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MKT-315-RS-Marketing-Plan-Analysis-and-Presentation-Part-1-AaronChipix.docx
Marketing Plan Analysis and Presentation: Part 1 – Research Template
Directions: Visit the website for the company you have selected and obtain a copy of the annual report. Locate three to five additional resources that will provide data and information related to the brand story; the company vision, mission, and marketing objectives; and strategies and tactics the company is currently using to meet the marketing objectives. You will also use this information to complete a SWOT analysis. Apply your research findings when completing each item below.
Company Name: Target Corporation
Brand Story:
Target Corporation was founded in 1902 by George Dayton originally named Goodfellow Dry Goods. The company has been renamed 7 times over the years. In 1969 the company was renamed to Dayton-Hudson Corporation after merging with the J.L. Hudson Company, and held ownership of several departments store chains including Dayton’s, Hudson’s, Marshall Field’s and Mervyn’s. In 2000 the Dayton-Hudson Corporation was renamed to Target Corporation. In 2004 Target sells retail chains Marshall Field's and Mervyn's. Target Corporation is the 8th largest retail store in the United States. Ranked No. 37 on the Fortune 500 list of the United States Corporations by total revenue in 2020. Target Corporation has a partnership with Starbucks Coffee, and CVS pharmacies. Target Corporation has over 30 private register trade brands. Since 2000 Target has joined the online retail market ranking No. 98 in the United States Alexa Internet as of October 2019. Target Corporation is a philanthropic company. Target has provided monetary and product donation to various charitable organizations and non- profit. Target provided over $25 million in donations to St. Jude Children Research Hospital housing. Which open 96 fully furnished apartments for families needing to start at St. Jude over 90 days. Target has also provided relief to men-made and natural disasters. Target has been recognized by two U.S Presidents for their giving and in involvement in with the community. Target partnership are usually with women own businesses and 50% of their stores are managed by women. As they continue to into the next phase in the company’s evolution.
Company Vision: “To help all families discover the joy of everyday life. That’s our purpose. Our mission. The promise of surprises, fun, ease and inspiration at every turn, no matter when, where or how you shop.”
Company Mission: Target’s mission statement is “To make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and exceptional guest experience by consistently fulfilling our Expect More. Pay Less. Brand Promise.”
Company Marketing Objectives: Target appeals to a range of customer segments, including women, kids, teens, young singles and families. Typically, customers are well-educated, moderate-to-better income families who live active lifestyles. Median age is 40.
Company Marketing Strategies and Tactics: In 250 words, provide a high-level summary of the strategies and tactics the company is currently using to meet its marketing objectives. Include discussion about the market and consumer data that was used in formulating the strategies and tactics. Reference and cite your research sources within the summary.
Target conducts its business in an extremely competitive retail industry and it employs several strategies to stay competitive and at the same time remain the dominant player in the market. The retailer predominantly uses its cost leadership strategy with tweaks in this core strategy across the world. The marketing strategy of the company is aimed at ensuring the organic growth of the company across the globe while maximizing the stakeholder and company value. It competes with the likes of Amazon, Costco, Walmart, and Whole Foods and applying the Porter’s five force model indicates that these companies exert a competitive pressure on Target and it requires constantly innovating and coming up with novel strategies to stay relevant in the competition. “Target also offers REDCard Service for household essentials, fashion and accessories, Pet supplies, Groceries at discounted prices in their retail stores or through their digital sales channels.” MBA Skool Team (2020). The elements of the marketing mix for the company include the 3Ps and we will examine them individually to understand the marketing strategy better.
People: Target employ’s roughly 340,000+ both full time, part time employs, and also seasonal workers. Their main priority for them is customer service ensuring every single person that comes through those doors gets the best experience possible.
Process: “Target has a strong distribution network. Vendors and third party distributors deliver the merchandise directly to the retail outlets.” The Target vendors want to make sure that they deliver the best of their product to be sold through their many stores. Ensuring that Targets get the best of all brands they ensure that people will always come back and shop.
Physical Evidence: There are over 1,700 stores throughout the US, this makes Target one of the most known one stop shopping store in the US. With their multiple partnerships with CVS, Starbucks and others there is nothing that Target Corporations will not do to make your shopping the best experience in your life.
SWOT Analysis: Using the data and information from your research, complete a SWOT analysis for the company. Reference and cite the topic materials for details on conducting SWOT analysis.
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Strengths · Wide Range of Merchandise · Brand Positioning · Designer apparels · Partnership with Starbucks · Market Presence · Digital Services (APP) |
Weaknesses · Expensive · Customer Data Security · Little Presence in the International Market
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Opportunities · Target’s Partnership with CVS
· RED card Rewards loyalty Program
· Same Day Delivery |
Threats · Local Competition
· Failure to differentiate
· Vulnerable to Economic Downfall |
Citation of Sources: Provide APA citations for the company’s annual report and the other research sources utilized in completing the assignment.
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Name of Source |
Citation Information |
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Target Website |
Target Inc, (2019). 2019 Annual Report. Retrieved from
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Corporate Section of Walmart website |
Anitsal, I., Anitsal, M. M., & Girard, T. (2013). Retail mission statements: Top 100 global retailers. Academy of Strategic Management Journal, 12(1), 1. Retrieved from https://mission-statement.com/target/
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Target’s |
A Bullseye View (2020), Retrieved from
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Marketing Mix |
MBA Skool Team ( April 19, 2020), Retrieved from https://www.mbaskool.com/marketing-mix/services/16770-target.html
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SWOT Analysis |
Target SWOT analysis 2019: SWOT Analysis of Tar. (2019, August 20), Retrieved from https://bstrategyhub.com/targets-swot-analysis/
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Marketing Strategy |
MBA Skool Team ( April 19, 2020), Retrieved from https://www.mbaskool.com/marketing-mix/services/16770-target.html
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