MKT 222 Milestone Three

MKT 222 Milestone One

Southern New Hampshire University

May 15th, 2022

Moné Jones

History and Background of a Retail Company

Target is one of the famous multimillion corporations in the world of business. The company was started in 1902 by George Draper Dayton. The company was known for selling dry goods in a store when it started. In 1911, the target was then called Dayton Goods Company which later turned into the Dayton department store. By 1916, Dayton had transitioned into a retail research association. Since then, the company has undergone tremendous growth and expansion, increasing its revenue generation and profits. By 1940, Dayton had started giving back to the community because of increased profits. In 1954, Dayton started expanding and extending into other regions such as Rochester and Minn and suburban areas such as Brookdale, Rosedale and Ridgedale in Minnesota. The company has expanded and extended into the global market by venturing into other businesses, including offering credit cards, opening super target stores, and providing premium foods. Target has incorporated online shopping and Target mobile on cell phone apps in the last two decades.

The mission at Target Corporation is "to put the need of people, communities and the planet at the heart of how we work today, to help build a better tomorrow." Target is a large corporation famously known for the provision of various products, including groceries, clothing, electronics, toys, beauty items and household goods. Target Corporation uses a unique pricing strategy whereby the company's leadership looks into what the competitors are providing and makes prices to ensure that the company reaps maximum profits while providing consumers with lower rates (Alshakhoori et al., 2016). These rates are vital in allowing a great profit margin for the company and offering consumers a dollar section. Due to these tremendous operations, Target Corporation realizes higher returns on its investments. For instance, by 2019, the company's trading shares were at $110.49.

Target Corporation faces stiff competition from leading competitors such as Walmart, leading in its overall market share within the retail industry. The economical demands have pushed many people to look for cheaper alternatives; therefore, even though Walmart is known for its lower prices, people still choose Target because of its shopping experience that is consumer-friendly as compared to that of Walmart.

Technologically, Target has incorporated self-checkout and related services on their devices. These devices have incorporated the Target app that allows people to check out whenever cashiers are full. The online platform offers the consumers an alternative to shop online and get the commodities delivered at their preferable store or your doorstep. With the current status of Americans, this shopping experience has provided efficiency and time safety among many ever-busy Americans.

Target Corporation targets a consumer base of individuals between 18 and 44 years. Most of these populations are shoppers who generate close to $100,000 annually. A vast majority of this population is predominantly whites. Target is strategic in its advertisement and promotional methods. It has adopted the ATL and BTL strategies of promotion to increase the company's customer base (Alshakhoori et al., 2016). The brand has also launched various ad campaigns in various media channels through fliers, coupons, newspapers and magazine commercials. With a strong social media presence, Target Corporation uses YouTube, Facebook, Instagram, and Twitter to advertise and promote its products and services.

References

Alshakhoori, N., Alkenaizi, A., & George, S. (2016). Business Strategies of Discount Retailers: A Comparative Study of Target Corporation and Costco Wholesale Corporation. International Journal of Research in Management, Economics and Commerce, 6(3), 27-40.