target corp marketing strategy

EXPECT MORE PAY LESS

BUSINESS OBJECTIVE STATEMENT

OWNER SHIP & MANAGEMENT ALTERNATIVES

GOODS AND SERVICES CATEGORY

TARGET’S SWOT

OVERALL STRATEGY & SPECIFIC ACTIVITIES

DISTINCT DIFFERENCES OF TARGET AND WALLMARTS IMC STRATEGIES

WHY TARGET MORE FOCUSED ON VALUE

BUSINESS

STATEMENT

Target corporation is the second largest American retailer and mass merchandiser. It offers both everyday essentials and fashionable, differentiated merchandise at discounted prices.

OWNERSHIP & MANAGEMENT ALTERNATIVES

Publicly traded company founded in 1902 at $66.38 per share.

Retail locations are managed by the headquarters.

Within target stores there are licensed departments .

Target segments include U.S Retail and U.S creditcard.

GOODS CATEGORY

House hold essentials

Hard lines

Apparel and accessories

Home furnishing and decor

Pet supplies

Groceries

SERVICES CATEGORY

Pharmacy

Walk in clinic

Target optical

Photo centre

Portrait studio

Target RED card

In store Pickup

TARGET’S SWOTSTRENGHTS

WEAKNSSES

1.Not as many locations as walmart.2.High stock out rate.3.Limited visibility .4.No store in alaska, hawaii..

1.Higher quality and innovative products2.Exclusive partnerships with designers.3.Target RED card, Target visa and Target card.3.Appearance of their stores.4.Price matching of online retailers.


TARGET

PRICING

STRATEGY1.Target corp. is overhauling its pricing strategies as it tries to win price wars with wal mart and Amazon .2.Target announced it year round price matching policy with the aim of offering its patrons the facility to match the prices being offered by online retail giants.

DISTRIBUTION

Distribution strategy

Brick and mortar stores

Online Catalog

Target distributes its merchandise through a network of distribution centers, as well as third parties and direct shipping from vendors. Further , it provides general merchandise through its website, Target.com ; and branded proprietary Target debit card..

PROMOTION

Advertising and promotional plan including social media efforts :

Twitter

Facebook

Youtube

Instagram

Pinterest

Linkedin

Tumblr

SOME OF THE PAPER ADS BY TARGET COMPANY

OTHER PROMOTIONAL INITIATIVES

1. In 2008, Target introduces its official m as cot : “BULLSEYE” the dog.

2. Target further promotes a positive brand image through its social responsibity initiatives

TYPES OF ADVERTISING MEDIA USED

1.Features large amount of user content , such as reviews and product image through social media.2.Offers exclusive deals ; and quickly respond to user comments and needs.3. Television , print , email , direct mail , billboards , in store , newspaper , billboard , magazine , tv , catalog and interest ads are the ways to reach the target audience….

CONSUMER PERSPECTIVE 1

PREDICTING CUSTOMER NEEDS

LARGE INVENTORY : Target is seen as an upscale discount store, because it has many major designers that design a line of products just for target

HIGH END ATMOSPHERE : Customer prefer to shop in an atmosphere where they are treated well and feel good about the store , this results in a willingness to pay more for items …

CONSUMER PERSPECTIVE 2

CUSTOMER SERVICE

Online customer service: This hits mare of the tech savvy buyers that like to use the internet to search , review and buy products online than going to the store .

BUSINESS STRATEGY

Business strategy model

Lowest cost Distinctiveness

Cost leader ship

DifferentiationBroad market

Narrow market segments

Focused cost leader ship

Focused differentiation

INTEGRATED COST LEADERSHIP & DIFFERENTATION

INTEGRATED COST LEADERSHIP/DIFFERENTATION STRATEGY

Target uses an integrated cost differentiation strategy with “EXPECT MORE PAY LESS” . It has helped the store deliver greater convenience. Increased savings and more Personalized shopping experience.Target looks to provide the consumer with new ways of convenient retail shopping.

Target offers price matching to its competitors and incentives to its consumers with things such as RED CARD REWARDS . The target crop is always looking to bring value to its guests by finding new ways to shop with innovative products. Providing a unique experience foe each consumer.

IMC STRATEGIES OF TARGET

Over the years Target has retailed a large variety of products but has differentiated itself by marketing as “CHEAP CHIC”. This communication strategy targeted an up market cachet with quality merchandise at affordable prices. They bring new trends to shelves faster than other discount retailers and integrated “FAST FASHION” to result in more frequent shoppers visit. Advertising campaigns such as “EXPECT MORE PAY LESS” work to communicate their target audience of younger, more affluent ,and brand purchase intention with its IMC strategies..

IMC STRATEGIES OF WALMART

Walmart has conveyed a brand as a discount superstore . Which consumer perceive as cheap and low quality. Target enforces a strong trust in its consumer of quality and high end products. Through their integrated marketing communication strategies the brand has become perceived as high end affordability. This differentiation is how target has wedged itself a niche in the discount real market.

VALUES ?

When the recession beginning in 2008 hit, target sales fell as consumer migrated towards low cost necessities provided by7 discount such as walmart. With this startle in sales and revenue , which measured the company success , target proceeded to alter its marketing message to address the slow economic times. They combatted the recession with altering the products and availability but maintained a high standard of quality at and emphasized value more. Phrases such as “FRESH FOR LESS” and “NEW WAY TO SAVE” helped communicate this new marketing focus.

OWNER SHIP & MANAGEMENT ALTERNATIVES

GOODS AND SERVICES CATEGORY

TARGET’S SWOT




BUSINESS OBJECTIVE STATEMENT

CREATED BY :

K.HARSHA VARDHANA

ELECTRICAL DEPARTMENTN I T JAMSHEDPUR.

UNDER :

PROF. SAMEER MATHUR

IIM LUCKNOW