Retail Strategy of a a hard goods retailer
Retailer Name and Mission (reason for being, what needs to they fulfill) (3pts) I chose Target Corporation as my hard goods retailer; it interests me because Target is the second-largest discount retailer in the US, behind Wal-Mart. Target’s mission is make itself the preferred shopping destination for its guests through delivering outstanding value, continuous innovation and exceptional guest experience by consistently fulfilling its Expect More. Pay Less. brand promise.
Target supports its mission by commitments to great value, the community, diversity and the environment. Target Audience BE SPECIFIC (4 pts) Target’s target audiences (aims) are middle-age females (33yrs-45yrs), house owners, and families with kids but also extend to men, young educated adults that are more concerned about quality and price, house decors, students for school supplies ( target emphasize a lot on education). Target offers more upscale, trendy merchandise at low cost.
As a result, Target stores tend to attract younger and more educated and affluent customers than its competitors. Target targets shoppers who are young and own homes also families that have children. Target offers clothes, furniture, electronic, grocery, and health and beauty that tend to be favorable for house owners and parents. Moreover, on Target. com, the website has categories
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Target is product based over service based; it carries limited amount of groceries, clothing, shoes, jewelry, health and beauty products, electronics (like laptops, TV & more), compact discs, DVDs, bedding, kitchen supplies, sporting goods, toys, pet supplies, automotive supplies, and hardware supplies. They also carry seasonal merchandise such as patio furniture during the summer and Christmas decorations during November and December. Many stores, depending upon location, may also have Target Optical, Target Clinic, and a portrait studio.
Most new locations built after 2004 include Target Photo, Target cafe etc… i Information from Target. com and Wikipedia. On Target’s official website, it has much information about the products itself. Also, customers could easily purchase the product through Target. com. Most of Target’s products in store could be viewed and purchased online which saves time and traveling costs for many Target shoppers. Target carries good quality products which satisfy its customers; Target’s “We will offer high-quality merchandise at low margins”& “Expect More. Pay Less.
brand promise” give customers better shopping experience also help target decrease the customer service expense due to good satisfaction rate. Target’s main revenue is selling products. By providing good quality products to shoppers, Target could save costs on customer service/ labor. Service wise, Target need to make sure customers get the products they want which always have products in stock is important. Also, good customer relationship, and customer service raise positive image for Target. The isles are big, easy to locate products, and store layout is simple but not loses its trendiness.
Pricing Strategy Target offers products that are consider cheaper than other discount retailers. Target brings good quality products at low margin to its customers, fulfilling its Expect More. Pay Less. brand promise. Target is the second-largest discount retailer in the US, behind Wal-Mart. And Target’s goal is to provide the lowest but good quality products to shoppers. Target innovative ideas and developments minimize costs which help to lower the expenses as much as possible; this results Target to sell products at a lower price than other retailers.
Shoppers could find better deals at Target than other retail stores. If shoppers have a Target card they can get perks or a 5% discount each purchase. Shopping in target is not only fun and relaxing but also saves you tons of money that you could not find elsewhere. i Target has good deals also offers coupons. Offers generic brands and variety of assortments so depending on the shoppers people could buy products labeled at different prices. Have a tag that shows how much money customers have saved for buying the product (price before and after the deal). Best value deals that Target claims only to be found in Target.