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The purpose of this assignment is to conduct research related to how a specific company utilizes information related to consumer behavior, product mix or service processes, and pricing to create marketing plans that will meet business needs including their specified marketing objectives.
Review:
Review the following topic materials.
Topic 3: “Consumer Purchasing Decisions”
Topic 4: “What Is a Product?” “What Is a Service,” and “Service Delivery”
Topic 5: “Pricing and Breakeven Analysis”
Part 1:
Continuing in the role of a marketing professional who has been tasked with completing a marketing plan for a client, refer back to the research you completed in the Topic 2 Part 1: Research as a starting point for the assignment. Conduct additional research related to consumer behavior, the company’s specific product or service, and the company pricing strategy, and use it to complete the “Marketing Plan Analysis and Presentation: Part 2 Research Template.”
Part 2:
Create a 15-20 slide PowerPoint presentation that summarizes your marketing plan analysis based upon the research you have conducted. Slides should address each of the key areas listed below and should include speaker notes that explain how the company could have used what it learned about consumer behavior, product or service, and pricing to help it develop a marketing plan in order to meet the company marketing objectives and business needs. Include a slide at the end of the presentation to cite your research sources.
Company Background:
Company name, vision, and mission.
Company marketing objectives.
Consumer Behavior:
Describe the customer segments and target markets.
Describe characteristics of the target markets that will affect product/service and pricing decisions.
Describe how the company differentiates its product and positions its brand.
Describe a consumer buying behavior model for this company and brand.
Product or Service:
Describe the product mix.
Describe the product lines.
Describe the service processes.
Discuss physical evidence of service, service scape, and ambiance.
Discuss the roles of company employees in service delivery.
Price:
Define the company’s pricing objectives and discuss whether the objectives are profit- or sales-oriented.
Provide example of current company pricing strategies.
Describe pricing tactics (discounts, etc.) that are used to drive short-term demand.
General Requirements:
Refer to the resource, “Creating Effective PowerPoint Presentations,” located in the Student Success Center, for additional guidance on completing this assignment in the appropriate style.
Submit the “Marketing Plan Analysis and Presentation: Part 2 Research Template” and PowerPoint presentation with speaker notes.
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are not required to submit this assignment to LopesWrite.
Benchmark Information
This benchmark assignment assesses the following programmatic competencies:
BS Accounting; BS Business Administration; BS Business Analytics; BS Business Information Systems; BS Business Management; BS Entrepreneurial Studies; BS Finance; BS Finance and Economics; BS Hospitality Management; BS Marketing and Advertising; BS Sports Management; BS Supply Chain and Logistics Management
2.1: Demonstrate appropriate research strategies for acquiring information necessary to meet specific business needs.
Marketing Plan Analysis and Presentation: Part 1 Research Template
Directions: Visit the website for the company you have selected and obtain a copy of the annual report. Locate three to five additional resources that will provide data and information related to the brand story; the company vision, mission, and marketing objectives; and strategies and tactics the company is currently using to meet the marketing objectives. You will also use this information to complete a SWOT analysis. Apply your research findings when completing each item below.
Company Name: Target Corporation
Brand Story:
Target Corporation was founded in 1902 by George Dayton originally named Goodfellow Dry Goods. The company has been renamed 7 times over the years. In 1969 the company was renamed to Dayton-Hudson Corporation after merging with the J.L. Hudson Company, and held ownership of several departments store chains including Daytons, Hudsons, Marshall Fields and Mervyns. In 2000 the Dayton-Hudson Corporation was renamed to Target Corporation. In 2004 Target sells retail chains Marshall Field’s and Mervyn’s. Target Corporation is the 8th largest retail store in the United States. Ranked No. 37 on the Fortune 500 list of the United States Corporations by total revenue in 2020. Target Corporation has a partnership with Starbucks Coffee, and CVS pharmacies. Target Corporation has over 30 private register trade brands. Since 2000 Target has joined the online retail market ranking No. 98 in the United States Alexa Internet as of October 2019. Target Corporation is a philanthropic company. Target has provided monetary and product donation to various charitable organizations and non- profit. Target provided over $25 million in donations to St. Jude Children Research Hospital housing. Which open 96 fully furnished apartments for families needing to start at St. Jude over 90 days. Target has also provided relief to men-made and natural disasters. Target has been recognized by two U.S Presidents for their giving and in involvement in with the community. Target partnership are usually with women own businesses and 50% of their stores are managed by women. As they continue to into the next phase in the companys evolution.
Company Vision: To help all families discover the joy of everyday life. Thats our purpose. Our mission. The promise of surprises, fun, ease and inspiration at every turn, no matter when, where or how you shop.
Company Mission: Targets mission statement is To make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and exceptional guest experience by consistently fulfilling our Expect More. Pay Less. Brand Promise.
Company Marketing Objectives: Target appeals to a range of customer segments, including women, kids, teens, young singles and families. Typically, customers are well-educated, moderate-to-better income families who live active lifestyles. Median age is 40.
Company Marketing Strategies and Tactics: In 250 words, provide a high-level summary of the strategies and tactics the company is currently using to meet its marketing objectives. Include discussion about the market and consumer data that was used in formulating the strategies and tactics. Reference and cite your research sources within the summary.
Target conducts its business in an extremely competitive retail industry and it employs several strategies to stay competitive and at the same time remain the dominant player in the market. The retailer predominantly uses its cost leadership strategy with tweaks in this core strategy across the world. The marketing strategy of the company is aimed at ensuring the organic growth of the company across the globe while maximizing the stakeholder and company value. It competes with the likes of Amazon, Costco, Walmart, and Whole Foods and applying the Porters five force model indicates that these companies exert a competitive pressure on Target and it requires constantly innovating and coming up with novel strategies to stay relevant in the competition. Target also offers REDCard Service for household essentials, fashion and accessories, Pet supplies, Groceries at discounted prices in their retail stores or through their digital sales channels. MBA Skool Team (2020). The elements of the marketing mix for the company include the 3Ps and we will examine them individually to understand the marketing strategy better.
People: Target employs roughly 340,000+ both full time, part time employs, and also seasonal workers. Their main priority for them is customer service ensuring every single person that comes through those doors gets the best experience possible.
Process: Target has a strong distribution network. Vendors and third party distributors deliver the merchandise directly to the retail outlets. The Target vendors want to make sure that they deliver the best of their product to be sold through their many stores. Ensuring that Targets get the best of all brands they ensure that people will always come back and shop.
Physical Evidence: There are over 1,700 stores throughout the US, this makes Target one of the most known one stop shopping store in the US. With their multiple partnerships with CVS, Starbucks and others there is nothing that Target Corporations will not do to make your shopping the best experience in your life.
SWOT Analysis: Using the data and information from your research, complete a SWOT analysis for the company. Reference and cite the topic materials for details on conducting SWOT analysis.
Strengths
Wide Range of Merchandise
Brand Positioning
Designer apparels
Partnership with Starbucks
Market Presence
Digital Services (APP)
Weaknesses
Expensive
Customer Data Security
Little Presence in the International Market
Opportunities
Targets Partnership with CVS
RED card Rewards loyalty Program
Same Day Delivery
Threats
Local Competition
Failure to differentiate
Vulnerable to Economic Downfall
Citation of Sources: Provide APA citations for the companys annual report and the other research sources utilized in completing the assignment.
Name of Source
Citation Information
Target Website
Target Inc, (2019). 2019 Annual Report. Retrieved from
https://investors.target.com/static-files/84b61f80-290f-48a2-b98b-99652641f14f?fbclid=IwAR1emyeZGAIQniOxQtMoyEMgwaOsfC__b6ap96KrHxnN1RfEl6CAnktw3Xs
Corporate Section of Walmart website
Anitsal, I., Anitsal, M. M., & Girard, T. (2013). Retail mission statements: Top 100 global retailers.Academy of Strategic Management Journal,12(1), 1. Retrieved from
https://mission-statement.com/target/
Targets
A Bullseye View (2020), Retrieved from
https://corporate.target.com/about?fbclid=IwAR1z0t9-PzZNrKkuV5DZOIw4_5DwtVeNUWPrt4vLp-rQazdtBymaKh_Xy4w
Marketing Mix
MBA Skool Team ( April 19, 2020), Retrieved from
https://www.mbaskool.com/marketing-mix/services/16770-target.html
SWOT Analysis
Target SWOT analysis 2019: SWOT Analysis of Tar. (2019, August 20), Retrieved from
Marketing Strategy
MBA Skool Team ( April 19, 2020), Retrieved from
https://www.mbaskool.com/marketing-mix/services/16770-target.html
2019. Grand Canyon University. All Rights Reserved.
2 Marketing Plan Analysis and Presentation: Part 2 Research Template
Directions: Using the company and research sources from the Topic 2 assignment as a starting point, conduct additional research to acquire information related to consumer behavior, product or service, and price associated with the company you selected. In the Research Summary section, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company marketing objectives and business needs.
Information to be Researched
Research Findings
Resource Citation Information
Describe the customer segments and target markets.
Describe characteristics of the target markets that will affect product/service and pricing decisions.
Describe how the company differentiates its product and positions its brand.
Describe a consumer buying behavior model for this company and brand.
Describe the product mix.
Describe the product lines.
Describe the service processes.
Discuss physical evidence of service, service scape, and ambiance.
Discuss the roles of company employees in service delivery.
Define the companys pricing objectives and discuss whether the objectives are profit- or sales-oriented.
Provide an example of current company pricing strategies.
Describe pricing tactics (discounts, etc.) that are used to drive short-term demand
Research Summary: In 250 words, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company’s marketing objectives and business needs.
2019. Grand Canyon University. All Rights Reserved.
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