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Target's Growth Strategy Case Study

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Target’s growth strategy is to spread to more locations with their new plan to open city Targets and such. One thing that has made them especially successful was having designers make product lines just for the store. They care about the customers and understand their needs. The Dayton’s Foundation was founded to return services to the community that has helped their business thrive. An underground store was created to offer cheaper – but still high quality – goods during the times of the depression. When customers started moving to the suburbs, Dayton followed and opened the first shopping mall. Target was later created to be a discount store that targeted families. The retail mix was a low price, convenient locations in suburbs, and a wide …show more content…

The combination of retails and entertainment has made it very success. The best stores are invited to be located there. Entrepreneurs are encouraged to open a store or kiosk there. Their location is near an international airport which supports tourists coming to visit. The Mall of America is always changing to try and keep things fresh and exciting. There are endless activities that can be done at this mall, and people just keep coming back. New facilities being added should not be a duplicate of what they already have. The obvious would be to not have two Macy’s within the same mall. Adding another theme park will steal customers from the Nickelodeon one already there. Even though it is a fresh change, the benefits are not worth it. They should also add unique businesses. Finding entrepreneurs to create and sell new products like none else will attract more customers especially if the business is successful. Having well-known and well-established retailers having stores is important as well. Managers should focus on different things when trying to attract local residents and tourists. Local residents are not really concerned about the mall being Disneyland or Las Vegas of Minnesota. Having live shows daily, DIY craft demonstrations, and other interactive activities or performances will attract people from the local metropolitan area to come. Most of them have downtime after work or on the weekends and will come to the mall for fun activities that do not have to be huge. Tourists will usually only visit places that are landmarks within the city or state. The large Lego play area is incredible and can only be found at that mall. Similar attractions, such as having the world’s largest chocolate fountain or best burger joint, will also attract more tourists. Major annual events, like the iHeart Radio Festival or international hot dog eating competition, can be invited to be hosted in the mall to bring in more customers during

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Target Corporation (TGT) is an international general merchandise and grocery retailer founded in Minneapolis, Minnesota that works to ensure that the customer is provided with the opportunity to purchase a wide variety of goods such as household products, electronics, pharmacy, personal care products, grocery goods, clothing apparel, and sporting goods in order to achieve customer satisfaction at a discounted price in order to remain competitive within the industry. The primary goal for Target is to overcome their various competitors within the industry in order to generate profit through continuous innovation and delivering outstanding value at each Target location in order to be the preferred shopping destination amongst the customer. In

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Target Corp. sells both items produced by other companies as well as sells items they have produced themselves. Target only sells the products they produce in their stores so they don’t have to worry about filling orders for other companies or be worried about demand from another company decrease. They are in control of their own supply and only have to worry about their own stores and the supply needed in house. While Target does produce some of their own goods, I would say their product or service is the shopping experience. Target Corp wants the consumers to choose them over all the other options there are out there that may offer similar products.

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Regarding Target’s initial financial start, Target was founded by George Draper Dayton, who was as a banker and real estate investor. Dayton attended a church that eventually burnt down during the Panic of 1893, and next to that church was an empty lot. They asked Dayton to purchase it, and he built a six story building on it, which was eventually called Dayton Dry Goods Company in 1903. In 1962, John F. Geisse developed the idea of an upscale discount store and renamed the store Target.

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Target Corporation, founded by George Draper Dayton, opened its first doors in 1902 in Minneapolis as Dayton Dry Goods Company. Dayton’s ethics and belief in “the higher ground of stewardship” is what molded his organization (Target through the years). Dependable merchandise, generosity and honorable business practice defined Dayton Dry Goods Company. Throughout the years, this company went through different leaders that have adopted changes to bring this company to success.

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In fact, Target’s stores operated in Canada for a period shorter than two years. In mid January 2015, the company announced that it had plans to close down its stores in Canada (Dahlhoff, 2015). Although customer opinions varied on the company’s stores’ closure, the truth behind the closure was that the management failed to uphold several principles of project management.

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After working in banking and real estate, native New Yorker, George D. Dayton decides to explore Midwest markets. Dayton notices Minneapolis offers some strongest opportunities for growth and so decides to purchase land on Nicollet Avenue and forms Dayton Dry Goods Company – today known as Target Corporation (“Target through the Years”). “Target Corporation is an upscale discount retailer that provides high-quality, on-trend merchandise at attractive prices in clean, spacious and customer friendly stores” (“Corporate Fact Sheet”). Today, target operates 1,829 stores in United States, which has enabled the company to grow to the top of the retail store market. It has implemented various techniques and strategies to constantly improve and ensure the effectiveness and efficiency of all operations (“Corporate Fact Sheet”).

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I. Strengths of TARGET Corporation Target Corporation is one of the largest and oldest public discount retailing company operate in the United States. The company founded in 1902’s by George Dayton (as also known as Dayton Dry Goods in 1962’s). Target store has a huge store footprint and enjoys considerable brand recognition. Target’s portfolio of owned and exclusive brands is also its strength, which allow retailer to a valuable differentiating lover in high competitive retail environment.

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Know Your Business Environment Unit No. 1: The Business Environment Pervez Ghazi Shaikh Date Submitted: 31/10/2016 Carl Loraine Cruz 20154176   Target is the organization that I have chosen for this assignment. Target is a famous discount retailer in United States that was founded by George Dayton. It was formerly called Dayton’s Company in 1910.

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We will collaborate with you the residents to create a food attraction that makes the city of Happyville a more well known and appealing place to visit while ensuring to you residents that we value what you love so much about your city. More visitors coming to the town for this theme park means that more hotels will be needed in order to house these individuals. The Hotel/ Motel occupancy tax will generate more

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Target Corporation is one of the famous retail stores in the United States which is founded by George Dayton in 1902. Walmart is the main competitor to Target because these companies have similarities such as goods, services, business form, and customers. To compare Target to Walmart is logical because people can determine and analyze advantages and disadvantages in annual financial statement between Target and Walmart. Target and Walmart have different data on investment activities which are important to their companies. Investment activities are, uses necessary resources for operating of their companies which include computers, delivery trucks, furniture, buildings.

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Since Target Corporation is accessible in different places around the world, changes in rules and regulations of different countries it operates might impact on Target’s performance. It may also cause additional costs and expenses. this is associated especially to health, security and business laws. On social environment, Target annually do volunteering. They have a Target Books for School Award which allows them to give away $500 worth of books to local

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Their location is very important as many people would love a coffee on their way to work or library so that’s why you will most likely see a Starbucks on the corner of the street beside your workplace. Their coffee making skills has to be good because if it’s not then people aren’t going to go in just for the sweet treats. The furniture has to be fitting towards what type of business it is. Free internet is a massive plus because of business people that are sitting in or even teenagers will like to surf the web or check their emails before work. Key Activities Key activities represents what you need to make this store function properly, which is hire good staff, long hours of work, maintain space around the store and don’t keep customers waiting.

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In addition, open more stores in crowded location, particularly on big cities such as Tokyo, London, Hong Kong. Pop up stores in festivals/carnivals in those particular cities would increase more attention from the customers. Product The product must target on an all age range of the customers with high quality. The company should have product that meet the demand of customers, group product for couples, families, friends would be a great way to increase the production line.

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Meetings, incentives, conferences and exhibition industry has become one of the most lucrative business because it is highly correlated with tourism. More specifically, more and more visitors who travel to a city for meetings, incentives, conferences and exhibition (MICE) would like to spend several days to relax, tour, and shop. Thus, an idea place holding MICE would not only have a developed infrastructure such as indoor space, but also have famous places to visit, entertainments, and shopping malls. As one of the most popular city in MICE business, Las Vegas has many exhibition centers and hotel meeting space. Also, the city is famous for its gambling industry, tourism attractions, food boutiques, and shopping centers.

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