Marketing Plan1 Contents Description of selected company.....................................................................................................2 Core products/services company offer............................................................................................2 Brief history.....................................................................................................................................3 Key current competitors..................................................................................................................3 SWOT analysis................................................................................................................................4 Strengths......................................................................................................................................4 Weaknesses..................................................................................................................................4 Opportunities...............................................................................................................................4 Threats.........................................................................................................................................5 Service line for Target Corporation.................................................................................................5
Marketing Plan2 Description of selected company The target corporation is second-largest discount store retailers in the US, behind the Walmart. The company is well-known merchandise retailer who sells its products with the help of their stores and digital channels. The company provides the food assortment to their customers that include perishables, dry grocery, frozen items and dairy products. Target Corporation owned different brands including Archer Farms, Market Pantry, Sutton & Dodge, Threshold, Smith & Hawken and many others (Reuters, 2018). Core products/services company offer Target Corporation tries to offer every product to their customers under one roof. The company operates its business operation in 4 major product categories. These categories are discussed below: - Household essentials: - One of the major categories includes the household essential products. It includes a pharmacy, personal and beauty care, cleaning, and paper products. The company is able to achieve more than 20% sales from the household products. Food and pet supplies: - Along with the household products the company offers dry grocery, food and beverages, dairy, frozen foods, candy, meat, pet suppliers and other products. Target Corporation has achieved more than their 20% sales from the food and pet suppliers product. Apparel and Accessories: - In the segment of apparel and accessories company offers apparel for women, men, boys, girls, kids, toddles along with the jewelry through which the company is able to achieve the approx. 20% of sales (Reuters, 2018).
Marketing Plan3 Hardlines: - Company offers the products related to the Hardlines that include electronics, books, computer software and many others. Home furniture and décor: - Target Corporation ensure that they are able to meet the needs of the customers by providing them products under one roof which is essential to achieve the goals and objective of the company. Brief history The company was established by George Dayton in the year 1902 with the headquarters in Minneapolis, Minnesota. The first target store came into existence in the year 1962 at Roseville, Minnesota. By the year 2017, the company had approx. 1,802 stores around the US. Out of these 1,535 are owned stores and 107 are leased stores (Reuters, 2018). The remaining stores are owned by the company but on leased land. Key current competitors The key competitors of the company that are present in the market include Wal-Mart Stores Costco Wholesale, Amazon and many others. All these companies deal in the same segment due to which the competition among the companies is intensive. Walmart is giving strong competition to the Target by keeping the low prices of the products (Kuang, 2018). On the other hand, Costco offers a heavy discount to their customers which helps them in attracting customers. This reflects that both the companies give strong competition to Target Corporation.
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Marketing Plan4 SWOT analysis Swot analysis is a strategic tool that is used by the companies to determine the strengths, weakness, opportunity, and threats associated with the business (Chernev, 2018). Strengths Strong presence: - Target Corporation is able to achieve the strong presence in the US market because of its large-scale operations in the country (Kotler, 2015). Strong expertise in marketing: - Company makes use of the strong tool for the marketing of the product. The major focus is on the highly profitable segment of the retail market that is fashion and household furnishings. Loyalty Program: - The company initiated the REDcard Royalty program in the year 2010 in which the regular customer can avail the benefit of a discount on purchase. This helped the company in attracting customers and generating customer loyalty. Weaknesses Dependence on supplier: - Company is depended on suppliers for most of its products which is one of the weaknesses of the company due to which they have to pay more prices of products sometimes. Data breach: - In 2013, the company faced the data breach in which they experienced a leak of details. This reflects the weakness of the company in the field of IT (Bhasin, 2018). Opportunities Small neighbor stores: - Target Corporation has the opportunity under which they can open new small neighbor stores for particular items in the US.
Marketing Plan5 Reduce prices: - Company needs to focus on cost cutting of the products which will help them in attracting the customers and increasing the market share. Adding service: - Target Corporation can contribute in adding more services which will help them in making a profit. Threats Competitors: - The change in the strategies of the competitors is one of the biggest threats to the company. Rise in Labour cost: - The labor cost in the US is increasing which is leading risk for the company as this will reduce their profit. Service line for Target Corporation In an era of information technology, the companies are becoming advance through technology. Target Corporation is willing to add the service of one day delivery to their customers which will help them in increasing customers and deal with their competitors due to which there is need of the investment. The marketing plan should be developed on this service by doing so the company will grab the opportunity.
Marketing Plan6 References Bhasin, H. (2018).SWOT Analysis of Target. Retrieved from: https://www.marketing91.com/swot-analysis-target/ Chernev, A. (2018).Strategic marketing management. Chicago: Cerebellum Press. Kotler, P. (2015).Framework for marketing management. India: Pearson Education. Kuang, C. (2018).Who are Target's (TGT) main competitors?. Retrieved from: https://www.investopedia.com/ask/answers/051915/who-are-targets-tgt-main- competitors.asp Reuters. (2018).Target Corp (TGT).Retrieved from: https://www.reuters.com/finance/stocks/company-profile/TGT