the promise or message to the customer (Intellectual property office, 2013). A powerful brand can lead the company to go further in the industry and it can develop the company's potential (Temporal, 2010). Therefore, brand is a signifying of the company.
...rand personality: investigating the impact of consumer personality on preferences towards particular brand personality. Brand management, 16(4):234-247.
A brand is like a real person who lives and works in the real world. Like people on the earth, each brand has its own unique identity and original image. It represents a company’s or an organization’s value, service, culture background, thought and personality. Brand identity, in a word, refers to how a company or an organization wants the customers to perceive its product or service as it plans. An appropriate brand identity can set a company apart from competitors by making right promise and differentiation. It can improve brand awareness and generates regular buyers even active buyers. A strong brand identity is like a celebrity in the world, which has powerful attractiveness to its followers. It leads not only profits and financial assets,
... all the existing meanings and definitions of brands are provided. The history and evolution of brands are also looked upon.
This means that the consumer places on brand image an intangible benefit different from other brands in the industry. Keller (1993) described brand image as a concept that customers assume due to abstract reasons and their own personal emotions. Brand associations are the attributes which are deeply seated in the customers’ minds related to the brand name, so to make relation positive one, brand should be associated with something positive which shows a value to the eyes of the
They study and utilize what they see as a link between personality and consumer purchasing behavior. For this reason, products are often created to have "brand personalities" that marketers believe match the primary personality traits of those they see as the best prospects for purchasing the product. They believe that personality factors influence greatly what consumers purchase, as well as when and how they use or consume products and services. Even online, consumers reveal much information about their "self-concept" as they visit different
Every company seeks to create its own brand - a unique and effective image. Purpose of brand is attracting and retaining customers in its market share. Branding in marketing is a complex technology, aimed at making advantageous position a brand from the competition. Facilitating the search for the necessary goods to the buyer, branding in marketing becomes more effective if the consumer product features meet market requirements. It is especially necessary to identify the goods, for a case of unprepared buyer which can not assess the competitive characteristics (for example, high-tech products). The development of technology has had a huge impact on human society. It is reflected in the fact that we are surrounded by complex technical devices that we use every day and sometimes we have no idea of how this thing is located within. Here the brand comes to help the consumer that stands out from all those product characteristics that are important to the consumer and facilitates the understanding of the product.