There are many ways for a business to make its advertising more efficient and less costly, while using different allocation methods. Even though nowadays the most crucial way of reaching customers is the Internet, Target has been doing well using print and television for advertising and that is what we will keep on doing. “Target’s marketing budget is probably the most balanced. The retailer spends 46 on TV, 22 on print and 28 percent on digital.” (O’Brien, M., 2018) First of all, it is very important to have the right campaign strategy, which Target does already, and then find the most appropriate ways to use advertising on a budget. The sales promotion Target will be using, allows the business to target both the consumer and the retailer.
According to Kantar Retail, most of Target’s shoppers are younger on average than its rivals, and more educated. That means it has to consistently offer something different and appealing; it emphasizes more on the latest-trend apparel, eye-catching home décor and exclusive designer merchandise than its competitors. This results in a willingness to pay a bit more for items by customers who are willing to pay a bit more. Moreover, this successful
Target has 1,799 stores, and its annual revenue was more than $71 billion in 2014. Considering that Target operates only in the United States, the company’s total income does not seem too low. Like Walmart, Target is open to all customers without membership, and its products are similar to Walmart’s products. For example, both companies sell household essentials, pharmaceuticals, personal care items, cleaning and paper products, apparel, accessories, sporting goods, electronics, and food items, along with furniture and other products. Instead of offering membership discounts, Target offers REDcard debit and credit cards, which provide consumers with a 5% discount on purchases. Since Target utilizes e-commerce for sales of its goods, delivering products worldwide can be highly beneficial for the company’s
Nordstrom’s retail positioning strategy provides it with the competitive edge it needs to differentiate it from competitors who also serve similar markets.
The message strategy that will be planned to be used for Trader Joe’s is the brand image strategy. Trader Joe’s pride themselves for providing quality products at lower cost than their competitors. Trader Joe’s must instill their brand image into the consumer’s mind and develop a trustworthy brand within the rural area of Livingston, Alabama. When planning to use the brand image strategy the marketing team has targeted three distinct targeted markets: college students, local families, and the local restaurants. This plan will be designed to make an impact for Trader Joe’s immediately and lastly for at least the next two years. There are many essential parts to implementing a brand image strategy that must be done in order to be successful.
Recommendations to achieve a sustained competitive advantage: Online, mobile, and store purchase will certainly increase customer traffic with the online and store combinations gives Target Corporation with a best possible low-cost price. A best-cost provider strategy allows Target to position itself and compete with low-cost providers such as Walmart. In addition, it employs a competitive strategy with a designer label along with superior supply chain, increased operational capabilities, and skilled employees. . The strategy of sending coupons are huge for a customer, so increase discount based on their purchase history and use the store brand credit card to attract more customers.
1. The Discount Department Store. Target prefers to be called as the latter instead of just department store. Expect more, pay less. With this tagline, the customers expect to purchase more items and pay the least amount possible. Not like other retail industries like its competitor Kmart and Wal-Mart, Target maintains retail value in terms of product offerings. They are known in their designer’s items in clothes, exclusive beauty products, categorized and functional goods, and seasonal offerings. It also sells the greatest number of gift cards among its rival business.
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”.
A unique experience that I had during my internship at Target was to aid in the development and strategy of workforce planning. According to a Society of Human Resource Management (SHRM) toolkit, written on December 21st, 2015, Practicing the Discipline of Workforce Planning, “workforce planning is the process an organization uses to analyze its workforce and determine the steps it must take to prepare for future staffing needs (SHRM, pg. 1).” Workforce planning was discussed in several courses I have taken at ISU, most prominently MQM 323 and MQM 221. There were three different ways in which I helped with workforce planning which was analyzing the open position report, scheduling team members, and recruiting and selecting potential team members.
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
These strategies are cost effective and at the same time will lead to fulfilment of organizational objectives as these advertisements will lead to both the increase in sales as well increase in the customer base through enhanced awareness to the public. Through this we will be overcoming our weakness of a limited marketing budget as this strategy is cost effective and taking advantage of an opportunity of a growing market. The market mix has been designed to be in line with these organizational objectives.
Question 1:When Howard Schultz launched Starbucks, who was the target market and how was Starbucks positioned to appeal to this target market?
Nordstrom’s has a particularly well-known marketing strategy based around its costumers. In a world of cutting prices to get consumer attention they maintain profitable prices while profiting much more than those who cut prices. This is due to the fact Nordstrom’s carefully tailors itself to the customer experience it wants to give to all its customers. The way the people in Nordstrom’s definitely differ in the way employees treat the customers. At Nordstrom’s it is felt the customer should feel a personal connection they help you out specifically to you, they remember repeat customers. Nordstrom workers do not just simply tell you where an item is located they bring you there personally to make sure you get what you wanted. Where as in a store
These promotion strategies of marketing mix are developed around the customer’s needs, wants, habits, characteristics, attitudes, location, etc.All the Promotion strategies are the most effective and important communication vehicle for marketers. The strategies of promotional activity help the marketers to enhance the paths for reaching towards their goals. It’s a free GUIDE or method or creating and increasing sales for producers or marketers. After selecting the target market it is the next major step for marketers to reach that target market and encourage people to buy more and more through all tools of promotional strategies. The widely used division of promotional strategies helps in three ways:
Retail sales are directly linked to promotion strategies adopted by a company. Sales Promotion is considered as one of the most typical marketing technique to increase revenues and add value to a produ...
Targeting is the part of marketing strategy, along with segmentation and positioning, which revolves around the customer’s value and relationship. Therefore, the need to evaluate the various segments in the market such as group or organizations, needs the product or services, to be specially designed to satisfy with help of one or more segments to enter the market. Therefore, marketers need to identify and reviews the unique group of buyers who differ in their needs and preferences. And each segment that is chosen to target, the marketer needs to establish and communicate the unique benefits of the company or product or services, that is been offered in comparison to its competitors in the market.