This graph is based on our survey. Target has the highest in terms of quality and price. Costco is the middle one and Walmart is the lowest one in terms of quality and price.
Second part
Target Corporation current target market is Middle to high income consumers, baby boomers, and homegoods and stylish apparel consumers..
Additional to the current target market, we proposed: Consumers who are conscious of discount store, millennials and grocery consumers as target’s target market. Consumers who are conscious of discount store because some people feel embarrassed to go to a “dollar” store and Target is doing a great job of becoming a upper/high end discount retailer. Second target market is millennials. There are various reasons why millennials are our target market. One reason is because millennials are both influencers and trendsetters. Seven out of ten millennials believe that they are obligated to share their feedback with brands whether it was a good or bad experience they had encountered. Which means if they have a good experience with us, this can be a powerful and free advertising for Target because people trust word-of-mouth more than they trust advertising.
Another reason is because it is relatively easy to reach them. Given that the millennials are usually technologically savvy, Target Corp. can reach them simply by having a high social media presence because roughly about 62% of the millennials, visit their social networks on a daily basis (forbes, 2015)
Lastly, millennials have a high buying power. In accordance to recent research, it has been established that a millennial’s buying power in America stands at around $200 billion (Forbes, 2015). In a nutshell, consumer-buying power is the term used in reference to the customer’s capacity to purchase specific quantities of either goods or services. Millennials not only have a high buying power, but they are ready to spend their money. This factor is also enhanced because of the growing economy in America. As the economy grows, people are more willing to spend on convenience items.
And lastly, we would like grocery consumers as target market. Target did have a grocery section on their stores however they are not eyeing specifically for grocery consumers. People shop at Target not because of the grocery, but it is mainly because of the household stuff. Target is not considered a weekly shopping spot. Why we want to target them? Because most people go on grocery once a week or more and every time they buy what they need at the stores, the store can tempt them with unplanned impulse purchases
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target_essay_part_2.docx
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