Introduction The Target Corporation is a retail business that is dedicated to providing an upscale, high-quality shopping experience. The merchandise is on trend with reasonable pricing. Target provides consumers with guest-friendly, clean, and spacious stores ("Fact Sheet: Quick Facts About Target", n.d.). As a loyal Target customer, I can attest to the cleanliness and well-organized layout of the many Target stores I have shopped. The fashions offered are well made and attractively priced. I also appreciate the company’s dedication to the local community. For these reasons, I chose the Target Corporation as the subject of this business research paper. Through research, I hope to learn the factors contributing to Target’s success in the retail industry.
Business Summary
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Dayton Dry Goods was founded by George Draper Dayton in Minneapolis, Minnesota in 1902. Dayton died in 1938, passing the company on to his son George N. Dayton. George N. Dayton established the policy of giving five percent of pretax profit to the local community. The company thrived in the following years as a leading department store retailer. The Dayton Company president decided to pursue a new venture in 1960. He wanted to open “a new kind of mass-market discount store that caters to value-oriented shoppers seeking a higher-quality experience” (“Target through the years", n.d.). Prior to the opening, the Director of Publicity, Steward K. Widdess came up with the name Target and the bulls-eye logo for the new discount store. The first official Target store opened in Roseville, Minnesota on May 1, 1962 ("Target through the years",
Finding information on Target Corp. has been very easy. They are a pretty transparent company when it comes to their financial data being open to the public. As we had all mentioned before, time constraints may be an issue but sticking to the plan has really help with this project. I have finished a big amount of the stuff needed for the project but I also need to make sure I can put all sections together and make sense of it. Target owns their corporate headquarters building located in Minneapolis, Minnesota and they also lease office space elsewhere in the United States.
The Target Corporation as it is known today grew out of a small dry goods store that is known for giving back. Target grew in a retail research company that then expanded into a commercial business. Target had grown out of the Dayton-Hudson Corporation and became its biggest source of revenue. When the company was renamed to Target its focus was on helping the environment and education and making sure they were giving back. With this company in partial its main focus today has not changed and with it being one of the top retailers in the United States they can really make the difference.
This is the story of how Whataburger started. At 1950, Harmon Dobson and Paul Burton were looking to open a hamburger restaurant. Dobson's goal was to "make a better burger that took two hands to hold and tasted so good that when you took a bite you would say What a burger. In June 1950, Dobson was granted the Whataburger trademark. In August of that year they opened their first location on Ayers Street in Corpus Christi, Texas, across from Del Mar College.
Target Corporation has stores located in Canada and headquarters in India. India has a set of beliefs and values in which they practice that differ from the ones the U.S practices. Target Corporation must take into consideration all aspects of working globally. Some of those aspects are language, time and business practices. They are expected to incorporate these into their business strategies.
The company officially changed its name to The Dayton Company who created Target in 1962. Target is currently ranked as the second largest retailer in the United States, and rated the 4th largest retailer on the Fortune 500 list, leading behind the major retailers like Wal-Mart and Costco (Wahba, 2015). Target website also holds a ranking as one of the most visited websites in the retail market. Wal-Mart holds the number on spot on the Fortune 500 list for retailers, and sell similar products found at Target. Sales revenue for Target in 2016 was 73.79 billion with 19.58 billion in gross profit.
Nordstrom is a retailer that has continued to generate revenue and grow its business in light of recent trends that have shifted consumer shopping into the digital domain. Not only does Nordstrom carry brand recognition, but their customer experience design is uniquely their own. By defining their target market and differentiating themselves from competitors who also want to serve those markets, Nordstrom makes decisions that are consistent with their overall position strategy. These choices include Nordstrom's product mix, product availability, price, store design, customer service, and store location. The choices Nordstrom makes in these key areas directly serves their efforts in distinguishing themselves from other retailers and attracting
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.
SUPPLY CHIAN NETWORK OF TARGET VALUE CHIAN ANALYSIS OF TARGET Value chain analysis is a set of inter - linked value creating activities performed by the organisation that begin with inputs, go through processing and continue up to outputs manufactured to customers. It is the set of activities that creates additional value for the customer. Value chain plays a central role in improving cost efficiency, quality and customer responsiveness. Each activity in the value chain adds to the value of product in each process from its creation to delivery.
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
Barney Kroger started his very first Kroger grocery store in 1833 in Cincinnati, Ohio, with just $372. In the early 1900s, Mr. Kroger added fresh bakeries and meat departments. Realizing he could make a huge profit by manufacturing his own food, he started with cabbage, and carried it home to his mother to make sour kraut for the store. Today, there are over thirty seven Kroger processing plants that produce anything from bread and cookies to sodas, ice cream and peanut butter.
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.
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.
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.
Target was also famous among the Canadians who visited United States for their weekly grocery shopping. In any case, Target didn't acknowledged was the Canadian markdown area was an intense market. Moreover, this segment was altogether controlled by our significant rivals: Walmart, Costco, Sears which had been established in Canada from more than recent decades. This solidness gave them an upper hand over us. Subsequently to draw in customers, Target needed to separate itself from other markdown retail locations.
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.