In 2008, the mortgage bubble burst drowned many companies and financial institutions.
Companies were struggling to paddle against the stock market waterfall. Unemployment rates reached astonishing numbers seen only by generations before, and the American workforce was strangling to catch a breath under the deep state of turmoil. A recession was inevitable. It was a tough time for individuals and companies alike. Numerous companies filed bankruptcy and many workers lost their jobs. One of the companies that stayed afloat during the economic recession was the Target Corporation. Although experiencing profit losses and was forced to lay-off workers, Target stayed true to its cores and values. Its brand promise of “Expect More. Pay Less.” retained much of its customer loyalty. Its dependable merchandises and exceeding expectations are unique in the market. Target focuses heavily on attaining customer satisfaction and employee satisfaction. The company believes employee satisfaction will yield higher performances and increase sales profits. Target sees itself more than a discount retail store, but as an innovate leader. It constantly searches for new ideas and ways to enhance the customer shopping experience at its local stores. Target contributes much of its innovate mindset to a diverse team of employees. The company emphasizes the importance of diversity and individuality, acknowledging how diversity allows for greater innovation. Despite recent losses in profits due to economic recession, Target has revived itself through its diverse teams, emphasis on employee satisfaction and thirst for innovation.
History of Target
The legacy of Target Corporation began in the city of Minneapolis, Minnesota. After several years in banking and real estate, he traveled to Minneapolis, believing it offered strong opportunities for growth. In 1902, George Draper Dayton established his first department store, the Dayton Dry Goods Company. His dependable merchandises and business practices propelled the company’s success. After his death in 1938, his sons and grandsons managed his fast-growing company. In 1962, the first Target discount store opened in Roseville Minnesota, and the famous bulls-eye trademark was first introduced to America. In just a short span of fifty-years, the company has grown to become the second largest retail store in the United States.
Target’s mission is to deliver outstanding value, continuous innovation and exceptional customer service to its consumers. It delivers outstanding value by fulfilling Target’s brand promise of “Expect More. Pay Less.” This is with accordance to the company’s value proposition of more for less. More for less is offering the best product selection, the best service and the lowest prices. The benefits of shopping at Target are superior to other local retail stores. Target stores offer more through its overall store design and its wide selection of designer-brands, enhancing the shopping experience for its customers. Inside Target stores, one would be drawn to its aesthetically pleasing red and white design. Its aisles are wide and clean, and related departments are conveniently placed next to each other (Toys next to Sporting Goods). During different times of the year, the stores are decorated with seasonal ornaments in hopes of turning a normal shopping trip into a fun family outing. Targets partnership with innovate leaders and emerging designer brands aims to generate excitement for its customers. Itso allows customers to go online and design their own storage spaces. Once decided, customers can have a printout of their shopping list with all the item components. Target offers limited time global home décor and exclusive runaway fashion trends for its customers to enjoy. On the other hand, Wal-Mart positions itself as same for less with its brand promise as “Save Money. Live Better.” They might not have the best...