Marketing Plan for Target Retail Store (Essay Sample)

Marketing Plan
Name of Student
Institution Affiliation
Marketing Plan
Having a marketing plan is fundamental since it identifies the customers and how one intends to reach them. Additionally, it gives a business the tools to boost their sales since planning is easier. Target retail store is a discount retailer which provides quality merchandise at friendly prices in customer-friendly stores. It has more than 1800 stores in the U.S. and more than 30 distribution centers. Target is committed towards responsible corporate citizenship where it offers 5% of its profit to the society (Target Corporate, 2018). Currently, it serves as a leader in innovation in the retail industry.
Target Corporation has some strengths which make it competitive and the ideal store for American consumers. First, its products are high quality and innovative which attracts customers. Over the years, it has created partnerships with designers who help in product development. Again, it focuses on enhancing the appearance of the stores as they are spacious, clean, and guest-friendly. However, it also has some weaknesses such as the fact that Walmart has more locations. Consequently, there is limited potential to reach its customers although it has an established web presence. Target also experiences a high stock out rate which affects its sales.
Situational Analysis
There is increasing importance of locally and fresh grown produce by the American people and Target ought to focus on the farmers market (Feldmann & Hamm, 2015). Again, there is a rising trend where the company should utilize other retail channels including the Internet and open-air in place of the traditional brick and mortar stores.
Demographic Changes
The American population continues to grow, especially the Hispanics who consider themselves as bicultural. They are a new market segment which the company should focus on as with their quality but affordable products strategy.
Target Specification
Mission
* The company’s mission is to make its stores the preferred shopping destination as it offers its customers exceptional value, innovation, and excellent customer experiences.
Target Market
* The corporate appeals to several consumer segments inclusive of women, children, teens, and families. Its consumers have good education, average income, and their lifestyles are active.
* Median age is 40
* 50% have children
Marketing Mix
Product
The objective of Target is to provide the right merchandise mix for its customers through daily commodities and grocery offerings. The categories for this merchandise include electronics, entertainment, toys, accessories, home furnishing, and food and beverages. The company is popular with its success formula which entails selling discounted general merchandise and selling inexpensive designer products which attract a significant number of customers.
Price
Target is one of the largest general merchandise discount chain with its quality of marketing cheap but quality products. It competes with other companies like Walmart and ensures it has the best prices. It has its own brands such as Archer Farms’ top-quality foods.
Place
The retail store has a global presence and has its stores spread all over the U.S. and Canada. There are amazing services in stores since Target continually tests new layouts and experiences through integration of digital capabilities with personalized services.
Promotion
Target uses a variety of channels for promoting itself including Facebook, Twitter, and YouTube. Similarly, it features a weekly ad which reaches millions of potential consumers changing the way they shop. The retail is able to engage its customers through interactive social sharing operations which makes custome