Introduction
The current marketing strategy at Target Corporation lacks the essential foundation to steer it into a global big box store. Currently, Target Corporation is the seventh largest retail store in the United States, but adopting the marketing strategies stated by Greg Marshall in his marketing management would make increase its competitive ability and achieve global recognition (Marshall, 2019). Discovering marketing management, the initial topic in the book addresses the current Marketing strategies that had replaced the traditional methods used in the 20th century when the target corporation was started. Changes in marketing strategies and internal operations would help the institution match the current global standards. As a marketing manager at Target Corporation, the below operational and marketing strategies are essential.
Operational Strategies
- Revising the Company’s Corporate Strategy
Uniting single business units to become one promotes its profitability and growth rate. Target Corporation’s growth has not been exponential due to separating marketing units from production units. The marketing function has been treated separately, creating a disparity in products that can be rectified by appropriate distributions and pricing (Marshall, 2019). According to Marshall, marketing must be considered a separate business entity. Also, promoting economies of scale motivates the customers to procure bulk goods and improves sales and competitive ability.
- Emphasizing on Innovation
Marketing and innovation are the critical business functions that help expand the customer base. According to Drucker (2020), an enterprise’s ability to expand its market base is depended on how it handles the misconceptions in the mode4rna market. Advertising has become an important part of marketing in the current era of technology. The art of constant advertising is more harmful than beneficial since it results in monopoly and boredom amongst customers. According to (Ghosh & Scott, 2018), people since deceitful about a certain product when it is over-advertised. Advertising only new products at Target Corporation would improve the critical market function.
- Adopting Customer Relationship Management in the Organization
Devising a technology to record the feedback from Target Corporation’s clients will improve the company’s quality of services. Direct engagement with potential customers will help the company become aware of its weaknesses and factors that affect its profitability. (Navarro et al, 2021) Customer retention and satisfaction are the critical components of customer relationship management, and therefore Target needs to devise an efficient communication channel to ensure its production process is streamlined.
- Uniting Marketing with Other Business Functions
A company’s identity depends on its marketing function since it links the company’s operations and the outside world. Defining the brand target corporation requires integrating the marketing department into the operations and financial departments (Berger, 2020). managing the market information requires substantial knowledge of the prices of the commodities being sold in the enterprise.
- Improving the Supply Chain Strategy
The main aim of supply chain management is to ensure that the revenues generated from sales are higher than the cost of production; according to (Drucker,2020), transportation and preservation costs are the elements of supply chain management. To maximize profitability at Target corporation, the flow of goods from the production to the distribution stores, both the general merchandise and the specialty stores need to be both smooth and efficient; the stores need to be distributed to regions where the demand of the product is high to reduce wastage losses.
Strategic Recommendations
- Basing The Price of Commodities on The Production Cost
Price fluctuations lead to market uncertainties that affect the profits from a certain product. in unities states, the economic policies are constantly revised, which affects the price of commodities in the merchandise store. Political unrest has also led to high price fluctuations that affect customer loyalty and retention (Marshall, 2019). To ensure stable pricing that would enhance both profitability and customer satisfaction, Target Corporation needs to base its pricing on the cost of both production and transportation. The company’s competitive ability will also be enhanced by cost-effective behavior since consumer purchasing behavior will be constant.
- Carrying Out Research on Target Market
Target Corporation has not taken the initiative to research its customer’s perceptions. Most of its clients perceive it as general merchandise rather than a big storage box. A blurred identity breaches the market stability (Low,2020), and providing the target customers with appropriate services would increase the Targets’ Success. The research would also help determine the potential customers by knowing their interests.
- Adopting digital maturity
Technology is always shifting, and the rigidity to change has referred some organizations to become extinct. Target corporation, introduced in the 20th century, has experienced a challenge posed by technology. The marketing department has quickly responded to the changing trends A, but the company lacks a proper plan to accommodate the future technological changes. (Marshall, 2019) Ensuring data mastery and intelligent workflow will improve Target’s ability to respond to technological shifts.
- Adopting A Marketing Planning Process
The strategy to broaden the market in an organization depends on the company’s marketing plan. To prevent Target Corporation from losing value and improve its competitive ability, the organization needs to identify a specific customer who wants to provide beneficial services and reduce wastage.
- Adopting Smart Goals in Marketing
To gauge the growth rate of Target Corporation, the company needs to adopt a smart strategy. Objectives set by Target need to be measurable and achievable to ensure that the company is not stressed over unrealistic goals that would affect its performance. According to (Ludwig,2020), the level of accomplishment to a certain goal is the definition of an ideal company.
Conclusion
Marketing is an essential part of the business since it displays an organization’s identity. Both strategic and operational changes are core to maintaining a firm’s competitive ability. (Marshall, 2019). Innovation, market planning, and lack of digital maturity are weaknesses that Target Corporation needs to address.
Reference
Drucker, P. F. (2020). The essential drucker. Routledge. https://www.taylorfrancis.com/books/mono/10.4324/9780429347979/essential-drucker-peter-drucker
Ghosh, D., & Scott, B. (2018). Digital deceit: the technologies behind precision propaganda on the internet. https://apo.org.au/node/130646
Guerola-Navarro, V., Gil-Gomez, H., Oltra-Badenes, R., & Sendra-García, J. (2021). Customer relationship management and its impact on innovation: A literature review. Journal of Business Research, 129, 83-87. https://www.sciencedirect.com/science/article/pii/S0148296321001405
Ludwig, S., Moe, W. W., Netzer, O., & Schweidel, D. A. (2020). Uniting the tribes: Using text for marketing insight. Journal of Marketing, 84(1), 1-25. https://journals.sagepub.com/doi/abs/10.1177/0022242919873106
Solomon, M. R., Marshall, G. W., Stuart, E. W., Barnes, B. R., Mitchell, V. W., & Tabrizi, W. (2019). Marketing: Real people, real decisions. Pearson UK. https://books.google.com/books?hl=en&lr=&id=aySjDwAAQBAJ&oi=fnd&pg=PT18&dq=++Marketing+Management+from+Greg+Marshall+Mark+4th+editon&ots=o_9qdeHGap&sig=xJL81WD_2f_X1Y6glp84i97eLL0
Low, S., Ullah, F., Shirowzhan, S., Sepasgozar, S. M., & Lin Lee, C. (2020). Smart digital marketing capabilities for sustainable property development: A case of Malaysia. Sustainability, 12(13), 5402. https://www.mdpi.com/760320
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