Target Corp.
TARGET CORPORATION
Introduction
The Target Bulls-eye logo has become instantly recognizable and synonymous with high quality and style at affordable prices. From its origins in 1902 as The Dayton Dry Goods Company in Minneapolis, Minnesota to the opening of the first Target store in 1962 in Roseville, Minnesota, Target Corporation has grown into one of top five retailers in the United States today with over 1,600 stores and 350,000 employees. Total revenues and net earnings for 2008 reached $64.9 billion and $2.2 billion respectively (Target Corporation, n.d.). Such results rank Target as the 28th largest U.S. Corporation with a market value of $25.7 billion as of March 2009 (Largest U.S., 2009). Innovative marketing strategies have certainly contributed to the company’s enormous success over the years. The “Expect More. Pay Less” strategy builds upon the company’s mission to deliver outstanding value, great brands, thoughtful innovation, exceptional design, and unique style (Target Corporation, n.d.). Target’s market positioning and value proposition have evidently helped build the company into one of the leading retailers today.
Strategic Planning
“Financial success often depends on marketing ability” (Kotler & Keller, 2009). Nothing could be truer in Target’s case. From its humble beginnings in Roseville, Minnesota, the company has grown into one of the largest retailers in the U.S. through organic growth and strategic acquisitions. Target differentiates itself from competitors by providing customers with high-quality and trend-forward products at affordable prices. The company incorporates this philosophy throughout the design of its stores, creative advertising, and unique product branding. As a result of this approach, Target was able to carve out a niche market among consumers that “are on average younger, better educated, and more affluent” (Barwise & Meehan, 2004). Successful design partnerships and clever advertising significantly
Introduction
The Target Bulls-eye logo has become instantly recognizable and synonymous with high quality and style at affordable prices. From its origins in 1902 as The Dayton Dry Goods Company in Minneapolis, Minnesota to the opening of the first Target store in 1962 in Roseville, Minnesota, Target Corporation has grown into one of top five retailers in the United States today with over 1,600 stores and 350,000 employees. Total revenues and net earnings for 2008 reached $64.9 billion and $2.2 billion respectively (Target Corporation, n.d.). Such results rank Target as the 28th largest U.S. Corporation with a market value of $25.7 billion as of March 2009 (Largest U.S., 2009). Innovative marketing strategies have certainly contributed to the company’s enormous success over the years. The “Expect More. Pay Less” strategy builds upon the company’s mission to deliver outstanding value, great brands, thoughtful innovation, exceptional design, and unique style (Target Corporation, n.d.). Target’s market positioning and value proposition have evidently helped build the company into one of the leading retailers today.
Strategic Planning
“Financial success often depends on marketing ability” (Kotler & Keller, 2009). Nothing could be truer in Target’s case. From its humble beginnings in Roseville, Minnesota, the company has grown into one of the largest retailers in the U.S. through organic growth and strategic acquisitions. Target differentiates itself from competitors by providing customers with high-quality and trend-forward products at affordable prices. The company incorporates this philosophy throughout the design of its stores, creative advertising, and unique product branding. As a result of this approach, Target was able to carve out a niche market among consumers that “are on average younger, better educated, and more affluent” (Barwise & Meehan, 2004). Successful design partnerships and clever advertising significantly
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