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TARGET CORP MARKETING STRATEGY

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TARGET CORP MARKETING STRATEGY WITH INTEGRATED MARKETING COMMUNICATIONS.

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TARGET CORP MARKETING STRATEGY

  1. 1. BUSINESS OBJECTIVE STATEMENT OWNER SHIP & MANAGEMENT ALTERNATIVES GOODS AND SERVICES CATEGORY TARGET’S SWOT OVERALL STRATEGY & SPECIFIC ACTIVITIES DISTINCT DIFFERENCES OF TARGET AND WALLMARTS IMC STRATEGIES WHY TARGET MORE FOCUSED ON VALUE
  2. 2. BUSINESS STATEMENT Target corporation is the second largest American retailer and mass merchandiser. It offers both everyday essentials and fashionable, differentiated merchandise at discounted prices.
  3. 3. OWNERSHIP & MANAGEMENT ALTERNATIVES Publicly traded company founded in 1902 at $66.38 per share. Retail locations are managed by the headquarters. Within target stores there are licensed departments . Target segments include U.S Retail and U.S creditcard.
  4. 4. GOODS CATEGORY House hold essentials Hard lines Apparel and accessories Home furnishing and decor Pet supplies Groceries
  5. 5. SERVICES CATEGORY Pharmacy Walk in clinic Target optical Photo centre Portrait studio Target RED card In store Pickup
  6. 6. TARGET’S SWOT STRENGHTS WEAKNSSES 1.Not as many locations as walmart. 2.High stock out rate. 3.Limited visibility . 4.No store in alaska, hawaii.. 1.Higher quality and innovative products 2.Exclusive partnerships with designers. 3.Target RED card, Target visa and Target card. 3.Appearance of their stores. 4.Price matching of online retailers.
  7. 7. OVERALL STRATEGY & SPECIFIC ACTIVITIES TARGET
  8. 8. PRICING STRATEGY 1.Target corp. is overhauling its pricing strategies as it tries to win price wars with wal mart and Amazon . 2.Target announced it year round price matching policy with the aim of offering its patrons the facility to match the prices being offered by online retail giants.
  9. 9. DISTRIBUTION Distribution strategy Brick and mortar stores Online Catalog Target distributes its merchandise through a network of distribution centers, as well as third parties and direct shipping from vendors. Further , it provides general merchandise through its website, Target.com ; and branded proprietary Target debit card..
  10. 10. PROMOTION Advertising and promotional plan including social media efforts : Twitter Facebook Youtube Instagram Pinterest Linkedin Tumblr
  11. 11. SOME OF THE PAPER ADS BY TARGET COMPANY
  12. 12. OTHER PROMOTIONAL INITIATIVES 1. In 2008, Target introduces its official m as cot : “BULLSEYE” the dog. 2. Target further promotes a positive brand image through its social responsibity initiatives
  13. 13. TYPES OF ADVERTISING MEDIA USED 1.Features large amount of user content , such as reviews and product image through social media. 2.Offers exclusive deals ; and quickly respond to user comments and needs. 3. Television , print , email , direct mail , billboards , in store , newspaper , billboard , magazine , tv , catalog and interest ads are the ways to reach the target audience….
  14. 14. CONSUMER PERSPECTIVE 1 PREDICTING CUSTOMER NEEDS LARGE INVENTORY : Target is seen as an upscale discount store, because it has many major designers that design a line of products just for target HIGH END ATMOSPHERE : Customer prefer to shop in an atmosphere where they are treated well and feel good about the store , this results in a willingness to pay more for items …
  15. 15. CONSUMER PERSPECTIVE 2 CUSTOMER SERVICE Online customer service: This hits mare of the tech savvy buyers that like to use the internet to search , review and buy products online than going to the store .
  16. 16. BUSINESS STRATEGY Business strategy model Lowest cost Distinctiveness Cost leader ship DifferentiationBroad market Narrow market segments Focused cost leader ship Focused differenti ation INTEGRATED COST LEADERSHIP & DIFFERENTATION
  17. 17. INTEGRATED COST LEADERSHIP/DIFFERENTATION STRATEGY Target uses an integrated cost differentiation strategy with “EXPECT MORE PAY LESS” . It has helped the store deliver greater convenience. Increased savings and more Personalized shopping experience. Target looks to provide the consumer with new ways of convenient retail shopping. Target offers price matching to its competitors and incentives to its consumers with things such as RED CARD REWARDS . The target crop is always looking to bring value to its guests by finding new ways to shop with innovative products. Providing a unique experience foe each consumer.
  18. 18. DISTINCT DIFFERENCES OF TARGET AND WALLMARTS IMC STRATEGIES
  19. 19. IMC STRATEGIES OF TARGET Over the years Target has retailed a large variety of products but has differentiated itself by marketing as “CHEAP CHIC”. This communication strategy targeted an up market cachet with quality merchandise at affordable prices. They bring new trends to shelves faster than other discount retailers and integrated “FAST FASHION” to result in more frequent shoppers visit. Advertising campaigns such as “EXPECT MORE PAY LESS” work to communicate their target audience of younger, more affluent ,and brand purchase intention with its IMC strategies..
  20. 20. IMC STRATEGIES OF WALMART Walmart has conveyed a brand as a discount superstore . Which consumer perceive as cheap and low quality. Target enforces a strong trust in its consumer of quality and high end products. Through their integrated marketing communication strategies the brand has become perceived as high end affordability. This differentiation is how target has wedged itself a niche in the discount real market.
  21. 21. WHY TARGET MORE FOCUSED ON VALUE
  22. 22. VALUES ? When the recession beginning in 2008 hit, target sales fell as consumer migrated towards low cost necessities provided by7 discount such as walmart. With this startle in sales and revenue , which measured the company success , target proceeded to alter its marketing message to address the slow economic times. They combatted the recession with altering the products and availability but maintained a high standard of quality at and emphasized value more. Phrases such as “FRESH FOR LESS” and “NEW WAY TO SAVE” helped communicate this new marketing focus.
  23. 23. OWNER SHIP & MANAGEMENT ALTERNATIVES GOODS AND SERVICES CATEGORY TARGET’S SWOT OVERALL STRATEGY & SPECIFIC ACTIVITIES DISTINCT DIFFERENCES OF TARGET AND WALLMARTS IMC STRATEGIES WHY TARGET MORE FOCUSED ON VALUE BUSINESS OBJECTIVE STATEMENT
  24. 24. CREATED BY : K.HARSHA VARDHANA ELECTRICAL DEPARTMENT N I T JAMSHEDPUR. UNDER : PROF. SAMEER MATHUR IIM LUCKNOW

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