Target Project Final report

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Transcript of "Target Project Final report"

  1. 1. Online luxury Design Six AmigosiOnlineLuxuryDesignDesigner Clothing for aNew Shopping Experience
  2. 2. Online luxury Design Six AmigosiiOnline Luxury DesignDesigner Clothing for a New Shopping ExperienceProposed toGregg W. Steinhafel, CEOTarget CorporationPresented byThe Six Amigos:Andrew JanuszZach O’ConnorJosh FlickJeff SengHe SongApril 4, 2013
  3. 3. Online luxury Design Six AmigosiiiKelley School of Business1309 E. Tenth StreetBloomington, IN 47405March 26, 2013Gregg W. SteinhafelTarget Corporation, CEO1000 Nicollet MallMinneapolis, MN 55403Dear Mr. Steinhafel,SUBJ: DESIGNER CLOTHING FOR A NEW SHOPPER EXPERIENCESix Amigos Consulting wants to thank you for the opportunity to work with Target Corporation.We are honored in the opportunity to provide you with a solution to perform better for guests,given the emergence of online retailing.After researching and analyzing Target and its competitors, we have discovered that Target’smain consumer is a female around the age of 46, the youngest amongst major retailers. Withthis in mind, we decided to incorporate the average Target guest into our idea. Six AmigosConsulting believes Target should collaborate with high-end designers to create a product linespecifically catered to the main Target demographic, with an emphasis on women’s apparel.We believe that through this exclusive collaboration you would gain an edge on yourcompetitors while reaping benefits. In the formal report, we give important recommendationand implementation steps to follow through with our proposal.Six Amigos Consulting would like to thank Professor Jeanette Heidewald and Merchandise LeadSarah Zehrer for providing valuable insight during our research and formation of this proposal.Please feel free to contact Six Amigos Consulting with any questions or concerns by emailing usat SixAmigos@gmail.com or by phone at (812) 999-9999. We look forward to working withTarget Corporation and strongly believe our suggestion will continue Target’s success in thefuture.Sincerely,Six Amigos Consulting
  4. 4. Online luxury Design Six AmigosivTable of ContentsExecutive Summary .............................................................................................................. viDesigner Clothing for a New Shopping Experience.................................................................. 1Target Invests In Its Guests.............................................................................................................1Innovation Creates Success.............................................................................................................1Online Sales Consumption..............................................................................................................2Emerging Trends ................................................................................................................... 2The Rise of the Female Economy.....................................................................................................3The Digital Age Brings More Wireless Devices .................................................................................3The Next Step:....................................................................................................................... 4Synonymous Values .......................................................................................................................5Product Differentiation Wins..........................................................................................................5Collaborations benefit both parties.................................................................................................6Implement online first....................................................................................................................6Moving Forward.................................................................................................................... 71. Contact Designers.......................................................................................................................72. Design, Agree, Produce...............................................................................................................73. Release Line ...............................................................................................................................84. Prep and Integrate......................................................................................................................8Profit Analysis ....................................................................................................................... 9“Expect More, Pay Less” ...................................................................................................... 10Appendices.......................................................................................................................... 11Appendix A: SWOT Analysis Pre-Implementation..........................................................................11Appendix B: SWOT Analysis Post-Implementation.........................................................................12Works Cited......................................................................................................................... 13Works Consulted ................................................................................................................. 14
  5. 5. Online luxury Design Six AmigosvTable of FiguresFigure 1 The Model of Kate Spade................................................................................................................1Figure 2 U.S. Online Retail Forecast..............................................................................................................2Figure 3 Online Consumers per Year (Millions) ............................................................................................2Figure 4 The Rise of the Female Economy....................................................................................................3Figure 5 Website Visits by Device.................................................................................................................3Figure 6 Brand Priorities ...............................................................................................................................4Figure 7 The Information of Designers .........................................................................................................7Figure 8 Implementation process .................................................................................................................8Figure 9 Production Costs.............................................................................................................................9Figure 10 Profit Analysis................................................................................................................................9
  6. 6. Online luxury Design Six AmigosviExecutive SummaryPurpose of the ReportThe principle reasons for this report are to: 1) Assess Target’s current market position 2)address the changes in Target’s market and 3) propose a strategy and implementation plan torespond to these changes.Defining the MarketTarget is known for maintaining a strong set of values and providing for its guests andcommunities. These values led to strong and consistent guest loyalty. Target’s ability to driveinnovation has led to unique products that resonate with guests and appeal to their desires.Target fulfills these desires by providing an online marketplace the guests use to purchaseproducts. The past has shown that Target’s website is a key profit driver within its business.Survival of the FittestGiven the emergence of online retailing, Target success depends on its ability to adapt tomarket changes. An increase in wireless devices represents a large portion of this changerequiring attention from Target. Women also represent an immense portion of emergingmarket. In order to capture this new influential demographic, Target must address their needs.Through the implementation of Online Luxury Design, Target will be able to cater to thisdemographic.Defining Online Luxury DesignTarget previously partnered with various luxury designers, which resulted in inconsistent salesoutcomes. Our new approach allows Target to have more control over the product lines. Thiscontrol stems from Target’s ability to ascertain which products are top-selling within theproduct line. Following this result, Target will maintain cost-efficiency by placing top-sellingproducts in stores.Building Blocks to SuccessTarget’s implementation of this new approach to online luxury design will allow it to give itsguests a broad range of new products while appealing to their styles and values. Six AmigosConsulting suggests these 4 steps to profitability and guest satisfaction:1. Contact designers to discuss project elements2. Agree upon a deal and allow time for product development3. Use multi-channel marketing to create buzz for product followed by online release4. Plan and implement in-store placement of top-selling products while catering to regionspecific climate
  7. 7. Online luxury Design Six Amigos1Designer Clothing for a New Shopping ExperienceIn 1962 Target set out in pursuit of a goal to completely redefine the shopping experience forits guests. For the past 60 years, Target committed itself to providing its guests with a pleasantshopping experience that offered both everyday essentials and fashionable merchandise for alow cost. As a result of its success, Target Corporation is now the second largest retailer in theUnited States (“Target Corporate”).Target Invests In Its GuestsBy maintaining a strong set of moral values, Target increases customer loyalty anddifferentiates itself from other competitors. Target believes that benefiting the surroundingcommunities is essential to its business model ("TARGET”). According to Target.com, each year,it gives back 5% of its total profits to communities across the country. Furthermore, Targetparticipates in community service activities and donations substantial amounts of wealth tofurther education. In 2011, Target’s employees accumulated 475,000 hours of communityservice and donated over $100 million toward education ("Target Corporate”). By investing inthe community, Target transformed its bulls-eye logointo an iconic symbol that is recognized by 96% ofconsumers. Targets ability to integrate its values into itsbusiness model has resulted in customer loyalty that is farsuperior to that of its competitors.Innovation Creates SuccessProduct differentiation is ingrained in the company throughheavy focus on design and innovation. Target proved itsleadership position in design and innovation through itscollaboration with Isaac Mizrahi in 2003. The collaborationbegan a decade long drive by retailers to attract newcustomers through unique product sourcing. However,Target remains focused on its customers by releasingproducts that aim specifically at Target’s maindemographic: 40 year-old, college-educated women (“Fast Facts”).With the focus on this particular consumer demographic, Target released exclusive designercollaborations that appealed to these women and their sense of fashion. It has worked withFigure 1The Model of Kate SpadeSource: thrifty-tyra.com
  8. 8. Online luxury Design Six Amigos2the likes of Pabral Gurung, Neiman Marcus, Kate Young, and many others. One suchcollaboration, Missoni for Target, succeeded extremely well for the company both in-store andonline. In fact, its popularitycrashed the online website and in-store stock sold out within theday. The website crash is just one indicator of the current online market.Online Sales ConsumptionTarget’s Online sales increased 10% in 2012 and global online retail sales are projected toincrease over 62% by 2016 (Indvik).In 2011, U.S. online retail salestopped $200 Billion dollars andare expected to reach $327Billion dollars by 2016.Source: IndvikIn 2011, 167 million consumers purchased something online. That number is expected to growto 192 million by 2016. The totals represent 53% and 56% of the population respectively. Withover half of the United States makingpurchases online, the online retailmarket is ripe for expansion and growth.Emerging TrendsTarget’s current strategies and the current marketcondition allowed it to hold a leadership position.However, there are some emerging trends that arechanging the market and need to be addressed. Bytaking action, Target can respond to these changesand continue the positive online experience thatcustomer’s desire.Figure 2 U.S. Online Retail ForecastFigure 3Online Consumers per Year (Millions)Source: Halid
  9. 9. Online luxury Design Six Amigos3The Rise of the Female EconomyWithin the U.S., women control roughly $7 trillion in annual consumer spending, and areexpected to increase to 2/3 of all U.S. consumers spending. Women represent a growth marketbigger than China and India combined (“HBR”). Senior women age 50 and older control networth of $19 trillion and own more than three-fourths of the nation’s financial wealth(“Ogilvy”). The Baby Boomer Generation will have more money than any other generation inhistory. Not only do women represent a significant portion of the world’s buying power but alsothey do most of the shopping.Figure 4 The Rise of the Female EconomyThe Digital Age Brings More Wireless DevicesWhile consumers are spending more time online making purchases, an increasing amount ofdevices are becoming Internet capable. The increase in internet-capable devices has paralleledincreasing online sales. According to Monetate Solutions, websites they tracked saw desktopand laptop visits decrease from 92.33 percent to 81.60 percent in one year. While that mayseem like a negative thing, both tablets andsmartphones more than doubled their Figure 5 Website Visits by DeviceSource: MarketZeusMarketingZeusSource: Campbell
  10. 10. Online luxury Design Six Amigos4market share in the same year. For all of 2011, some 66.9 million tablets sold around the world,up approximately 260 percent from 2010 (Roggio).One of the most important trends to takeinto consideration is Target’s agingconsumer demographic. As thedemographic ages, its preferences willchange. The change will include the producttypes being purchased and how they arepurchased. With millennials growing older,they are going to start having more buyingpower. By 2015, almost half of the world’spopulation will be under the age of 25(“Millennials”). Millennials will haveexperience with mobile devices, allowing them to increasingly purchase online from anylocation in the world. Their views on brands and value have also shifted from the currentTarget demographic. Millennials desire brands with attributes like “cool”, “trend-setting”, and“unique”. Out of a rank of 1-39, millennials rank those 3 attributes in the top 15. On the otherhand baby-boomers rank the same attributes much lower on the list at 23, 24, and 25. Bothgenerations have radically different views on brands and their value, which Target may need torespond to soon.The Next Step:Six Amigos Consulting believes Target should collaborate with high-end designers to create aproduct line specifically catering to the main target demographic with an emphasis on women’sapparel. The designer apparel should be implemented exclusively online for a period of onemonth allowing target to gauge which products are most successful. The top selling productsshould then be transferred in-store to further increase sales.We recommend that Target form partnerships with the Tory Burch, and Kate Spade. Thesedesigners are extremely popular, like-minded in values, and produce unique products.Integrating a line of products with each of these designers will set Target apart fromcompetitors while staying in line with their ideals. This report includes a thoroughrecommendation explaining the benefits of high-end, online-exclusive collaborations, howimplementation can be carried out, and how Target can expect to be affected byimplementation.Figure 6 Brand PrioritiesSource: Boomers
  11. 11. Online luxury Design Six Amigos5Synonymous ValuesTarget and our recommended designers share similar values. Target has been giving 5% ofincome to the community each year since it was founded. They believe it is essential to theirbusiness model to serve their communities through charitable donations. Our recommendeddesigners, Kate Spade and Tory Burch, serve communities through philanthropic organizations.Kate Spade specifically works with Women for Women International, an organization striving tohelp women’s lives in warring countries.The company creates engraved bracelets with a positive message which are sold on its website.25% of all sales of these bracelets go to Women for Women International.Tory Burch strives to provide benefits to women in the United States. Recently, she foundedthe Tory Burch Foundation, which aims at providing economic opportunities to women andtheir families. The foundation “invests in the success and sustainability of women ownedbusinesses through grants and microfinance for women entrepreneurs” (“Tory Burch”).Through its mentoring program, the Tory Burch Foundation provides young women with thenecessary tools to become successful as entrepreneurs and leaders.Our recommended designers share the same values that target holds and preach. Throughcollaborations with these designers, Target can continue to show its guests that benefitingwomen and communities is important to its core business values.Product Differentiation WinsProduct differentiation is a core marketing strategy in Target’s business model. The marketingstrategy has allowed Target to become the second largest retailer in the U.S. Strong in-houseapparel brands have allowed Target to maintain its image of unique products as it has grown.By partnering with luxury designers, it allows Target to further increase product differentiationby appealing to more women.These designer brands will appeal to women across several generations including generationsX, Y, and millennials. All generations lie within Target’s optimal consumer demographic range.Because generation Y and the millennials have grown up in the information age, they have thestrongest internet presence. This makes them more susceptible to buying products online.Generation X has the highest buying power of the three generations with $125 billion spentannually. However, their online presence is smallest. Product integration online first will allowgeneration Y and the millennials to find out what’s popular and trendy. Integrating the mostpopular products in-store will coincide with generation X’s desire to appear young and hip.
  12. 12. Online luxury Design Six Amigos6Generation X is among the first to try and buy new products (Lambert). The brand loyalty ofthese consumers is highest compared to other generations. These factors support theeffectiveness of our strategy.While continuing Target’s trend of providing cheap-chic style, these partnerships will allow it tocompete with more upscale companies like Macy’s and J.C. Penney’s. The collaborations willparallel Target’s promise to guests of “Expect More, Pay Less” and broaden its consumer base.Collaborations benefit both partiesCollaborations are mutually beneficial for both Target and the fashion designer. Thesepartnerships benefit designers by bringing luxury brands into a setting that allows a broaderand more diverse audience to purchase these products. This increases awareness of the luxurybrands, translating into purchases of their standard fashion products following thecollaboration. In the past, the marketing strategies Target implemented created immense buzzsurrounding the release of the Missoni product line benefiting both partners. These benefitsprovide incentives for the designers to partner and work with Target.Target benefits most from working with luxury designers. Target essentially creates an “in-house” brand by collaborating with luxury designers (Zehrer). It allows Target to outsource thelegwork to the designers while retaining the luxury brand image. This translates into increasedprofits for Target. By attaching the luxury brand name to Target’s name, it increases Target’sbrand image and awareness as well.Implement online firstOur strategy of rolling out the entire product range online first followed by in-store placementwill be cost efficient. Starting the product line online, allows Target to accurately judge the top-selling products by computer tracking. It also allows Target to determine which regions certaintop-selling products are sold in. For example, Northern regions will most likely show higherpurchases of warmer clothing whereas; Southern regions will show light-weight clothing.Because the majority of target sales occur in-store, placing top-selling products in-store willlead to less surplus merchandise. In the past, Target had problems with in-store surplus leadingto slashed prices and cost-inefficiency. The strategy we have provided defeats showrooming.Target is the only option to purchase from because the product is unique and unattainableelsewhere. Our strategy will ultimately increase profitability by retaining high markup price andreducing product surplus.
  13. 13. Online luxury Design Six Amigos7Moving ForwardThe following 4 step implementation plan will help follow through with our recommendation.Following this plan will ensure a successful launch of the new collaboration online as well as instores.1. Contact DesignersTarget’s first step in executing this new proposal is to determine its interests in the types ofproducts to be offered. We here at Six Amigos consulting believe that Target should focus solelyon women’s apparel. Following through with this suggestion, Target then needs to contact ourrecommendation in high-end designers; Tory Burch and Kate Spade.Target will contact these designers and set up meetings at corporate headquarters located at:Figure 7 The Information of Designers2. Design, Agree, ProduceDuring these corporate meetings, Target will explain to Tory Burch and Kate Spade how theywould benefit from this exclusive collaboration, the terms of the deal, and what each sideshould expect to receive from the deal. Target should pay both Tory Burch and Kate Spade $2million for their services in this collaboration. Target would clarify to Tory Burch and Kate Spadewhat type of products they want the designers to create, exclusively women’s apparel. Afterthe designers receive the information about the clothing line, they would start designing theSource: “Tory Burch”“Kate Spade”
  14. 14. Online luxury Design Six Amigos8Contact DesignersDesign, Agree, ProduceRelease LinePrep and Integratecollection. It may take up to a few months for the designers to finish the product to their liking.Target would then need to approve the entire collection. Target should check for styles, colors,and quality assurance. Once everything is agreed upon, it is time to mass produce the clothing.3. Release LineAs per our recommendation, Target will release the exclusive clothing line online for a period ofone month. However, in order for the clothing line to be successful, Target must use multi-channel advertising to promote the new line. We suggest daily posts on both the corporateFacebook and Twitter accounts, airing television commercials, and promoting on the front pageof Target’s website. After a time period of one month has passed, Target will then review theitemized income statement breakdown for online sales during this one month. After the topselling items have been noted, it will then be time to release these items in stores.4. Prep and IntegrateThe last step in this implementation plan is to prep and integrate the new clothing line intoexisting stores. Target will prepare for incoming shipments of the new line as well as rearrangethe apparel section in existing stores to make way for the new clothing line. Target will create aseparate section for the new line while choosing “prime real estate” in the store to promote theline. This area should be highly visible and should attract customers in to this area to view theclothing. The clothing in each section will differ based on the geographical location of thestores. For instance, stores with a cooler climate will have more coats, sweaters, and thickerclothing items to adjust to the cooler temperatures. Stores with a warmer climate will be morefocused on lighter clothing.Figure 8Implementation process
  15. 15. Online luxury Design Six Amigos9Profit AnalysisOur profit analysis is based on the fact that Target uses a 100% markup on production costs forits clothing line. Assuming that the new clothing line has about 200 items (100 from eachdesigner), averaging $30 retail price, the average production costs for these items would be$15. If you produce 5000 of each item for online sales during that one month period, the totalcosts for online inventory would amount to $15,000,000. When Target determines the topselling items, most likely around 50 items (25 from each designer), each store will keep 500 ininventory for each item. Again, assuming the average production costs for these items is $15the total costs per store is around $375,000. Since Target will be incorporating this new lineinto every store, per store production costs would be multiplied by 1763 (total number oftarget stores).Figure 9 Production CostsNumber ofitemsInventory foreach itemProduction costfor each itemNumber oflocationsTotalOnline 200 5000 $15 1 $15,000,000InStore50 500 $15 1763 $661,123,000This figure shows the total production costs for in store as well as online inventory. Adding bothin store and online production costs as well as the $2 million given to the designers will givetotal costs for producing the new clothing line. In the figure below we have put together aworst, base, and best case scenario relating to the sales of these items.Figure 10 Profit AnalysisWorst Case (60%) Base Case (80%) Best Case (100%)Total Revenue $811,350,000 $1,081,800,000 $1,352,250,000Total Costs $680,125,000 $680,125,000 $680,125,000Gross Profit $131,225,000 $401,675,000 $672,125,000In our worst-case scenario, Target only sells 60% of its inventory and still makes a profit of$131,225,000. Our base case scenario predicts that Target will sell 80% of its inventory torealize a profit of $401,675,000. Finally, our best case scenario, in which every item in inventorysells, would realize a gross profit of $672,125,000.
  16. 16. Online luxury Design Six Amigos10“Expect More, Pay Less”Target satisfies its guests by offering everyday essentials and fashionable merchandise at anaffordable price. Through our exclusive designer collaborations, Target can offer luxury apparelwhile maintaining low prices. Not only will our recommendation satisfy guest’s needs, Targetwill also benefit. These benefits consist of increased profitability, customer satisfaction, andonline sales presence. By utilizing our recommendation, Target will be able to fulfill its needsand further increase its brand image.Our recommendation is a step in the right directiontowards increasing online traffic and sales presence given the emergence of online retailing.
  17. 17. Online luxury Design Six Amigos11AppendicesAppendix A: SWOT Analysis Pre-ImplementationStrengths:Large consumer baseWell known brand, Bull’s-eyeo 97% of American consumers recognize Target’s Bull’s-eyeCharitable Organizationo Gives Back to the Community Take Charge of Education Program donated more than 229 million to 75%of all schools in US 5% of profits weekly donated to charitiesVariety of Suppliers, not dependent on one particular suppliero Large Selectiono Quality and stylish productsWeaknesses:Slightly higher prices than competition, due to quality merchandiseApparel lines not appealing to younger consumersReceived complaints about delivery time of products through the mailNon global sales organizationTraditional advertising (“behind the times”)Opportunities:Emerging online marketo Incentives to shop and buy onlineo Incentive to add more online productsImprovement of purchasing and shipping speedDeveloping more, popular “in house” brandsImprovement of pricing perceptionEmerging Millennial market to capitalize ono Especially with Millennial women because of quality apparelThreats:Apparel market competitorso Macy’s, Kohl’s, J.C. Penney’s Competitive prices Quality clothingFast growing potential e-retail competitorsPoor economy and job losso Customers want low prices
  18. 18. Online luxury Design Six Amigos12Appendix B: SWOT Analysis Post-ImplementationStrengths:Adds appealing apparel products to emerging online marketIncreases brand strength more through luxury designer apparelo Adds better products to main customer, womenPartnership with well known designers and quality apparelIncreases charity through more profit and partnership with philanthropic designersIncreases online website traffico Possibility of increasing other products’ salesLessens apparel supplier dependency even lowerWeaknesses:Uncertain reaction to slightly higher apparel priceso Although prices will be higher, the quality will increaseUnknown popularity of releasing new product lineNon-global customer baseOpportunities:Attract more than just middle aged women to its apparel productso Specifically millennial women through the new stylish productsDifferentiate products and company from competitorsPossibility of increasing in-store sales if the partnership with luxury designers issuccessfulo Add popular products into in-store salesAttract foreign and celebrity buyers through partnership with luxury designersIncreases philanthropic opportunities through designer product give-a-wayso Kate Spade and Tory Burch work with Women for Women International,boosting women attraction to Target even moreNew and attractive social media advertising productThreats:Consumers spending less on new apparel because of lingering economic recessionCompetitors picking up on partnering with good luxury designers and competing withapparel line
  19. 19. Online luxury Design Six Amigos13Works Cited"10 Things You Didnt Know about Target." A Bullseye View. Target Corporation, 15 Aug. 2012. Web. 04Mar. 2013.Blaine, Charley. "Oil and Gasoline Prices Are Rising." MSNMoney.com. 30 Jan. 2013. Web. 04 Mar. 2013."Boomers and Millennials’ Brand Preferences." EPoll Market Research Blog. 17 June 2011. Web. 04 Mar.2013.Campbell, Mikey. "Apples IPad Driving E-commerce as Market Shifts from Desktop-basedPurchases." Appleinsider.com. 27 Nov. 2012. Web. 04 Mar. 2013."Fast Facts." Target.com. Web. 05 Mar. 2013.Halid, K. "Online Consumer Behavior Infographic." Invesp.com. 8 Mar. 2012. Web. 04 Mar. 2013.“HBR Blog Network." Harvard Business Review. Web. 07 Mar. 2013.Indvik, Lauren. "U.S. Online Retail Sales to Reach $327 Billion by 2016." Mashable.com. 27 Feb. 2012.Web. 04 Mar. 2013.Karow, Dave. "The Target.com "Fail Doggie" -- It Didnt Have to Happen." Blog.keynote.com.Keynote, 23 Sept. 2013. Web. 04 Mar. 2013."Kate Spade." Kate Spade New York. N.p., n.d. Web.Lambert, Emily. "Generation X." Specialty Retail. N.p., Summer 2003. Web."Millennials Brand Preferences Shift Due to Household Structure." The Hartman Group. 1 Sept. 2011.Web. 04 Mar. 2013.Ogilvy & Mather. “Women in Their Digital Domain.” Web. 04 Mar. 2013.Roggio, Armando. "4 Ways Tablets Could Affect Ecommerce Design,Marketing." Practicalecommerce.com. 7 Feb. 2012. Web. 04 Mar. 2013."Target Corporate: Social Responsibility, Careers, Press, Investors." TargetCorporate: SocialResponsibility, Careers, Press, Investors. Web. 06 Mar. 2013."Tory Burch." Tory Burch. N.p., n.d. Web.Zehrer, Sarah. Merchandise Planning Leader for Target Corporation. “Target Executive Q&A.” Neal-Marshall Black Culture Center, Bloomington. 21 Feb. 2013.
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