Target Marketing Mix: Target Corporation is a departmental retailer that is associated with lifestyle retail businesses. Target Corporation is a publicly-traded business of American origin. The Target Corporation was founded in 1902 by the founder George Dayton. It was initially known as Dayton’s Dry Goods Company, but in 2000, it changed its name to Target Corporation.
Marketing Mix Of Target
Marketing Mix Of Target is brand-based. In Marketing Mix Of Target, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Target Marketing Mix. Below is the detailed Marketing Mix Of Target.
Let’s talk about Target Marketing Mix.
Target Main Competitors
- Walmart Stores Inc
Target official website: www.target.com
Product in the Target Marketing Mix:
Target Corporation deals in popular everyday items that have substantial demand in the market for consumer goods. Target Corporation promotes the concept of a single-stop-shop and is a wholesaler with a wide range of products that includes a variety of options such as
- Office equipment
- Small appliances
- Sports gear
- Pet products
- Gardening materials
- Food products
- Electronic products
- Health products
- Beauty products
Place in the Target Marketing Mix:
Target has opened its first location in Roseville. It serves customers across the United States via 1,803 outlets in areas such as Apple Valley, Omaha, San Francisco, San Diego, Chicago, and Boston. It has expanded outward operations in Mysore as well as Bengaluru within India. Retail outlets offer formats such as flexible-format, called City Target and Target Express, discount stores referred to as Target, and a hypermarket named Super Target.
The company’s headquarters is located in Minnesota, with its headquarters in Minneapolis. Target Corporation is a discount retailer and has positioned itself as a platform for all the items that are of everyday use. Target has a robust delivery network that aids in the distribution of merchandise at its stores through the assistance of distribution centers and distributors from third parties and retailers. Target uses common carriers to deliver items to distribution centers.
Its network is efficient, reduces the cost of shipping and delivery times, and guarantees rapid and consistent availability of products. Target Corporation has thirty-eight distribution centers in Minnesota, North Carolina, Illinois, and California. The company has four facilities to receive overseas deliveries near ports in Savannah in Georgia, Rialto in California, Suffolk in Virginia and Lacey in Minnesota. Target has entered the e-commerce market through Target.com and provides its products with discounts for its customers.
Price in the Marketing Mix Of Target:
In the financial year, its estimated earnings of Target were 73.785 billion dollars, and a net income of 3.363 billion. Target Corporation is the second-largest discount retailer in the retail industry in the United States. It targets middle and upper-middle-class segments of the population looking for items at a bargain cost as its prospective customers.
Target has accomplished a difficult task by offering prices that are in a way that is not provided by the majority of retail stores. Target has adopted an economical pricing policy and provides products at low and discounted costs. The company has also implemented a bundling policy of pricing and offers various incentives to promote large-scale sales. Target has recently launched a Target Visa Card that allows the purchase of credit by customers.
Promotions in the Target Marketing Mix:
Target has implemented ATL and BTL promotional guidelines to grow its customers. Target has launched advertising campaigns in printed and electronic media using coupons, flyers, magazines, newspapers, and television commercials. Target has a wide social media presence on platforms such as Instagram, YouTube, Facebook, and Twitter. Target sends out direct emails to its loyal customers. Target offers many offers and promotions in its promotion policy. For instance, purchase two items and receive one for free, purchase one and get another free, discount offers during the festive seasons and free shipping when online shopping, seasonal discounts, and promotions on all purchases made via online shopping.
Target Corporation has undertaken numerous sponsorship deals to improve its reputation as a brand. It has a strong relationship with award shows such as the Oscars, Grammys, Golden Globes, and Emmys. It also sponsors Minneapolis Aquatennial as well as Times Square Ball Drop. Target has signed partnership agreements in partnership with NASCAR in addition to IndyCar race teams. The company can name Target Field and Target Centre in Minneapolis. Target Corporation participates in CSR initiatives and has given enormous amounts of money to schools in the United States.
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