The following four marketing mix elements will be implemented by Target to reach the non-financial and financial goals of Target.
Product Strategy
Product Line-Target will re-introduce and refresh the product categories of Style, Baby, Kids and Wellness focusing on the target markets identified. Target will research and introduce (in years 2 and 3) new products specific to regional and local preferences.
Unique Product Quality- Target will continue to partner with many great partners to offer unique and brand specific items that are consistent with Target Expect More. Pay Less ® brand promise. Target is recognized as a leader in innovation across the retail industry from pioneering the concept of designer partnerships.
Packaging- Target will continue to be innovative in its packaging and convenience. Target has commitments to improve the environment and set goals to reduce waste, improve owned brand packaging, and reduce greenhouse gas emissions: per retails sales.
Price Strategy
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Based on the projected sales growth over the next five years Target Corporation projects a 2-3% increase in sales.
Fiscal Years End 2011 2012 2013 2014 2015 2016
Target $100.00 94.08 117.57 111.51 149.56 151.35
S & P 500 Index $100.00 105.33 123.87 149.02 170.22 169.09
Peer Group $100.00 111.14 141.62 171.29 212.31 231.19
*based on 2015 sales of $73,785 (dollars in millions) (Target, 2015)
The peer group is weighted by the market capitalization of each component company. The graph assumes the investment of $100 in Target common stock, the S&P 500 Index and the Peer Group on January 29, 2011, and reinvestment of all dividends.
Based on the current breakdown of segmented sales and the current marketing plan to expand the key areas of Style, Baby, Kids and Wellness, Target should be successful in meeting their expected sales goals. Sale Projections
8.