Target is a modern-day department and grocery store located throughout the United States. Target varies of thousands of products, from groceries and full produce, to game consoles and televisions. Target has it all for men, women, pets, and children. They are a provider of everyday essentials at discounted prices through retail, as well as digital channels.
The company also offers loyalty incentives. A strong inspiration to go eco-friendly, Target also helps society with tasks and work ethic outside of their stores. They strongly feel that impact within communities make a difference, and what better way to lead change than with a large, widely-known company.
Target is a fierce competitor to stores like Wal-Mart and K-Mart, known for being the most user-friendly store, specifically targeted at millennials. They provide an array of choices per product, basically creating a limitless target market. With various techniques and strategies used, one of Target’s strengths within the business is their management duties and actions.
Without a well-running management environment, the company would not thrive as normally expected. In the department of management, it is supposed to run smoothly, like a well-oiled machine. Each part plays different roles, but they all plays these roles to keep the machine running.
This machine of management is made and is running to fulfill all of Target’s attributes that can be given to society and the economy. Innovation, quality, and service are a few factors management focuses on. These lead toward a competitive advantage for Target.
Their ability to deliver a preferred shopping experience to guests is supported by supply chain and technology, their devotion to innovation, loyalty reward offerings, and the disciplined approach to managing such a business and investing in future growth. Target is operated as a single segment designed to enable guests to purchase products in stores or online. Since 1946, 5% of profits have been given back to the communities.
This company portfolio emphasizes the business strategy and process that Target makes to form into such a successful business that they are today.
Target provides a name of giving and serving. When they open, Target proceeds a promise that has been staying strong since 1946. They make commitments of the future for their employees, customers, and every possible community. Target believes in encouraging their people and beliefs that directs many of their choices and compromises.
Target gives 5% back every year to communities, in which adds up to almost a million dollars every week. The corporation also donates their time, talent, and resources, which they think is equally as important as the income that is provided to employees. Employees of Target volunteer for thousands of hours to better their communities annually.
Target’s long-term goal is to make their company the main shopping destination for consumers by providing exceeding beyond value, continuous innovation, and exceptional guest experience by achieving their brand promise, and slogan, “Expect more. Pay Less.”. Parting themselves from competition by offering affordable products, Target Corporation is one of the largest retailers in the US, as well as the second-largest discount retailer in the country, right behind the famous Wal-Mart Stores.
Target is located in all 50 states (except Vermont) and the District of Columbia, with 1,750 active stores. These general merchandise stores mimic a layout that is 126,000 square feet on average. “Super Target” stores operate under the same name, and are 250 stores out of the 1,750. These discount/grocery stores are 175,000 square feet on average.
Further from the brick-and-mortar stores, Target is in control of their online website Target.com, which offers products that are also sold in stores (apart from food and household essentials). Their contribution is at an all-time high demand. In 1989, Target received the America’s Corporate Conscience Award for their philanthropy. They contribute more than $3 million per week to their store-located environment.
Target must remain price competitive, since they sell at discounted prices. They have boosted their discounted products in their marketing tactics. In the past several months, competitors saw a decline in their sales compared to Target. Meanwhile, Walmart and other competitors are also continuing to grow. It is evident that they are dedicated to fighting competitors on price.
On Target Corporation’s website, they highlight their low-priced products as a new norm, and said they’re making deals simpler to figure out both online and in-stores. This pricing is known as “everyday low pricing”, and is the general tactic from both Amazon and Wal-Mart stores. Target’s plan is to try not to make customers questionable by a special offer, or feel betrayed when they see a lower price at our store at a different time.
Multiple chains have also been trying to minimize pricing to depreciate miscommunication and customer negativity. Target is also looking to downsize the assets that are not necessary to continue business. Chief Merchant of Target. Mark Tritton, spoke that cutting through clutter means “removing the guesswork to ensure they feel confident that they’re getting a great, low price every single day” on everyday items.
