Strategy

Strategy Homework – Target Corporation

Strategy can be defined as a certain method or plan that a company devises in order to achieve a specific goal. As chapter four of Management clearly states, while developing a strategy, a firm should consider three essential questions: Who their company serves? What their company provides? How their company provides it? By answering these three questions, a firm should be able to develop an effective strategy and form a meaningful mission statement.

Mission statements are written declarations of an organization’s central focus and purpose. These statements are then used to display the company’s primary objectives to the public. After reading the Target Corporation’s mission statement, it is easy to see that their mission is to make Target a preferred shopping destination by delivering low prices, exceptional guest services, and continuous innovation. Target’s customers are generally middle class families. As the corporate website displays, the median household income of Target guests is $55,000, and Target shoppers have a median age of 46. This median age is the youngest among all major retailers, and this statistic displays that Target has achieved their goal of portraying their stores as youthful and innovative shopping destinations.

Target works continuously to satisfy the needs of each and every customer. To please each customer, they offer a wide variety of products, outstanding guest services, and high levels of community engagement. By doing this, Target is not only able to fulfill the product needs of their customers, but they are also able to develop lasting relationships with clients and satisfy their customers’ needs to feel valued and respected. Target is able to satisfy customers’ needs through their enormous involvement in surrounding communities and thousands of experienced employees. For example, Target Corporation sponsors several educational programs, provides basic needs for families in crisis, and...