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Target market; segmentation, evaluation, and position
Target corporation marketing strategy
Target market and market segmentation
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External Environment and Competitive Position: Any business and its corresponding market position are affected by a change in the economy, government policies, community it serves, market segment, and the corresponding industry. These are external macro environment factors and the competitive nature has effect on the business. It is therefore necessary for any business to monitor the changes in the business segment and forecast the trend as part of its strategic planning. In order to develop a strong strategy to position Target Corporation competitively, it should understand the current environment, its competitor and their strengths and weaknesses, and any of their planned moves (CEA, n, d). Target Corporation needs to take its retail trade strategy into consideration of the external environment and to establish long term market needs. Further, it can take advantage of its strength such as high product differentiation, quality supply chain, technology used for automation, quality product, clean and spacious friendly stores to develop its retail sales to the future consumer and market need that will Gathering information is needed to know more about what is happening to the surrounding and develop strategy appropriately. The information required for analysis is gathered by a general observation of scanning the change in the environment, pay attention to the developments by closely monitoring the environment that will have impact to the organization, and take action based on what competitor are doing. The outcome of the analysis keeps in line with the long term time frame of three to five years for a particular industry that enables the strategic road map across the corporation for the long term
Retailers rely on product positioning to bolster the value of their products. Determining product positioning requires the analysis of target customers, the market competition, the definition of competitive advantages, and the communications needed to deliver the chosen position to the consumer. Kohl’s is an example of a department store that has successfully deployed a pricing a retail strategy, which evaluates and incorporates price, place, product, and promotion.
The strategic recommendations provided will improve and enable the business to cope with the competitors, while the implementation of the strategy section will outline the way to go about achieving these alternatives in the business setting. Lastly, we put up a discussion on the evaluation procedures and necessary controls for the business. In the case study, it was discovered that there were sources of opportunities in which the company would invest.
Target Corporation's strategic structure plans are continuing staffing the organization and assemble a well-talented management team. Also, continue recruiting and retaining employees with the needed experience. Another option is to acquire, develop and strengthen resources and capabilities in performing critical value chain activities to match changing market conditions and customer expectations. Target Corporation needs to explore multidivisional or matrix organization structure to facilitate strategy execution, delegate authority, and managing external relationships (Thompson, Peteraf, Gamble and Strickland, 2016).
The year 2013 was not one marked for pride for the retail chain, Target. They had one of the largest data breaches known to date that occurred between November 27th and December 15th. Not only was this the one of the largest attacks known to date of this kind, it was also quite eye opening to many who may not have paid any attention to the world of information security. The Target hack resulted in 40 million compromised credit and debit card accounts and that was just the initial known result. After some time, the research revealed that a total of as many as 110 million Target customers were the victims of this gigantic hack. Although computer crimes occur within the United States often, the bigger problem is that criminals from other countries across the oceans are attacking as well.
Environmental – External environmental factors are forces or trends that can affect a business whether it is an opportunity, threat, or constraint. They can be divided into three interrelated subcategories of remote, industry, and operating environments. The remote environment includes factors beyond a company’s operating situation such as the economic, social, political, technological, and ecological factors. The industry environment includes factors that have more of a direct influence on a company’s business such as entry barriers, competitor rivalry, the availability of substitutes, and the bargaining power of buyers and suppliers.
The Target Corporation formerly known as “The Dayton Dry Goods Company” is a major retailing company that was founded in 1902 in Minneapolis, Minnesota by George Draper Dayton. It is ranked the second largest discount retailer in the United States and ranked thirty- sixth on the Fortune 500 as of 2013. The Target Corporation has been serving this nation with the best price possible goods since their expansion from “Dayton” and is continuously winning the hearts of consumers with their dedication and service. A phenomenal merchandising strategy and cross channeling has enabled this upscale discounter to serve their purpose of customer loyalty and fulfill their promise of “Expect more and Pay less”.
This is a crucial part of a strategic analysis because ‘…organisations do not exist in a vacuum, they are part of a complex world’ (Bowman 1987:61) and many factors can influence operations, beneficially and unfavourably. However, these can be difficult to comprehend due to their complexity, diversity and fast changing nature. Necessarily a number of techniques have been developed to facilitate the process and to ‘…contribute to answering the key managerial question…’of what ‘…opportunities and threats might arise in the future’ (Johnson & Scholes 2002:99).
I have experience working at Target as well as daycare centers and summer camps. These are places where customer service is very important to making the customer's experience enjoyable. At Target, I was a cashier, a position that require the most customer interaction. I enjoyed working at the cash register because it allowed me to interact with different people from different backgrounds. Usually, cashiers are required to worry about speed; however, I wanted to engage in conversation with the customers. I often asked, " how was your experience?" or " Did you find everything ok?" Many times customers would reply " it was great, but I was looking for... and could't find it." Cashiers weren't required to know where products were located but because
A firm?s external environment is divided into three major areas : the general, industry and competitor environments. Below is an elaboration in further detail regarding the firm?s opportunities and threats in these three environments.
In a world of free trade, growing competition and accessibility to foreign markets, the need for methodical market analysis and assumptions is steadily rising in today’s business environment. It is just a normal way of thinking to primarily intent to eliminate the financial before entering a new and foreign market. This suggests that enterprises have to develop an overall strategy for their business in order to gain competitive advantage and consequently market share. With the words of Michael E. Porter, professor at Harvard University and leading authority on competitive strategy, this desirable market success is indirectly linked to the individual structure of a market. The unique structure of a single market influences the strategic behaviour and the development of a competitive strategy within a firm. The competitive strategy finally decides whether a company performs successfully on the market or not. Referring to this interpretation of business success, M. E. Porter established his five forces framework that enables directives to gather useful information about the business environment and the competitive forces in industries.
When analyzing an organization’s target market, the first step is to understand the business and what they hope to achieve through their marketing strategies. Targeting and positioning strategies consist of analyzing and identifying segments within a given product-market, choosing which segment or segments to target, and developing and implementing a positioning strategy for each targeted segment (Cravens & Piercy, 2009). The company’s target market determines what customer group or groups the company wants to serve (Cravens & Piercy, 2009). Analyzing IKEA’s target market allows the company to determine if their marketing strategies have successfully targeted their intended customer group or groups. Discussing the company’s positioning strategy helps determine if the strategy is effective or if the company must make improvements strengthen their positioning strategy. The company must determine if their targeting and positioning strategies may be lacking. If the company’s targeting and positioning strategies are lacking, the company must determine what they must do to strengthen their targeting and positioning strategies.
The competitive environment of Metro Holdings Ltd would be evaluated based on Michael Porter’s 5 forces Model. The factors affecting each force would be critically analysed to determine the competition faced by the business. As the nature of department stores and specialty “accessorize” stores is vastly different, the report would focus on the analysis of department stores which accounts for a bigger portion of the company’s income and presence in the industry.
...lopment industry as well as the strengths and weaknesses within the company. The Business Strategy should reflect the main issues that determine the long-term
Environmental scanning "is the acquisition and use of information about events, trends, and relationships in an organization's external environment, the knowledge of which would assist management in planning the organization's future course of action." Choo (2001) As explained by Gazzale (2007) all businesses external environment are made up of three facets ": 1) the remote environment (macroeconomic factors including inflation, GDP, interest rates, etc.), 2) the industry environment (barriers to entry, the level of competition within the industry, etc.), and 3) the operating environment (the business's customers, suppliers, and workforce, etc.).
External environment: The organization of the external environment affect all business procedures of the company, the company is affected by external factors such as political, legal and technology, social and also divided into Dzis and holistic economy, the external environment is successful marketing transactions with customers and suppliers g