MKT 222 Milestone Three

MKT 222 SWOT Target

Southern New Hampshire University

May 22, 2022

Moné Jones

Strengths

· Financial strategy

· Overly satisfied shopping experience

· Loyal customers of all age and income categories

· Exclusive store brand/private brand

· Discounted products of all varieties

· Strong marketing strategies

Weaknesses

· Competitors such as Walmart and Amazon

· Security data breech

· Limited products compared to competitors

· Transition from smaller target to super target.

Opportunities

· Make more strategic partnerships

· Expansion into new markets such as international

Threats

· Change in customer trends

· Ambitious competition

· Decreasing purchasing power among consumers

Target is a multibillion dollar company that appears to maintain its growth. Since target has been born they have thrived on their campaigns that demonstrate to the consumers how devoted target is not only to itself but to the community even world. This strategy draws in many more consumers to then be loyal to the brand. Target has retained any and all information based on customer feedback, because of that “The company has also achieved this strength by offering affordable premium products, a hassle-free customer experience, and loyalty programs. Target has found strength in its ardent customers, ranking customer loyalty at 86%.”(QuerySprout. (2022, January 31). Although target has competitors like Walmart and Amazon, “Target claims that its products are of superior quality, but most prices are 15% higher than its competitors.”(QuerySprout. (2022, January 31). Which their customers will pay for a great shopping experience and better quality products versus an awful experience and cheap products.

Target has done a successful job with keeping up with their top competitor Amazon. Amazon offers 1-2 shipping for their primes members, which is a monthly/annually subscription. Target now offers 2 day shipping as long as the purchase is over thirty-five dollars. Amazon is Targets top threat, in order to keep competing with Amazon they also provide target drive up as long as the items are in stock. Since Covid “Target increased minimum wage to $15” (Target history timeline. Target Corporate. (n.d) which was “more than 20% higher than the U.S industry average.” (Target history timeline. Target Corporate. (n.d). Also, “Throughout the coronavirus pandemic, Target focused first on taking care of team members and their families, providing coronavirus benefits, increased wages, recognition bonuses, special shopping hours and many additional services. Target played a critical role in providing its guests across the country with essential goods as they managed the impact of the coronavirus, and expanded its extensive fulfillment service options, allowing for contactless delivery through same day delivery using Shipt, Order Pickup and Drive Up services.” (Target history timeline. Target Corporate. (n.d). No matter the strengths and opportunities, targets main focus is on their weaknesses and threats so they can be the top company and only company that crosses the consumers mind.

References

Target history timeline. Target Corporate. (n.d.). Retrieved May 24, 2022, from https://corporate.target.com/about/purpose-history/History-Timeline?era=3 

Target SWOT analysis 2022 (strengths, threats + more). QuerySprout. (2022, January 31). Retrieved May 24, 2022, from https://querysprout.com/target-swot-analysis/