I am doing some research on the Target Store Corporation. I need to describe the pattern of target market selection used and need to comment on this target market selection supports future market growth? If the Corporation has international sales, describe generally how the firm "enters" foreign markets.© BrainMass Inc. brainmass.com October 9, 2019, 5:54 pm ad1c9bdddf
Target Corporation was founded in Minnesota in 1902. It is the sixth largest retailer in the United States and is ranked 27th on the 2005 Fortune 500. It sells more gift cards than any other retailer in the United States and is also the third-largest seller of music in the United States.
Target subcategories include SuperTarget and Target Greatland, account for approximately 80 percent of Target Corporation's revenue. For the nine months ended 29 October 2005, Target Corporation's revenue increased 13% to $35.67B. Net income from continuing operations increased 37% to $1.47B. Revenues reflect higher same-store sales and improved product mix. Net income from continuing operations also reflects improved gross margins.
Target Corporation operates large-format general merchandise discount stores in the United States and sells online through its website www.target.com. Target Corporation operates large-store general merchandise formats, including discount stores, moderate-priced promotional and traditional department stores, as well as a direct mail and on-line business. Target offers both everyday essentials and fashionable, differentiated merchandise.
The company operates over 1,450 stores in 47 states in USA. It has following sub categories:
Target stores are generally 95,000 to 125,000 square feet (12,000 m²) and carry hardlines ("normal" products and goods), softlines (clothing), and a limited amount of groceries. They also carry seasonal merchandise such as patio furniture during the summer and Christmas decorations during November and December. Many stores also have one-hour photo processing, a portrait studio, an optical store, and a pharmacy.
It is targeted as a place for fun and is much bigger than average target store. It averages about 150,000 square feet (14,000 m²) and carries a larger selection of general merchandise than basic Target stores. It is provided with an expanded snack bar.
The company entered an agreement in 2001 to outsource its technology services, order fulfillment and customer service to Amazon.com. Apparently, the arrangement has worked out well for both parties. In August 2003, the companies signed an agreement to extend their original five-year contract by another two years.
Target Commercial Interiors:
It provides design-services and furniture for office space. It has high market share of Fortune 500/1000 business customers and are expanding to attract small to medium sized businesses, as well as home offices. This subsidiary has six showrooms in Illinois, Minnesota, and Wisconsin, including a first-of-its-kind retail concept store and showroom in Bloomington, Minnesota that opened on June 23, 2005.
Target owns and oversees the company's private label products, including the grocery brands Archer Farms and Market Pantry. In addition, Bullseye Dog is a trademark, and the Bullseye Design and 'Target' are registered trademarks of Target Brands.
In addition, the credit card operations represent an integral component of the Company's retail business
Target's version of a hypermarket is super target. They are about 175,000 square feet ...
This solution discusses Target's market selection used and how it supports future market growth.