Introduction
The current marketing strategy at Target Corporation lacks the essential foundation to steer it into a global big box store. Even though it is fast growing, the firm needs more efficient marketing approaches. Therefore, adopting these strategies will increase its competitiveness and achieve global recognition (Marshall & Johnston, 2022). It’s crucial to recognize and evaluate the necessary adjustments to enhance marketing and operational strategy.
Operational Strategies: Revising the Company’s Corporate Strategy
Target Corporation’s growth has been moderate due to separating marketing and production units. The marketing function has been treated separately, creating a product disparity that can be rectified by appropriate distributions and pricing (Solomon et al., 2019). Ephesians 6:7-9 states, “Serve as a unit brings out strength while division breaks a nation” (Alter, 2019). Thus, the firm should adopt economies of scale to motivate the customers to procure bulk goods, improving sales and its competitive ability.
Emphasizing on Innovation
Marketing and innovation are the critical business functions that help expand the customer base. An enterprise’s ability to expand its market base depends on how it handles misconceptions in the market (Drucker, 2020). Advertising is an integral part of business, as mentioned in Romans 12:2, “Do not be conformed to this world, but be transformed by the renewal of your mind” (Alter, 2019). Therefore, the marketing manager should ensure only new products are advertised since they improve critical market functions.
Adopting Customer Relationship Management in the Organization
The Target Corporation should improve the quality of its services. Direct engagement with potential customers will help the firm become aware of its weaknesses and factors that affect its profitability (Guerola-Navarro et al., 2021). Customer retention is a critical component, as stated in Ephesians 6:7-8 “Serve wholeheartedly as if you were serving the Lord, not people” (Alter, 2019). Target Corporation needs to devise an efficient communication channel to ensure the service delivery process is streamlined.
Uniting Marketing with Other Business Functions
A company’s identity depends on its marketing function since it links its operations and the outside world. Managing market information requires substantial knowledge of the prices of the commodities being sold in the enterprise (Ghosh & Scott, 2018). As stated in Ephesians 6:11, “Put on all the armor that God gives you so that you will be able to stand up against the devil’s evil tricks” (Alter, 2019). Thus, Target Corporation should stand firm in the Lord whenever making decisions to improve efficiency in its marketing operations.
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. Transportation and preservation costs are the elements of supply chain management (Drucker, 2020). Proverbs 14:23 says, “In toil, there is profit” (Alter, 2019). To adopt the profit theme in the business, the stores need to be distributed where demand for 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 particular product. In the US, economic policies are constantly revised, which affects the price of commodities in the merchandise store (Solomon et al., 2019). Proverbs 21:21 mentions, “Whoever pursues righteousness and kindness will find life, righteousness, and honor” (Alter, 2019). Therefore, to ensure stable pricing, Target Corporation needs to base its pricing on the cost of both production and transportation.
Carrying Out Research on the 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. According to Low et al. (2020), providing the target customers with appropriate services would increase the Targets’ Success. Additionally, as stated in Romans 10:15, “How beautiful are the feet of messengers who bring good news” (Alter, 2019). Research would, therefore, help determine the potential customers by identifying their interests.
Adopting Digital Maturity
Technology is constantly shifting, and the rigidity of change has caused 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, but the company lacks a proper plan to accommodate future technological changes (Solomon et al., 2019). Proverbs 15:22 says, “Plans fail for lack of counsel, but with many advisers, they succeed” (Alter, 2019). Therefore, ensuring data mastery 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. Skills bring about recognition, as stated in Proverbs 22:29, “Do you see a man skillful in his work? He will stand before kings; he will not stand before obscure men,” (Alter, 2019). Thus, Target Corporation needs to identify beneficial customers to reduce wastage and improve its competitiveness, increasing its recognition globally.
Adopting SMART Goals in Marketing
To gauge Target Corporation’s growth rate, the company needs to adopt a SMART (specific, measurable, achievable, relevant, and time-bound) strategy. SMART goals are profitable, as Alter (2019) states in Proverbs 21:5: “The plans of the diligent lead to profit as surely as haste leads to poverty.” Therefore, Target’s objectives need to be measurable and achievable to ensure that the company is not stressed over unrealistic goals.
Conclusion
Identifying and evaluating crucial adjustments to enhance operational and marketing strategies is vital. The market is dynamic, and only those who adjust to changes remain competitive. Therefore, applying the proposed recommendations to change Target Corporation’s marketing strategies will improve its competitiveness. More research on the existing marketing strategies will also create the basis for improvement, leading to profitability and global recognition.
References
Alter, R. (2019). The art of Bible translation. Princeton University Press.
Drucker, P. F. (2020). The essential drucker. Routledge.
Ghosh, D., & Scott, B. (2018). Digital deceit: The technologies behind precision propaganda on the internet. APO. Web.
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. Web.
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. Web.
Marshall, G., & Johnston, M. (2022). Marketing Management (4th ed.). McGraw Hill.
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.