One of the most recognized corporate symbols in the United States is that of the Target Corporation, who have 1,351 stores in 47 of the 50 states. The first Target store opened in Roseville, Minnesota in 1962. It’s trendy merchandise at affordable prices launched a new era in discount retailing. This store was easy to shop, because it was always attractive and clean. It served as the prototype for all Target stores opened since then and it changed how consumers think about discount shopping.
Target’s Mission Statement is to make Target the preferred shopping destination for guests by delivering outstanding value, continuous innovation and an exceptional guest experience, and consistently fulfilling our Expect more. Pay Less. Target positioned
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Target managers felt that they needed to be constantly in tune with what the customers wanted and anticipate trends and demands. Target developed an image and displayed products that matched it's customers lifestyles and created enhanced merchandise displays. It offered a mix of private labels and innovative layouts and displays. With advertising and inshore presentations target consistently convey the message that it's collections are clean, fresh and in style. It also stressed that goods are priced right and convenient to buy. These messages were through TV Ads, Points of Sale, Signage and Merchandise Displays. They added more value by time spent by the customer in buying. Effective communication helped in average customers per …show more content…
Their involvement with the community and environment has gained the respect of customers. Targets products and services have been innovated and geared to the future. Management’s organization and beliefs has allowed them to be a successful business with a positive financial future. These are all aspects that categorize Target as a leading Fortune 500 company
References
Bell, Jim, Emily Eidemiller, Erin Holm, Brian Morlock and Phil Trem. “Strengths and Weaknesses of Working as a Manager at Target.” Cluster Consulting & Placement [Website]. 11 Mar 2001. Accessed: 19 March 2003. http://oak.cats.ohiou.edu/~bm318699/esp/targetmemo.htm
“External- Focused Tactics Used by Business.” New Tactics in Human Rights Project of The Center for Victims of Torture [Web site]. Undated. Accessed: 19 March 2003. http://www.cvt.org/new_tactics/tools/businesssection/external-3.htm
Schindele, John. “Target Corporation.” [Web page]. Undated. Accessed: 19 Mar 2003. http://essay.studyarea.com/old_essay/Business/target_corporation.htm
“Target Corporation August Sales Up 7.5 Percent.” PR Newswire, New York 5 Sep 2002. Retrieved 19 March 2003 from ProQuest, San Diego Public Library, San Diego, CA:
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
For example in the economic forces they work to provide higher end discounted items to keep the profits up by allowing shoppers to have quality and cost savings. In the technological forces, Target has used the increase use of mobile platforms to allow their customers to shop online and pick up in the store by saving time. With the political-legal forces Target works to provide a safe and non-discriminating environment for all customers. Environmental forces are taken in to effect by looking at better waste recycling management to decrease their carbon footprint. Target works hard to represent the values and mores of their customer base, by being actively involved within the community and addressing current social
Target must compete vigorously and fairly in the marketplace using our independent judgment to make the best decisions for the Company.
Target, the nation's #2 discount chain, now operates more than 1,500 Target and Super Target stores in 47 states, as well as an online business called Target.com. Target and its larger grocery-carrying stores, Super Target, have carved out a niche by offering more upscale, fashion-forward merchandise than rivals Wal-Mart and Kmart. After years of struggling to turn around its Marshall Fields and Mervyns departments stores divisions, the discounter sold them both in 2004. Target also owns apparel supplier The Associated Merchandising Corp. and issues Target Visa and its proprietary Target Card (www.Answers.com/topic/target-corporation).
Target Corporation: Report on Long-term Financing Policy and Capital Structure with an Acquisition Analysis Introduction This report will be based on the Target Corporation, and will consist of two sections: 1) long-term financing policy and capital structure, and 2) an acquisition analysis. The first section will include: Target's most recent long-term financing decision; an analysis of the economic, business, and competitive background in which the financing occurred; Target's book value and market value; possible changes that would occur to Target's finance policy and capital structure if it was forced to consider re-organization and bankruptcy strategies; and finally discuss Target's international investment and financing opportunities, as well as foreign exchange risks. The second section will be a report to the board of directors that identifies a synergistic acquisition candidate for Target.
The first Target store had been opened in the year 1962 in the suburb of Roseville, Minneapolis with a tough focus on the easy shopping at a competitive amount of discount prices. In the year 2013 in which the Target remains very committed for providing an easy shopping experience for the guests by delivering the distinctive merchandise and the outstanding value. The Target currently has been the second largest retailer in America with Target.com and it is ranked as the mostly visited retail web sites (Target Co, 2013).
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.
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 has indicated a significant increase in the number of years it has been operational. The company experienced important changes in growth when it transformed from a regional store to a national retailer.
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”.
The system Target uses for its website has been very helpful in putting them at an elite spot in resolving customer issues. For example, its MIS system has a way of collecting a customer’s actions on their site as they shop. That way when they run into a problem and call for support, the call center representative will most likely already know and have information readily available to help the customer and resolve their issue (Vijayan). Target began using that system in 2001 as its new CRM (Customer Relationship Management) system. This system is proof of the efficiency MIS brings to the table for large corporations like Target.
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 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
The SWOT analysis is a useful tool for identifying our personal strengths, weaknesses, opportunities, and threats to our plans and goals. According to a “Fuel My Motivation” article (2010), this analysis considers internal influences that can positively or negatively affect our ability to achieve our goals. The internal factors are our strengths and weaknesses. Also considered are opportunities and threats, which are external influences that can have a positive or negative impact on the ability to achieve our goals. I will share how the self-assessment instruments and self-exercises in this course have contributed to assessing and understanding my strengths and weaknesses. I will also discuss techniques I will use to leverage my strengths and understand my weaknesses. In addition, I will consider opportunities that I can take advantage of and the threats that can possibly impede my progress.
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