Strategic Focus And Plan For A New Mexican Market

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Strategic Focus and Plan The mission statement of Target is, “to make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and an exceptional guest experience by consistently fulfilling our Expect More, Pay Less. Brand promise (” The goal of expanding into a new Mexican market will be to effectively and efficiently market Target to Mexicans. Essentially, Target will be attempting to expand into a new market and successfully vie for market share with stores similar to Target, such as Wal-Mart. To effectively accomplish this, Target will purchase stores and immediately market directly to consumers illustrating its competitive advantage (Target Corp). Upon entry into…show more content…
Marketing Objectives This plan’s goal for the first fiscal year of operation is to reach $7 billion dollars in total revenue. It is believed that this is an attainable goal in comparison to Target’s U.S. sales and comparable Mexican retailers’ sales. An additional goal for the first fiscal year of Mexican operations is to obtain 40% market share in the target market. This will be tracked via various promotional campaigns, such as signing up for a new rewards program card (Advertise with Us). Strategic Marketing Plan Product Strategy: The traditional Target customer has the following characteristics: a median age of 40, a median household income of $64,000, nearly 43% of homes have children, and roughly 57% have completed college. Additionally, the majority of Target’s customers are females (Colliers, 2011). Descriptions of Products:  Non-durable Goods: Target’s stores will provide food, beverages, and pharmaceutical products for all ages (Colliers, 2011).  Durable Goods: Target’s stores will sell accessories, clothing, and shoes for different ages, home supplies, furniture, garden supplies, electronics, entertainment for different ages, health & beauty supplies, automotive equipment, school & office supplies, and music instruments (Colliers, 2011).  Service: Target will sub-contract out a health clinic, optical, pharmacy, photo, and portrait studio to
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