Target Marketing Plan
BUNW 511 - Marketing Management
Marketing Plan for Target Corporation
Target Corporation is the second largest discount retailer in the United States. Target operates over 1,900 stores in the US and just recently 127 locations in Canada in 2013. The discount retailer sells hardlines, softlines, as well as groceries in some stores. Many stores also include optical, portrait studio, pharmacy, café, Starbucks, or Jamba Juice. Target’s commitment to providing a one-stop shopping experience lends the opportunity to introduce a retail clinic to the Northwest Indiana region. Market research indicates the growing need for convenient health care services in Northwest Indiana. The recent passing of the Affordable Care Act has created the need for alternative health care services in the region. The market strategy will be based on an approach to reach this market by utilizing resources to create awareness of this service, encourage existing customers as well as new customers to attach themselves to the brand, and remain an asset to the community in which this Target serves. 2. Situation Analysis
Target Corporation is primarily based out of the United States and is one of the largest retailers. Target sells a variety of products from apparel and accessories to household essentials. As of February 2013 it employed about 361,000 people. Their target markets are in the urban and suburban areas. 2.1. Company overview
Target was founded in Minnesota in in 1902 and was originally named Goodfellows. It was later changed to the Dayton Hudson Company before becoming Target. In 1970 they acquired the company Mervyn’s. In 1990 they opened their first Greatland Superstore. The Greatland Superstore consisted of photo services, better checkout lanes, and a larger pharmacy. Target’s core competencies are product differentiation, good reputation in the United States, and price positioning that aligns with consumer behavior. Target’s strategic assets are a multitude of brands including Cooking.com, Archer Farms, Circo, Embark, Cherokee, Converse, and Genuine Kids by Oshkosh. Target’s current product line are household items, apparels and accessories, hardlines, home furnishings and décor, food and pet supplies, and pharmaceutical, dining, and optical services. Target hopes to strengthen its market position with expansion plans. The expansion plans consist of expanding to locations outside of the United States into Canada. It also hopes to grow its business by creating new store small-formats which would be under CityTarget and be located in densely populated urban areas. In the MarketLine, Target Corporation, document it discusses Target’s mission and vision. It states, “Differentiation with exceptional value, which represents the foundation of our “Expect More. Pay Less.” Brand promise, will continue to set Target apart in the marketplace. We remain committed to offering a truly unique assortment – through our design partnerships, outstanding portfolio of owned brands and curated selection of signature national brands. And we are equally unwavering in our commitment to provide a compelling value proposition, as we showed by expanding our Price Match Guarantee to include select online competitors. We’re also collaborating closely with our vendors on channel-management strategies that sharpen prices and improve selection of our guests.” Target’s current retail clinic activities consists of clinic locations in Florida, Illinois, Maryland, Minnesota, and Virginia to name a few. The clinics offer services from minor illness and injury treatments to vaccinations. Target conducted a survey that shows an increasing demand for retail clinic services based on the growing increase of new customers due to the Affordable Health Care Act. 2.2. Market overview
The people who use Target clinics are not exclusively a subset of the overall market that shops at Target. The...
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Retrieved on October 9, 2014.
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