Assignment 1 is worth 20% of your total mark for this course; it should be submitted after you have completed the readings and learning activities for Lessons 1 through 6. Your assignment submission should be no more than 10 pages in length. A page is defined as double spaced, with standard margins, and using a standard 12-point font. The cover page, which should include your name and student number, does not count as a page. A deduction of 10% will apply if your assignment is more than 10 pages long. For additional advice on how to complete this assignment, refer to the Preparing Assignments page (a link is also provided in the Evaluation block on the course homepage). Read the case “Target: From ‘Expect More’ to ‘Pay Less’” …show more content…
At the time Target was promoting fashionable brands with reasonable pricing, Where as Walmart was focusing on having low prices all the time. This is a major actor for Target because this triggered the top management of Target to re think their strategy and come up with a lower prices strategy to capture those lost customers back from Walmart. The third major actor in the micro environment is internal publics within Target. With the Loss of market share and profits, the major investor in Target William Ackamn accused targets board of directors of being inexperienced and unable to deal with the abrupt economic downturn, after losing 85% of his $2 Billion investment, he asked for control of 5 of the board of directors chairs. This caused Steinhafel to only intensify his Pay Less emphasis. He took out numerous newspaper Ad’s and created a new set of television spots with a slogan of “This is a brand new day. And its getting better every single day”. Thus the mounting internal pressure from a major investor played a big role in pushing Targets management to get results and preform. The fourth and final actor is the Companies Operations. Target made two significant operational changes, the first is converting parts of its stores to mini grocery stores that would carry 90 percent of the food categories found in full size grocery stores, this led to customer convenience and proving to customers that they are a one stop shop for all their needs.
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With the down turn in the economy, many consumers have turned to Dollar General and Dollar stores; this has caused a decrease in Target’s revenue. Another threat is Wal-Mart and their ability to offer lower prices on their products compared to Target which makes them the low cost leader. (ehow.com)
Target Corporation (NYSE:TGT) is the leading large-format general merchandise and discount retailer in the U.S., challenging Wal-Mart in electronics, toys and apparel while also seeking to differentiate with higher-end fashions and products for an upscale audience. As of the close of their latest fiscal year (FY2011), Target operated approximately 1,760 stores encompassing 233,000 square feet in 49 states and the District of Columbia. The company is divided into the retail and credit card divisions and moves the majority of its products through a highly integrated network of 37 different distribution centers, which include four food distribution centers. Target is one of the most well-entrenched large format retailers in the U.S., has the ability to manage their pricing strategies at a level of accuracy and precision that is comparable to Wal-Mart (Henderson, 2001). Unlike Wal-Mart, Target concentrates on a value-based message that concentrates on quality and price differentiation to sustain their gross margins while Wal-Mart concentrates on supply chain efficiency and a continual reduction of supplier and transaction costs (Krishnamurthi, 2001).
The aim of this paper is to highlight the strategic position of the company with an overview of its internal and external environment. The study of its strategy, design and other forces, one can easily gauge why and how target has managed to become the retail giant it is today.
Review the sample syllabus and sample rubric under the questions below. Then, provide answers underneath the following questions:
Target Corporation is known worldwide as a large retail chain that brings in millions of dollars each fiscal year. The ability to remain competitive in a saturated industry could prove difficult to some retailers, but Target remains one of the leaders in the retail market. With success comes risk. Target Corporation competes against online retailers as well as “big box” stores to remain competitive.
The Target Corporation’s mission statement is to make their company the most sought after shopping destination by delivering a great guest experience with the most innovated technologies and quality merchandise. Target is the second largest general merchandise retailer in America. Target was founded by George Draper Dayton, in 1902, with the name Goodfellow Dry Goods. In 1903, Mr. Dayton changed the name to The Dayton Compay. Furthermore, the first Target store opened in 1962 in the Minneapolis, Minnesota which became the main headquarters. It grew to be the largest division of the Dayton-Hudson Corporation and was subsequently renamed the Target Corporation in 2000. Target anticipates staying ahead by challenging the company to be the most efficient and intellectual upscale company in the retail industry (Target Corporation, 2016).
I have placed the Final Exam and the Final Exam Answer Sheet on the Home Page of the course. Download the Final Exam and Final Exam Answer Sheet to your computer. Please submit your completed Final Exam Answer Sheet in the Assignment Drop Box located in the Assignments section of the using the following file name format: "lastname _final_exam.doc" (for example, "smith _final_exam.doc"). The Final Exam Answer Sheet is due by Friday, 1/21/11 at midnight--no exceptions.
Walmart have tried to reduce the prizes of goods in the market. This was based on the market analysis, that indicated that consumers are driven with the best prizes in the market. Walmart was able to meet the consumers’ satisfaction with lowering products prizes, and for the retailer to still be profitable they had to cut employees’ salaries to curb the gap. On the other hand target corp. had a different approach, they still sustained good wages to their employees, and they started to tap other markets to expand their territories, this resulted to chain of distribution
For a month of resale and relaunch through the mall. Target relaunch could over afford and it was fair. For people. Who didn’t want the large sales of Walmart?
Target Corporation has recognized itself as one of the top retailers in the United States market on the basis of excellent service quality, customer experiences, operational excellence, strong financial position, and a wide array of product offerings. Through its high degree of service orientation at physical outlets and adoption of fair business practices, Target Corporation has become the most distinctive retailer in the eyes of its potential customers. Being one of the top-notch retailers in the United States, Target Corporation has to carefully strategize on its business operations and marketing tactics so as to keep itself in the row of competitive brands of the industry.
The Target Corporation is a retail company situated throughout the United States. The founder, George Draper Dayton formed the Dayton Dry Goods Company in 1902. Back in 1962, Target launched their first store in Roseville, Minnesota. Ultimately in the year 2000, Dayton Hudson store name was changed to Target. They have become the second largest retailer by sales and revenue based on the United States stores (Cite 1 – Wikipedia). Similar to Walmart, Target has over a period of time received some criticism with community groups and the workers. Target has prospered and sustained diversity with employees of disparate age, style, race, and more.
As a result, stores were under-stocked and failed to entice shoppers with empty shelves and uninviting locations (Wahba). Customers were not experiencingTarget’s “Expect More. Pay Less.” brand, and with a competitor like Walmart;Target stood little chance for success. Walmart’s popularity in the Canadian community threatened Target because it offered better discounts and benefits to customers and the community (Valenti, McGlashan). Not only were customers disappointed, butthe community was appalled by the way Target behaved towards the union and Zellers employees.
3. Please ensure that you include the following information with your assignment: your name, your
This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely.