Firm Description and Situation Analysis: The History of Target Corporation

Firm Description and Situation Analysis: The History of Target Corporation

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Firm Description and Situation Analysis
The history of Target Corporation began in 1902 with founder George Draper Dayton; a banker and real estate investor who decided to explore Midwest markets. A native New Yorker, Dayton decided that Minneapolis, Minnesota had the strongest opportunities for growth; and therefore opened the Dayton Dry Goods Company, known today as Target Corporation. Dayton’s personal principals quickly shaped the reputation of the Dayton Dry Goods Company, including his belief in the “higher ground of stewardship.” The store was known for dependable merchandise, fair business practices, and a generous spirit of giving. After a decade of rapid growth, the company was renamed The Dayton Company to better reflect it’s wide assortment of goods and services. Dayton’s began expanding in 1954, opening its first branch location in Rochester, Minnesota; and expanded even further into the suburbs in the 1960’s and 1970’s.
On May 9, 1961, The Dayton Company announced plans to form a new discount chain store, according to the Minneapolis Tribune. The stores would include wide aisles, easy-to-shop displays, and fast checkout. By 1962, the creation of Target and its classic Bullseye logo is formed. The Bullseye logo was created as a metaphor that the new store would “hit the center of the bulls-eye” in terms of store value, experience, commitment to the community, etc. By 1966, Target opened its first stores outside of Minneapolis in the Denver metro area. Early core competencies for Target included their commitment to provide guests with a consistent shopping experience at every store. Also, personal assistance while shopping set the store apart from competitors. The corporation was also well known early on...

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...ecent security breach, brand image has been affected, but not enough to ruin the company’s overall effect on the retail market. Target needs to find a good means of fixing their security issues, and continuing to offer the same services to consumers that are already loved by many.
Furthermore, to be more competitive in the retail market, the company should strive to offer lower prices than the company currently offers. Prices are already reasonable, just not quite as cheap as competitors such as Wal-Mart.
I believe these recommendations will assist Target to become an even better company in the terms of global strategy and organization. Target is personally one of my favorite stores, because of the quality of products they offer, reasonable prices, and convenience and easy shopping experience. I believe the company will continue to strive for years to come.

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