a) Mission Statement (Current)- Target’s mission is to make Target the preferred shopping destination for their guests by delivering outstanding value, continuous innovation and an exceptional guest experience by consistently fulfilling our Expect More. Pay Less.® brand promise."
b) New or Revised Mission Statement- Provide our guest with innovative solutions to enhance their shopping experience through easy and convenient channels while delivering exceptional service, outstanding value, and quality products and services that consistently fulfills the Expect More. Pay Less. ® brand promise.
c) Vision Statement – Target’s purpose- We fulfill the needs and fuel the potential of our guests. That means making Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional experiences—consistently fulfilling our Expect More. Pay Less.® brand promise. d) New or Revised Vision Statement – Target will continue to provide innovative solutions through all shopping channels to deliver outstanding value and quality products and services that consistently fulfills the Expect More. Pay Less. ® brand promise. e) Goals i) Non-financial Goals- (1) Focus on a channel-agnostic approach to growing its business, driving a total Target experience across stores, online and mobile. (2) Target will strengthen its data and analytics and technology capabilities to deliver more personalized digital experiences, loyalty programs and promotional offers. (3) Target’s store opening plans will increasingly focus on new, more flexible formats like TargetExpress and CityTarget, which cater to guests in rapidly-growing, dense urban areas. ii) Financial Goals (1) Cost savings of $2 billion over the next two years will fuel Target’s growth and drive profitability. These savings will be realized through operations, technology and process improvements; supply chain and sourcing efficiencies; and corporate restructuring. (2) Growing market share and brand awareness to increase sales by 2 to 3 percent. (3) Corporate commitment to community support – giving back 5% of income to communities through grants and a variety of programs that support education. iii) Core Competency and Sustainable Competitive Advantage Target Corporation strives to maintain their competitive edge in the retail market by continuing to focus on innovative solutions to provide outstanding value and exceptional guest experiences while continued to commit to community give back. Target has been successful in providing new technologies that have giving them the edge to continue to lead in their market. They are investing in technology and are focused on the guest experience and the communities they serve. Target will look to enhance the members shopping experience, create efficiencies in inventory and merchandise distribution as well as focus on improving the quality of their products. 4. Situation Analysis a. SWOT Analysis Internal Factors Strengths Weaknesses Management Experienced and entrepreneurial management and board Recent change in chairman/CEO Offerings Quality products, competitive prices, quality service Many competitors offering similar products and competitive pricing Marketing National presence in the market. Strong brand recognition. Strong competitive market. Wide range of product lines and supporting services Personnel Strong commitment to staff, volunteerism and culture, increase in employee base Entry level positions, potential for high turnover Financial …show more content…
Walmart and Costco are strong competitors for Target that dominate the discount retail store space (Stone, 2014). The ability to thrive in this retail space it is important for the corporation to connect with the consumers as well as strong inventory management to improve profit margins.
d. Company Analysis
The Target Corporation has been in business for over 50 years. They have had a continued focus on guest experience and innovative technology solutions that have continued to provide them with growth opportunities and success. The corporate mission and vision statement have been consistent and Target continues to meet their goals and grow their business. The future road map for Target includes cost savings initiatives, new technologies and continued focus on evolving the guest experience. Target continues to focus on community give back and has successfully met their goal of giving back $4 million per week to their communities (Target, 2015).
e. Customer Analysis
Target has focused on the middle class consumer who is brand aware but discount conscious. Understanding their current consumer base and analyzing future market opportunities, Target will expand their marketing efforts on attracting the Hispanic Millennium
b) New or Revised Mission Statement- Provide our guest with innovative solutions to enhance their shopping experience through easy and convenient channels while delivering exceptional service, outstanding value, and quality products and services that consistently fulfills the Expect More. Pay Less. ® brand promise.
c) Vision Statement – Target’s purpose- We fulfill the needs and fuel the potential of our guests. That means making Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional experiences—consistently fulfilling our Expect More. Pay Less.® brand promise. d) New or Revised Vision Statement – Target will continue to provide innovative solutions through all shopping channels to deliver outstanding value and quality products and services that consistently fulfills the Expect More. Pay Less. ® brand promise. e) Goals i) Non-financial Goals- (1) Focus on a channel-agnostic approach to growing its business, driving a total Target experience across stores, online and mobile. (2) Target will strengthen its data and analytics and technology capabilities to deliver more personalized digital experiences, loyalty programs and promotional offers. (3) Target’s store opening plans will increasingly focus on new, more flexible formats like TargetExpress and CityTarget, which cater to guests in rapidly-growing, dense urban areas. ii) Financial Goals (1) Cost savings of $2 billion over the next two years will fuel Target’s growth and drive profitability. These savings will be realized through operations, technology and process improvements; supply chain and sourcing efficiencies; and corporate restructuring. (2) Growing market share and brand awareness to increase sales by 2 to 3 percent. (3) Corporate commitment to community support – giving back 5% of income to communities through grants and a variety of programs that support education. iii) Core Competency and Sustainable Competitive Advantage Target Corporation strives to maintain their competitive edge in the retail market by continuing to focus on innovative solutions to provide outstanding value and exceptional guest experiences while continued to commit to community give back. Target has been successful in providing new technologies that have giving them the edge to continue to lead in their market. They are investing in technology and are focused on the guest experience and the communities they serve. Target will look to enhance the members shopping experience, create efficiencies in inventory and merchandise distribution as well as focus on improving the quality of their products. 4. Situation Analysis a. SWOT Analysis Internal Factors Strengths Weaknesses Management Experienced and entrepreneurial management and board Recent change in chairman/CEO Offerings Quality products, competitive prices, quality service Many competitors offering similar products and competitive pricing Marketing National presence in the market. Strong brand recognition. Strong competitive market. Wide range of product lines and supporting services Personnel Strong commitment to staff, volunteerism and culture, increase in employee base Entry level positions, potential for high turnover Financial …show more content…
Walmart and Costco are strong competitors for Target that dominate the discount retail store space (Stone, 2014). The ability to thrive in this retail space it is important for the corporation to connect with the consumers as well as strong inventory management to improve profit margins.
d. Company Analysis
The Target Corporation has been in business for over 50 years. They have had a continued focus on guest experience and innovative technology solutions that have continued to provide them with growth opportunities and success. The corporate mission and vision statement have been consistent and Target continues to meet their goals and grow their business. The future road map for Target includes cost savings initiatives, new technologies and continued focus on evolving the guest experience. Target continues to focus on community give back and has successfully met their goal of giving back $4 million per week to their communities (Target, 2015).
e. Customer Analysis
Target has focused on the middle class consumer who is brand aware but discount conscious. Understanding their current consumer base and analyzing future market opportunities, Target will expand their marketing efforts on attracting the Hispanic Millennium