Target Marketing Objectives
Marketing and Product Objectives
Over the next five-years the Target Corporation will increase sales focusing on two primary target markets, enhance the guest experience, and improve efficiencies. Target will look to expand their market share of the middle class consumer who is brand aware and engage in initiatives to expand their market of Hispanic Millennium consumers. Target Corporation will take advantage of its Expect More. Pay Less. ® brand promise to build brand awareness in the department and discount retail space, introduce products and marketing promotions to target new market segments, introduce new and exciting retail locations as well as grow its market share. The following areas are detailed below:
Current markets-
Target Corporation …show more content…
These designs are a more flexible format which will cater to guests in the rapidly-growing urban areas(Halzack, 2015). Consumer confidence continues to increase, up to 92.6% in December of 2015, so does the migration of consumer from rural areas to downtown/urban areas (Cofer, 2016). It is estimated that 8 out 10 consumers reside in urban areas (Cofer, 2016). This represents 80% of all retail consumers are residing and shopping in urban areas.
New Products –
Target Corporation will continue to increase sales by introducing locally relevant products. In year 1 there will be extensive new product research conducted that will take into consideration such factors as demographics, climate, location and other guest-led driving merchandising decisions. New product additions will be introduced in years 2 and 3. Technology will be utilized to target market these new products in their appropriate locations through multiple channels.
Market Product Grid Products
Market Segments Household Essentials (26%) Hardlines (17%) Apparel and accessories (19%) Food and Pet Supplies (21%) Home Furnishes and …show more content…
1) The unique focus on guest experience through multiple retail channels – retails stores, online and mobile. Target has been and continues to invest in technology to enhance the guest experience to increase speed and easy of the shopping event.
2) Guest satisfaction is a top priority for Target Corporation. Target invests in the employees to provide the ultimate experience in guest assistance; providing guests with information and products they are looking for. Target’s associates are known for being fast, knowledgeable and available for the customers when they need them (Leinbach-Reyhle, 2014).
3) Over 50 years of community engagement. Target Corporation continues to set goals of giving 5% of its profit back to their communities. Target’s dedication to diversity and inclusion is reflected in the many ways the engage in the community, through innovative education programs, partnerships, sponsorships and
Over the next five-years the Target Corporation will increase sales focusing on two primary target markets, enhance the guest experience, and improve efficiencies. Target will look to expand their market share of the middle class consumer who is brand aware and engage in initiatives to expand their market of Hispanic Millennium consumers. Target Corporation will take advantage of its Expect More. Pay Less. ® brand promise to build brand awareness in the department and discount retail space, introduce products and marketing promotions to target new market segments, introduce new and exciting retail locations as well as grow its market share. The following areas are detailed below:
Current markets-
Target Corporation …show more content…
These designs are a more flexible format which will cater to guests in the rapidly-growing urban areas(Halzack, 2015). Consumer confidence continues to increase, up to 92.6% in December of 2015, so does the migration of consumer from rural areas to downtown/urban areas (Cofer, 2016). It is estimated that 8 out 10 consumers reside in urban areas (Cofer, 2016). This represents 80% of all retail consumers are residing and shopping in urban areas.
New Products –
Target Corporation will continue to increase sales by introducing locally relevant products. In year 1 there will be extensive new product research conducted that will take into consideration such factors as demographics, climate, location and other guest-led driving merchandising decisions. New product additions will be introduced in years 2 and 3. Technology will be utilized to target market these new products in their appropriate locations through multiple channels.
Market Product Grid Products
Market Segments Household Essentials (26%) Hardlines (17%) Apparel and accessories (19%) Food and Pet Supplies (21%) Home Furnishes and …show more content…
1) The unique focus on guest experience through multiple retail channels – retails stores, online and mobile. Target has been and continues to invest in technology to enhance the guest experience to increase speed and easy of the shopping event.
2) Guest satisfaction is a top priority for Target Corporation. Target invests in the employees to provide the ultimate experience in guest assistance; providing guests with information and products they are looking for. Target’s associates are known for being fast, knowledgeable and available for the customers when they need them (Leinbach-Reyhle, 2014).
3) Over 50 years of community engagement. Target Corporation continues to set goals of giving 5% of its profit back to their communities. Target’s dedication to diversity and inclusion is reflected in the many ways the engage in the community, through innovative education programs, partnerships, sponsorships and