Marketing Strategic Planning As A Process Of Segmenting Markets

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.

Target has done well in all the areas of integrated marketing communication strategy mix. Target created designer line collections which take control over the entire integrated marketing communication strategy mix. For instance, Target uses a variety of tactics to communicate its “cheap chic” positioning, beginning with its slogan, “Expect More, Pay Less.” In its stores, Target uses strategically placed low shelves, halogen and track lighting, cleaner fixtures, and wider aisles to avoid visual clutter. (Kotler, 2011) Targets also painted in the air near busy airports the companies signature red bull’s eye on the roof of their stores. Targets utilize strong sales promotions through technology such as the internet, Target.com social media sites

Throughout the years, Target had utilizes conventional notice to make an impression on their hip youthful clients. They have reliable brand informing over their market channels that permits individuals to perceive their image when they see target's logo. Target support huge occasions which permit them to pick up a ton of acknowledgment from other individuals. Target pinpoint particular purchaser, intrigue, dispositions, and socioeconomics which demonstrate how they think about their clients. However to connect with more youthful era and individuals with occupied timetable, they create target.com which can draw in more clients where they don't have sufficient energy to go to focus to get their items, which makes a

While Target is more of a high end discount store, from walking through any one of the locations one could easily get the feeling that the company is putting forth a lot of effort into competing with Wal-Mart. The retailer’s target customers are educated young adults in their mid 20’s and early 30’s. Many of the customers in this targeted segment are experiencers and achievers. According to the VALS survey experiencers are avid consumers

The goal of marketing is to be smart at it. Target had an excellent marketing strategy, which included building a strong customer base and creating a strong brand. With a strong brand customer are most likely to spend money and return. Customers

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.

Brand Strategy Target Corporation has a very strong brand, and their logo is recognized by more than 97% of the United States population. One of Target’s strength is that the corporation has more than 1,750 stores in the United States, and it has store in almost all the states of United States. Another of its strength is its ability to anticipate the demands of the customers and its ability to provide high-quality and innovative products which in return make their customers become loyal of availing

Target Corporation is a well-known American discount retailing company, founded in 1902 and is headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the U.S. (Walmart being the largest) (Target, 2014). Target’s analysis will provide an insight into the corporation and its working. It look at and evaluate it in terms of terms of its effectiveness in each of these areas, such as: the structure, goals, agendas, boundaries, control, culture, politics, and decision-making processes. Based on the evaluation, this paper will help to provide suggestions for improvements within the different areas, if the need arises.

The marketing team at Target has put together a new plan for attracting a younger clientele, with the hopes of making lifetime consumer. The team has decided to implement several new ideas. Focusing on new media is large part of the new campaign, as well as developing a mobile division, which allows consumers easy access to the company’s website on their mobile devices. Below is my review of the campaign plan.

In a report compiled by goprosper.com for RKMA Market Research Reports on Target consumer genders, females make up 60.1% of the sexes demographic, while 53.8% of Target shoppers report being in a marriage (Miller, 2016). In addition to gender and marital status the same report suggests that the ages between 25 to 44 comprise 43.7% of Targets main shopper base (Miller, 2016). The largest percentage of income lies between $35,000 and $74,999 comprising 39.8% of Target’s clients over all (Miller, 2016). Couple the Target average customer demographic of the aforementioned categories with survey research presented by the Hartman Group in a report by RKMA Restaurant, Food & Beverage Market Research Handbook suggest a noticeable trend and target

Market segmentation is usually regarded as one of the main elements of marketing, with benefit segmentation commonly referred to as the most meaningful form of segmentation. Even though the importance of segmentation is broadly accepted, limited research, do exist about cosmetic medical products (Mohr, Sengupta, & Slater 2010, 79). There are very few real examples of segmentation studies available. This article has focused on Johnson and Johnson products marketing strategy globally. The spread of global culture is normally facilitated by the rise of global capitalism, the proliferation of transitional corporations, homogenization of global consumption, and widespread aspiration for material possessions. International market researchers have discussed the breadth of convergence of cultural values across countries.

Segmentation means to divide the marketplace into parts, or segments, which are definable, accessible, actionable, and profitable and have a growth potential. As per the data given above it can be estimated that total no. of people who can consider buying the product can be the ones who lie in high income or medium income group, as the product is a bit costly and low income group cannot be targeted for the same. We are basically targeting the people who are fitness freaks or the people who are suffering from obesity or other diseases due to which they are advised to do exercise by the doctor so as to lose weight. Considering Manipal where people (Students) have sufficient time to do exercise, and Udupi which has a sufficient population of young

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

It is the difference between the desired level of sales & projected level of sales.