Strategic Marketing Management for Target Corporation in Singapore

Running head: STRATEGIC MARKETING MANAGEMENT
August 6
2018

STRATEGIC MARKETING MANAGEMENT 1
Table of Contents
Introduction...............................................................................................................................2
Target Corporation..............................................................................................................2
Environmental Analysis......................................................................................................3
Porter 5 Force Analysis for Target Corporation..........................................................3
Marketing Objectives..........................................................................................................4
Target Market.......................................................................................................................5
Marketing Mix of Target Corporation................................................................................5
Products............................................................................................................................5
Price...................................................................................................................................7
Place..................................................................................................................................7
Promotion..........................................................................................................................7
Financials..............................................................................................................................8
Pricing Strategies............................................................................................................8
Marketing program..........................................................................................................8
Controls.................................................................................................................................9
Marketing Channel Control Strategies.........................................................................9
Distribution Strategies.....................................................................................................9
Mass communication Strategy....................................................................................10
Marketing responsibilities for long-term success......................................................10
Conclusion..............................................................................................................................11
References.............................................................................................................................12

STRATEGIC MARKETING MANAGEMENT 2
Introduction
It is simple to reach the targeted consumers, but various marketers lack the
capability to make convincing brands and accessible practices with significant
consequences. To comprehend the promise of big-data profits, leaders of marketing
have to claim their stake in a progressively loud brand background, track the goals of
the business against developing analytics and provide significant benefits to the
customers who desire human connection first (Darden Virginia, 2018). This report is
being designed to represent the one-year strategic marketing plan for the Target
Corporation to initiate its services in Singapore in 2019. The strategic marketing plan
will conduct the environmental analysis for the Target Corporation to highlight the
factors that can affect the business in Singapore. Besides this, it will discuss the
marketing objectives, target market, and marketing mix of Target Corporation.
Financial assumptions will also be projected in this report.
Target Corporation
Target Corporation is the second leading retailing department store of United States,
after Wal-Mart, and is a constituent of S&P 500 Index. George Dayton established
the business with headquarter in Minneapolis, Minnesota. The first store of Target
Corporation was opened in 1962 in Roseville, Minnesota. Initially, in the year 1902,
the company was named as Good fellow Dry Goods but in 1967, it was renamed as
Dayton Corporation (Corporate, 2018). In 1969, the company initiated its merger with
J.L. Hudsob Company and became Dayton-Hudson Corporation. In the industry the
company has gained huge success and started regarded as the cheap-chic player
and due to this in 2000, the parent company was renamed as the Target
Corporation. The general merchandise stores of the Company provide an edited
food variety, comprising dairy, frozen items, dry grocery, and perishables (Reuters,
2018). The digital channels of the company comprise a variety of general
merchandise, including a variety of items in its stores, with an assortment, like extra
colors and sizes sold only online (Target Brand, 2018).

STRATEGIC MARKETING MANAGEMENT 3
Environmental Analysis
Porter 5 Force Analysis for Target Corporation
Competitive Rivalry- High
Target Corporation will face huge competition with key direct competitors like Sheng
Siong, Dairy Farm's Cold Storage, and Fair Price; yet in the market, there are
numerous smaller retailers. These four key stores possess a dominant share in the
market of around 85%. The supermarkets in Singapore have a low level of
differentiation in the product. The sector of retail is increasing steadily but slowly.
The intensive competition can result in reduced sales and higher operating costs that
can be an adverse point for Target Corporation.
The threat of New Entrants- Low
The dominant supermarket chains cover around 85% of the overall share of the
market in Singapore; therefore, it is an obstacle for the new players to fulfil the
excessive requirement of the capital into the severe competition (Connaisance,
2017). A new player needs to attain the economies of scale, which is required to
compete based on cost advantage with the top players in the market. Hence, it is not
a simple obstacle to cross over.
The threat of Substitute- High
Convenience store chains like Cheers and 7-eleven are developing in the market.
They are vending FMCG (Fast moving consumer goods) such as soft drinks,
packaged food, and dairy products that are sold by department stores and
supermarkets, thus it is a substitute of the department store.
Customer bargaining power- High
Target Corporation may face strong competition from the customary retailers of
grocery like hypermarkets and supermarkets, and from non-traditional rivals like
convenience stores, and restaurants at petrol stations. Consumers have numerous
options when it comes to purchasing groceries. Whereas pricing is the key,
convenience also performs an important part in the groceries shopping. People also
prefer purchasing regular groceries from their neighborhood store of grocery or