Marketing Management and Planning

Running Head: MARKETING MANAGEMENT AND PLANNING
MARKETING MANAGEMENT AND PLANNING
Name of the Student
Name of the University
Author Note

1MARKETING MANAGEMENT AND PLANNING
Table of Contents
1 Introduction.............................................................................................................................2
2 Marketing objectives...............................................................................................................2
2.1 Current Situation..............................................................................................................2
2.2 Objectives.........................................................................................................................3
3 Segmentations, Target markets and Positioning.....................................................................4
3.1 Target Markets.................................................................................................................4
3.2 Positioning........................................................................................................................5
4 Marketing Mix Strategies........................................................................................................5
4.1 Product Strategy...............................................................................................................6
4.2 Price Strategy...................................................................................................................6
4.3 Promotion Strategy...........................................................................................................7
4.5 Distribution Strategy........................................................................................................8
5 Conclusion...............................................................................................................................9
6 References.............................................................................................................................11

2MARKETING MANAGEMENT AND PLANNING
1 Introduction
The aim of this report is the situational analysis of the marketing strategies, which can
be applied to the Australian company, Target for improving the market performance due to
trouble faced by them. This report will examine the current issues of the company that is to
be addressed in the new 12-month term of marketing plan. In addition, discussion will be
based on the three objectives for the forthcoming 12 months with the help of criteria of
S.M.A.R.T goal setting as well as link of these goals to the identified issues. Further,
segmentation, target markets and positioning of the product or services for the target market
will be discussed in which marketing strategies will be discussed for improving the Target’s
market performance by identification of the profitable targets markets by effective
positioning and market segmentation. Moreover, the approach of the marketing mix will be
discussed. Lastly, the discussion will be based on how the marketing plan will assist the
company and its uses in the tactics and strategies of the company.
2 Marketing objectives
2.1 Current Situation
Target Australia Pty Ltd. is owned by Wesfarmers is the departmental store having
mid priced. The company earlier worked on the motto of “half the profit, twice the turnover”
but the current mission statement of the company is “quality fashion basics for everyone at
lower prices”. This company is recognized as Australia’s one of the most popular
departmental store having store chains almost all over the world. It offers wide variety of
products of clothing for men’s as well as women’s, kids wear, toys, electronics, homewares.
In 2014, this company has been awarded with Australia’s discount departmental store. The
market strength of the company originally was offerings products of high quality at
affordable prices (Jacobs & Singhal, 2017). However, because of Wesfarmers acquisition, the

3MARKETING MANAGEMENT AND PLANNING
company has struggled for their brand image. Target replicated the success of their sister
company Kmart by moving to market positioning of discount department store that have put
confusion to their loyal customers. It provided wide variety of products but there was
problem of positioning of the company among their competitors due to lack of distinction
between discounted products and luxury products ("Target shows progress, but turnaround
still has a way to go", 2019). The current market situation in the departmental stores of
Australia prevails that the shares prices of the departmental stores are reducing, in addition, it
is facing very tough situation due to increase in the competition, increased popularity of e-
commerce stores is raising the market shares and lower confidence among consumers. Hence,
in order to enhance the competitive advantages, company needs to remove the lower profit
margins of luxury items and sources the products that convey prestige with higher profit
margins. It can capitalize on its brand strength by having mid-tier departmental store and
removing the discounted products from the shelves ("Target : Expect More. Pay Less.",
2019).
2.2 Objectives
In relation to the current situation of Target as well as the identification of the issues,
the first step that the company takes in developing the marketing plan is to set the objectives
that have to be strived within forthcoming 12 months period. SMART goal criteria stands for
the objectives, which are specific, measurable, attainable, relevant and timely (DASCALU,
2016). This goal setting criteria is used for defining the following objectives for helping
Target for the development of the marketing plan:
 In order to target the group of customers, the company should provide better services
to their customers. It is observed that, every departmental store; more or less provide
similar products. Hence, for attracting the customers, they have to provide strong
reason for next visit and very different experience. In order to keep pace with the