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Strategic Marketing Plan For Target CANADA

Strategic Marketing Plan For Target CANADA. For: Joanne Charley Submitted by: Matthew Hunt, Nicholas Farina, James Killoran, & Zofia Rodriguez Peralta. Corporate Mission Statement.

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Strategic Marketing Plan For Target CANADA

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  1. Strategic Marketing Plan For Target CANADA

    For: Joanne Charley Submitted by: Matthew Hunt, Nicholas Farina, James Killoran, & Zofia Rodriguez Peralta
  2. Corporate Mission Statement “Our mission is to deliver outstanding value, continuous innovation, and an exceptional shopping experience and to make Target® your preferred shopping destination. Most of all, we want to always fulfill our Expect More. Pay Less.®  brand promise.
  3. Marketing Strategy In 2013, we’ll be opening our first stores and by 2014 we’ll have between 125 and 135 Targets serving Canadians from the Maritime provinces to British Columbia—providing guest service and merchandise that’s unparalleled in the retail industry.
  4. Target Market Target is a giant company who targets almost everyone. They have an extremely high selection of products and the prices range from high to low.
  5. SWOT Analysis Strengths Strong relationship between Target and its customers REDcard rewards Remodeled 341 stores in 2010 to meet customer needs One stop shop to meet all customer needs Target’s headquarters building in Mississauga, Ont is built to LEED gold standards Weaknesses Already has a strong presence in US so further expansion could result in self-cannibalization Target’s prices, although low, are not as low as their competitors
  6. SWOT Analysis Opportunities Untouched Canadian market has opportunity for company to grow Takeover the customer base that the original Zellers stores had in the market Threats In a highly competitive market Target must continue to differentiate itself In Canada, limited access to suppliers which could reduce variety of merchandise Financial performance could be negatively impacted if expansion into Canada is not successful Risk of foreign currency exchange fluctuations
  7. Marketing Objective
  8. Marketing Strategies Product Strategy Product Line Uniqueness of Product Pricing Strategy Distribution Strategy
  9. Promotional Strategy To get potential Canadian customers excited about the launch of Target Canada and create a buzz around the “Expect more. Pay Less” experience. Primary Message Desired Response Different Types of Promotional Tools Print – Magazine Print ­–Newspaper Television- Advertising Direct Marketing Sales Promotion
  10. Budget for promotions Based on our business practices in the U.S market we typically allocate 2% of our revenue on advertising. Last year we realized a gross revenue of $69.9 billion. This equtes to a 2% advertising budget of 1.38 billion for the U.S. market Taking into account the market in Canada is 125-135 stores compared to 1,763 stores in the US, the Canadian market will represent a 14% increase in our number of locations. This allows for 192 million as our advertising budget or roughly 1.5 million per store per annum.
  11. Evaluation and Control
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