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The Target Corporation: Marketing Environment, Essay Example

Pages: 2

Words: 572

Essay

Target has been around just as long as its competitors; Wal-Mart and Kmart. During its early years, Target realized that in order to survive among the other discount retail giants it had to distinguish itself from them in some way.

Competitive Forces

Competition is often viewed too negatively, when in fact; it is healthy for the economy. (Smit, 2000) Today, Target faces a number of competitive forces in the modern consumer marketplace. Due to the effects of the recent recession, the cost of goods and services has become a priority for most consumers. Because Wal-Mart’s prices are slightly lower than Target’s; Target may face the issue of losing some of its customers to Wal-Mart as the recession continues to drag on and recovery remains slow. Target does have one competitive edge against Wal-Mart, however; an emphasis on quality products. Target is a corporation that places quality over cost. Some might argue that the opposite can be said about Wal-Mart, which imports most of its goods from overseas. The quality of these goods is severely questionable. While Target also imports several of its goods, Target is known for having higher-quality goods.

Economic Forces

The bitter and long recession that began in late 2007 may have a difficult impact on Target’s economic outlook. This is because consumers are currently more focused on price than quality. However, when compared with a number of other retail outlets Target is still a very reasonably priced store. Many customers continue to shop at target for its array of quality brand-name clothing. “Apparel merchants at the chain, which will grow to 1,000 units by year’s end, work closely with store-level personnel to diligently showcase trend.” (Why is Target so cool, 2001)

Demographic Forces

While Target isn’t necessarily in a position to compete directly with Wal-Mart’s low prices, it did have a few unique elements of its own that allowed it to market itself to more affluent consumers. “The median age [of Target guests] is about 46, the youngest among major retailers. The median household income of Target guests is $55,000. Forty-three percent of Target shoppers have completed college.” (Walker, 2006)

Natural Forces

Natural forces encompass events that are generally outside of the corporation’s initial control such as societal and cultural changes and rising energy costs. Target is no exception. Innovation is also a natural force that can affect the growth of an establishment. “Arguably the external forces possessing the greatest potential for changing how marketers and industries compete are those associated with innovation.”(External Forces, n.d.) Target has recently become a proponent of eco-friendly products. Almost all locations feature eco-products such as water bottles with less plastic, journals made from recycled paper, and even sandwich bags made from recycled materials. These actions have helped improve Target’s image in the eyes of consumers as well as reduce operating and overhead costs.

Works Cited

“External Forces Facing Marketing – KnowThis.com: Marketing Tutorials, News, How-to and More.” KnowThis.com: Marketing Tutorials, News, How-to and More. N.p., n.d. Web. 4 Apr. 2010. <http://www.knowthis.com/principles-of-marketing-tutorials/managing-external-forces/external-forces-facing-marketing/>.

Smit, P. J.. Strategic Planning: Readings. London: Juta Academic, 2000. Print.

Walker, Devona. “Target Corp. designed its climb to fabulous | HeraldTribune.com.” Sarasota Florida News, Sarasota Weather, Sports and Business | HeraldTribune.com | Sarasota Herald-Tribune. N.p., 2006. Web. 4 Apr. 2010. <http://www.heraldtribune.com/article/20061011/BUSINESS/610110648>.

“Why Is Target So Cool? – Target’s marketing strategy – Brief Article | DSN Retailing Today | Find Articles at BNET.” Find Articles at BNET | News Articles, Magazine Back Issues & Reference Articles on All Topics. N.p., 2001 Web. 4 Apr. 2010. <http://findarticles.com/p/articles/mi_m0FNP/is_7_40/ai_73181652/>.

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