In 1911 George Draper Dayton founded the Dayton Company, a department store that was known for its variety of goods and services, in Minneapolis, Minnesota. The first Target was founded in 1962 in Roseville, Minnesota as a discount version of the original Dayton stores.9 The purpose for the first Target was to meet all the needs of the consumers while providing exceptional customer service at discounted prices and differentiating itself from its competition.10 This philosophy has carried the company to become one of the most successful retailers in the United States. In order to understand just how Target grew to become such a retail giant, one must analyze the company from the inside out to get a clear picture of just how strategic plans and
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The current stock market is at an all-time high and unemployment is 5.8 percent13 according Alejandro Chafuen from Forbes.com. As the economy continues to improve, consumers are more confident to spend money. With low gas prices and low price for other necessities, the economy is strong and ripe for Target to succeed. Target’s reputation is linked to selling stylish products that may cost a little more than the competitors, and with the economy looking promising in the future, this strategy can be successfully implemented. Target has a unique sociocultural outlook. Target is a team-based company that strives emphasize teamwork and friendliness. The company gives their employees many opportunities to succeed and keep them well informed with what is going on with the company by having team meetings called huddles. In these huddles, employees to understand the sale promotions of the company for the day and year, the direction the company wants to move in and what is expected of the workforce. Target has partnered with the National Society of Hispanic MBA and the National Black MBA Association to ensure they are hiring individuals from different backgrounds in order to a maintain well-balanced and diverse work environment. Giving back to society is a major priority for the company. Education is one area that Target focuses its time and efforts. The company provides lower income families with books and school supplies …show more content…
Target has increased its online presence by opening an office which conducts analyses and experiments in order for Target to implement its e-retail technology and increase it mobile commerce capabilities in order to stay on par with competitors.12 The main reason for this center is to stay ahead of the retail industry technology curve. It will research and monitor what competitors are doing to enhance themselves in a technical sense and either duplicate their process or create a better system. Also, most Target locations has upgraded their registers and credit card scanners systems to accept credit and debit cards with v-chips inserted them. These v-chips were created to combat the issue of identity theft if a card is stolen. The industry in which Target competes is one that has many different competitors. Target’s major competitors in the retail industry are Wal-Mart, Amazon, Sam’s Club, and Costco. Target focuses more on selling better quality products whereas Wal-Mart leans more to focusing on selling products at lower prices, Sam’s Club and Costco focus on providing customers with bulk items, and Amazon has been great at provide customers with online retail merchandise. Both Wal-Mart and Target are very similar in structure but they have different strategies. Wal-Mart’s strategy is to attract more customers by selling products
The current stock market is at an all-time high and unemployment is 5.8 percent13 according Alejandro Chafuen from Forbes.com. As the economy continues to improve, consumers are more confident to spend money. With low gas prices and low price for other necessities, the economy is strong and ripe for Target to succeed. Target’s reputation is linked to selling stylish products that may cost a little more than the competitors, and with the economy looking promising in the future, this strategy can be successfully implemented. Target has a unique sociocultural outlook. Target is a team-based company that strives emphasize teamwork and friendliness. The company gives their employees many opportunities to succeed and keep them well informed with what is going on with the company by having team meetings called huddles. In these huddles, employees to understand the sale promotions of the company for the day and year, the direction the company wants to move in and what is expected of the workforce. Target has partnered with the National Society of Hispanic MBA and the National Black MBA Association to ensure they are hiring individuals from different backgrounds in order to a maintain well-balanced and diverse work environment. Giving back to society is a major priority for the company. Education is one area that Target focuses its time and efforts. The company provides lower income families with books and school supplies …show more content…
Target has increased its online presence by opening an office which conducts analyses and experiments in order for Target to implement its e-retail technology and increase it mobile commerce capabilities in order to stay on par with competitors.12 The main reason for this center is to stay ahead of the retail industry technology curve. It will research and monitor what competitors are doing to enhance themselves in a technical sense and either duplicate their process or create a better system. Also, most Target locations has upgraded their registers and credit card scanners systems to accept credit and debit cards with v-chips inserted them. These v-chips were created to combat the issue of identity theft if a card is stolen. The industry in which Target competes is one that has many different competitors. Target’s major competitors in the retail industry are Wal-Mart, Amazon, Sam’s Club, and Costco. Target focuses more on selling better quality products whereas Wal-Mart leans more to focusing on selling products at lower prices, Sam’s Club and Costco focus on providing customers with bulk items, and Amazon has been great at provide customers with online retail merchandise. Both Wal-Mart and Target are very similar in structure but they have different strategies. Wal-Mart’s strategy is to attract more customers by selling products