Marketing Plan, Target Corporation Essay Example
Marketing Plan for Target, Inc.
1. Situation Analysis
Target is a national discount retailer started in 1962 from the Dayton Company. There are currently more than 1,300 stores in 47 states. They employ over 300,000 Target "Team Members" and have now been ranked as one of the top twenty corporate contribution givers in the nation. Target is currently climbing steadily up in the world of discount retailers to not only become on of the most recognized names in discount retailing, but also one of the most visited stores for all of a consumers' retail needs. Currently, they are growing fast into their own niche.
1.1. Internal Environment
1.1.1. Mission Statement Target's mission statement is
Because of this focus on giving back to the community, Target's marketing should also focus on what they provide to society.
1.2. External Environment
2. SWOT Analysis
Strengths:
Target uses a multitude of designers for their products, creating entire product lines that are from one designer. This set's it apart from other retail chains, in that customers can find items designed by Michael Graves for cleaning, for their bedroom, for their kitchen, and clothing. Or, they can purchase a lesser expensive line of Isaac Mizrahi clothing. Bringing designers like this to the public has been key in Target's image of being the discount retail store that customers can expect more from.
Target's locations are usually around other retailers, which could lead to more customers. (Compared to Wal-Mart, which usually stands alone in their locations)
Target does it's research of surrounding stores to accurately gauge where their prices should fall, which helps them stay competitive wherever they have locations
Weaknesses:
In an attempt to distance themselves from other discount retailers, Target may end up distancing themselves from other consumers as well
Often in attempt to maintain their classier image, Target doesn't play up their lower prices as much as they
1. Situation Analysis
Target is a national discount retailer started in 1962 from the Dayton Company. There are currently more than 1,300 stores in 47 states. They employ over 300,000 Target "Team Members" and have now been ranked as one of the top twenty corporate contribution givers in the nation. Target is currently climbing steadily up in the world of discount retailers to not only become on of the most recognized names in discount retailing, but also one of the most visited stores for all of a consumers' retail needs. Currently, they are growing fast into their own niche.
1.1. Internal Environment
1.1.1. Mission Statement Target's mission statement is
Because of this focus on giving back to the community, Target's marketing should also focus on what they provide to society.
1.2. External Environment
2. SWOT Analysis
Strengths:
Target uses a multitude of designers for their products, creating entire product lines that are from one designer. This set's it apart from other retail chains, in that customers can find items designed by Michael Graves for cleaning, for their bedroom, for their kitchen, and clothing. Or, they can purchase a lesser expensive line of Isaac Mizrahi clothing. Bringing designers like this to the public has been key in Target's image of being the discount retail store that customers can expect more from.
Target's locations are usually around other retailers, which could lead to more customers. (Compared to Wal-Mart, which usually stands alone in their locations)
Target does it's research of surrounding stores to accurately gauge where their prices should fall, which helps them stay competitive wherever they have locations
Weaknesses:
In an attempt to distance themselves from other discount retailers, Target may end up distancing themselves from other consumers as well
Often in attempt to maintain their classier image, Target doesn't play up their lower prices as much as they