Business Essay

5210 words - 21 pages

Table of Contents2I. Executive Summary 2II. Environmental Analysis 3A. The Marketing Environment 4B. Target Markets 5C. Current Marketing Objectives and Performance 6III. SWOT Analysis 6A. Strengths 7B. Weaknesses 8C. Opportunities 8D. Threats 9E. Matching Strengths to Opportunities/Converting Weaknesses and Threats 9IV. Marketing Objectives 10V. Marketing Strategies 10A. Target Market(s) 11B. Marketing Mix 13VI. Marketing Implementation 14B. Activities, Responsibility, and Timetables for Completion. 15VII. Evaluation and Control 15A. Performance Standards and Financial Controls 16B. Monitoring Procedures Target Corporation Marketing PlanI. Executive SummaryTarget is an upscale retail store offering trendy, high quality merchandise at discount prices. Their slogan is "Expect More-Pay Less". Target Corporation operates Target.com, an online, electronic retail store, as well as Super Target, which offers a full line grocery store in addition to the Target retail operation. The company's other key business include Target Financial Services, which encompass the Target Red and Target Visa card business. Target Corporation, originally called the Dayton Corporation, was formed in 1902 by George Dayton. The company recorded revenues of $59,490 million during the fiscal year ending January 2007.Target Corporation prides itself on its corporate responsibility which includes charitable contributions and being an environmentally friendly corporation. This, in fact, is one of Target Corporations' many strong points. Their strengths would include branding, market presence, design, and their innovative marketing techniques. While possessing many strengths, Target also suffers from some weaknesses that include the lack of a mission and vision statement, geographic locations, and numerous litigations. Target Corporation also suffers some threats including competition in the retail market as well as a sluggish US economy. In turn, Target Corporation has some opportunities they should consider taking advantage of such as global expansion, entering untapped US markets, and continuing their growth in private label products. The following market plan is based on the preceding factors and will explore how Target can continue to improve their successful retail operation.II. Environmental AnalysisTarget is a national discount retailer in the United States. Target Corporation originally started as the Dayton Corporation in 1902. The first Target store opened in Roseville, Minnesota circa 1962. Target is currently the number 5 retailer in the United States. Target is currently lead by Chairman and Chief Executive Officer, Bob Ulrich and a board of directors, as well as President Gregg Steinhafel. Target Corporation operates 1,488 Target stores in which 177 of them are Super Target stores. They also own and operate 25 regional distribution centers and 4 import warehouses. Target employs approximately 352,000 people. Target markets itself as a cool, trendy retailer where the...

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