Transcript: Store Layout/atmosphere Partnerships Social Media Brand Designer Collaboration Pharmaceutical Global Presence Domestic Expansion Marketing towards men Marketing towards quality Lower Median Age References Coleman-Lochner, Lauren. "Target Sets Canada for First Expansion Outside U.S. - BusinessWeek." BusinessWeek - Business News, Stock Market & Financial Advice. 13 Jan. 2011. Web. 17 Nov. 2011. <http://www.businessweek.com/news/2011-01-13/target-sets-canada-for-first-expansion-outside-u-s-.html>. Dickler, Jessica. "Black Friday: Record $52.4 Billion Spent, According to NRF - Nov. 27, 2011." CNNMoney - Business, Financial and Personal Finance News. 27 Nov. 2011. Web. 23 Nov. 2011. <http://money.cnn.com/2011/11/27/pf/black_friday/>. Jones, Sandra M. "Bull's-eye for Target, City - Chicago Tribune." Featured Articles From The Chicago Tribune. 16 Feb. 2011. Web. 29 Nov. 2011. <http://articles.chicagotribune.com/2011-02-16/business/ct-biz-0216-target-loop-20110216_1_target-plans-carsons-retailer>. Kurtz, David L. "Contemporary Marketing 2011 - David L. Kurtz." Google Books. 2011. Web. 17 Nov. 2011. <http://books.google.com/books?id=R5rrSPNyUEgC>."Target’s Black Friday 2011 Campaign." Conversational Marketing Blog | Social Media Community Managers | Call Center Management | Incept Results. 23 Nov. 2011. Web. 28 Nov. 2011. <http://conversationalmarketinglabs.com/blog/2011/11/social-media-2/targets-black-friday-2011-campaign/>. "Target Press Room." Pressroom Home/ Target Corp. 2011. Web. 20 Nov. 2011. <http://pressroom.target.com/pr/news/news.aspx>. Marketing Efforts Comittment to Customers Improvements Marketing Strengths Cheap Chic One Stop Shopping Marketing Strategies City Target Expanding into Canada History
Transcript: Urban Consumer Analysis 1. Localization 2. Long-Term Growth Reaching the Urban Consumer - How??? Presented by CERA For our community, Our Neighborhood Target “I have so much trouble getting fresh food and other items for my home at a decent price,” Long-Term Growth Localization Age: 28 Residence: Apartment Occupation: Waitress Annual Income: $40,000 Single mom Product Information Jamie Oliver's Recipe Available Coupons Fresh Food Availability Effective Store Layout Platform for Target to show their contributions to the community Racial & Economic diversity Street Smarts Our Neighborhood Economic diversity Long-Term Growth Mainstream Youth Food Desert Employee Volunteering Works Target Mobile App Target Mobile App Urban Consumers...??? Thank You for listening! :) Tech-Savvy An example of search results of milk - The 2L Strategy 2L Strategy Localization Long-term Growth Opening stores into middle / lower-income area Laura "This can really save me some time!" QR Scanning Fast city Living Donation to local schools Larry Age: 35 Residence: Condo Occupation: Banker Annual Income: $100,000 Family: no children - CERA Pillars of the Community Fusion of Ethnic Cultures Opening stores into middle / lower-income area Target Mobile App Innovators QR Scanner Current list CityTarget Jamie Oliver's Recipe Adam Hadley Guen Hwa Cho Ian Hardison-Sanchez Myung Joon Lee Seungweon Chung Early Adopters Fusion of Ethnic Cultures Tech-Savvy Target Mobile App Updated list Sullivan Center, Chicago Areas that are dotted with vacant lots, dollar stores, and liquor marts but bereft of fresh-food grocers Bifurcated City Life Target Mobile App Early Adopters Trendsetters Food Desert Pillar Advertising
Transcript: About Target Corporation Print Ads Website Commercial Closing Resources TV Ads Target’s Print ads Target's Online ads Target's Television ads Agenda About Target Corporation Print Ads Website Commercial Closing Work Cited Crazy Target Lady Ad Target slogan Target’s Print ads normally distributed in store and in Sunday newspapers Target has tailored their ads for the holiday season Ads design to cross promote other promotions Items place in simple grid format Scarcity factor limited quantities in store Sales end 12/07/13 Available this week only Juxtapositioning is used in target print ads Designed to cater to various target shoppers Print Ads Resources About Target Corporation Target.com Closing Print Ads TV Ads Visual Company founded in 1962 Target is a budget retailer Introduce a wide variety of lower priced products Agenda Target’s major competitors Discourse Enhancement Bolstering Reframing and Reversal Print Ads Types of Advertising Ads as boundary spanners Array of strategies utilized Tailored use of each medium Cheney, G., Christensen, L., (2004). Corporate Rhetoric of Organizational Discourse. Cheney, G., & McMillan, J. J. (1990). Organizational rhetoric and the practice of criticism. Journal of Applied Communication Research, 18, 93-114. Hicken, Melanie. “Watch How Target Has Completely Destroyed Its Competition.” Business Insider. 7 Mar. 2012. 29 Nov. 2013. http://www.businessinsider.com/interactive-graphic-watch-how-target-has-completely-destroyed-its-competition-2012-3 Minei, Elizabeth. (2013) Organizational Rhetoric-Strategic Ambiguity and Apologies [PowerPoint Slides]. Retrieved from https://bbhosted.cuny.edu/bbcswebdav/pid-14901089-dt-content-rid-27804063_1/courses/BRUCH_COM_3102_CTRA_201309/Org%20Rhetoric.pdf Target.com About Target Corporation Framing is used in the print ads to build a connection with the customer Christmas + brand color scheme Sleek, modern design Product placement Print Ads
Transcript: 6 Executive Team Leaders Guest relations/satisfaction Diffuse employee conflict Having clean store Stocked sales floor Motivate team members Image by Tom Mooring Guests not Customers Target Presentation Ethical Leadership-culture Challenge Employees Motivate- wants and needs (Vibe cards, Munchkin Mondays, personal employee satisfaction surveys, job security, andvancement) only 2% of total revenue helps expand target market (delivery) Theories Founder: George D. Dayton (1902) 1946 became the 2nd company to annually donate 5% pre-tax profits back into the community 2013 became an international company E-commerce Target Teams Outsourcing Target History Herzberg Motivating Factors Motivating Through Open Communication Theory Y Management Video 124 stores in Canada adding 9 more international competitor
Transcript: Current Market Conditions for Variety Retailers Fastest growing sector in the retail industry Revenue growing at a rate or 5.8% annually Low-priced variety retail attracting a new market segment with declining economy Largest players: -Target -Kmart -Costco -Wal-Mart -Dollar General -Sears Fierce competition Current recession Increase in taxes and interest rates Threats Identified Problems: 1. Aligning its business level strategy with its store locations 2. Maintaining an appropriate balance between low-cost and differentiation strategies Specifically important as they move to urban areas and internationally 1. Bargaining Power of Suppliers - Partner with - Diversity 2. Bargaining Power of Buyers - Customer Loyalty - Foresee 3. Threat of Competitors -Wal-Mart - E-Commerce Sources TARGET 2nd Recommendation and Strategy Customize marketing strategies and shopping environments to specific geographic areas Urban shoppers prefer speed and convenience, shop multiple times a week Rural shoppers prefer nice shopping “experience,” prefer lower prices to convenience Questions or Comments? Sources https://corporate.target.com/about/history/Target-through-the-years http://money.cnn.com/magazines/fortune/fortune500/2012/industries/149/ http://money.cnn.com/magazines/fortune/fortune500/2011/industries/149/ http://money.cnn.com/magazines/fortune/fortune500/2010/industries/149/ http://www.fundinguniverse.com/company-histories/target-corporation-history/ https://corporate.target.com/_media/TargetCorp/annualreports/content/download/pdf/Annual-Report.pdf?ext=.pdf http://pressroom.target.com/corporate Our Goals VRIO Analysis Expected Outcomes: Gain market share in existing markets Enter new locations to gain new customers Build better brand recognition and brand loyalty Improve financial performance Gain a sustainable competitive advantage Focus on cost cutting. International markets Brand awareness Increase market shares Fierce competition Current recession Increase in taxes and interest rates Focus on cost cutting. International markets Brand awareness Increase market shares VRIO Framework Valuable: Maybe Valuable intangible resources Rare: No Similar resources to all variety retailer Small rarity from REDcard program Imitable: Maybe Viewed by customers as trendy and affordable Differentiator and low-cost leader hard to imitate Organization: Maybe REDcard support software Employee satisfaction programs, lower turnover rates Good relationships with suppliers of differentiated products Need to work on supply chain 4. Potential Entrants - Niche customer base - Learning curves 5. Substitutes - Convenience - Specialized stores 6. Complimentors - Starbucks - Banks Market Conditions Current Status 3rd Recommendation and Strategy Become a stronger force in the online market Price Matching, in store and online Emphasize benefits: one supplier, single shipment, lower shipping costs “Online Obsessions” unique brands sold exclusively at Target online Threats 6 Forces Model Opportunities Threats Focus on cost cutting. International markets Brand awareness Increase market shares Opportunities and Threats 1st Recommendation and Strategy Expand into urban areas (where only 10% of Target stores are located) Urban households spent 18% more than rural households. Urban households received 32% more in yearly income than rural households. Urban households spent 28% more on food away from home and 5% less on food at home than rural households. Fierce competition Current recession Increase in taxes and interest rates Opportunities Opportunities 3 Recommendations Fierce competition Current recession Increase in taxes and interest rates Focus on cost cutting. International markets Brand awareness Increase market shares Opportunities Today's Goals: Target's background Current market conditions for variety retailers Analyze Target’s opportunities, threats, Six Forces model and VRIO scale Identify Target’s two main problems Offer three recommendations and how to implement them Q&A Interesting Facts Target was founded on Presbyterian Principals Started a radio station in 1922 Thrived during WWII due to their strategy Entered and exited jewelry and bookstore industries Expected Outcome 6 Forces Problem Identification History Strategy: Product Differentiation and Cost Leader Strategies 1,797 store in US , 122 in Canada 37 Distribution Centers Ranked as #2 on the fortune 500 list under the general merchandising category for the past 3 years 4.9% growth rate last year Threats Target Timeline
Transcript: Problem Solution Questions? Develop a survey on receipt and online after a purchase for high value customers Site visits by High Value Customers Background Customer Loyalty Target Markets Customer Surveys Personalized Ads and Cross-Selling Bought Dress but then Emailed about Patio Set Conclusion REDCard Customized Coupons and emails Segmenting based on customer value Future CRM Young to middle aged women Average income is $63,000 76% of customers are women 45% of women have children Target market and statistics 3 CRM Recommendations Overall Goal: Increase customer satifaction to make customer value higher to increase revenue Recommendation #2 Metrics on Survey MKMR 311 Example: Basketball Questions? Average Order Value Focus on Store Layout and Discounted Items Problems with cross-selling Competitor Market Survey Research Recommendation #1 TARGET CRM Services Survey Completion Rate % Generic Ads do not catch consumers interest or attention First store opened in 1962 Second Largest Retailer in North America 1767 Stores in 49 states Wal-Mart is the major competitor 33 on Fortune 500 355,000 employees nationwide Baby Registries Online Registrations Pharmacy One-to-one marketing Social Media 80% - 90% of Target guests are female. Use this data to segment the market in order to send out relevent ads Danielle Kory Mark Ilhan Raj Viroja Overview Started using current CRM in 2001 "Zero Latency" Links customer service to website Universal across entire company Overview Target sends advertisement booklets that are not personal Put together Marketing Analytics Team Lack of customer feedback outside the store Develop a CRM technology that uses QR codes to track customer purchases After 3 months of surveys mine data for trends Recommendation #3 Service Blueprint Problem Surpass Wal-Mart Target is a traditional general merchandiser whose main problem is with the lack of customer intelligence Cutomer Feedback / Surveys Solution
Transcript: “A distinguishing feature of Target’s growth and success is that they come from serving our communities, through a business that makes it easy, affordable and fun for guests to find food and everyday essentials, high-quality apparel and home goods, and products and services that support health and wellness and help guests lead more eco-friendly lives.” ~Greg Steinhafel Conclusion The World We Live In Target Brand Products Charity contests in which guests may vote between 2 competing charities -In store: local charities -Online: national charities At the end of the month Target will donate a set amount to the winning charity Guests will be asked if they would like to vote upon checking out If guest chooses to take part they will be given a coupon for Target brand products Up and Up Archer Farms Choxie Circo Embark Gilligan & O’Malley Xhilaration Giving Back A message from the CEO Recommendation Many guests are following the trend of online shopping Facing more competition from other similar stores such as Wal-Mart Target’s strategy of differentiation must be implemented more heavily Everyone can participate Incorporates Target’s Ideals Brings guests back into stores Spending for a cause Adds more to the overall experience Free advertisements Plausible and not complicated to implement Increase in Target brand product sales Questions? Implementation "You Decide Campaign" Matthew Blades, Naisby Herring, Alina Nassirdaftari, Brandon Rider Kool Toyz Market Pantry Merona ProSpirit Room Essentials Target Limited Edition Trutech
Transcript: "We can have no doubt that the story meant to change us through and thorough us to change society. 1984 quotes IT'S ALL POLITICAL 40 million customers financial data was exposed, including information such as their name, address, phone number and e-mail address were expossed during breach. CITED SOURCES http://www.bloomberg.com/news/articles/2014-03-13/target-missed-warnings-in-epic-hack-of-credit-card-data http://money.cnn.com/2015/03/19/technology/security/target-data-hack-settlement/index.html http://abcnews.go.com/Business/video/target-data-breach-estimate-increased-70-million-customers-21490299 "War is peace,Freedom is Slavery Ignorance is strength" "suggest strongly that this is inevitable and even just outcome of a corrupt social organization" my personal take on this is that it was completely unnecessary and could have been avoided if target and their security system/tech people would have taken the red flags seriously.I think that this just goes to show how careless people can be with our personal information. Also how defenseless we are to protecting our personal information when now we cant even go to the store without worrying about all our information getting stolen or used without our consent. "Until they become conscious they will never rebel, and until they have rebelled they cannot become conscious" The data breach at Target, which took place during the height of the 2013 holiday shopping season,(black friday) was one of the largest in U.S. corporate history jeopardizing 40 million of targets customers. Target Data breach costing up to $10,000 each in damages
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