The Company Chosen for the Project
The type of project to be conducted is a company research project. The chosen company for the research project is Target Corporation. Target Corporation is the second largest retail store in the United States after Walmart. The corporation which was formerly known as Goodfellow Dry Goods was founded on June 24, 1902. It deals in products such as beauty and health, bedding, accessories, electronics, furniture, food, clothing, and many other goods ( Johnston &Marshall, 2013 ). Since its foundation, the company has undergone a series of ups and downs in the market. Facing stiff competition from the main rival Walmart, the company has however managed to remain at the top of the industry, singling itself as a unique and different business from the other competitors.
Reason for Choosing the Company
The reason why I chose Target Corporation is due to its success that has occurred in the shadow of its giant rival Walmart. Many companies that have challenged Walmart on price over the last many years have ended up failing terribly with some closing up while others are getting bankrupt. Target Corporation, on the other hand, has stood out to be unique, maintaining its position as a discount superpower by daring to be different ( Johnston &Marshall, 2013 ). The corporation has made its reputation using an assortment of different products and has developed a unique marketing style that best suits itself and the goods it sells. Due to this success amid stiff competition and stand out to be unique, I chose Target Corporation for this research to understand what it does differently from other competitors that have made it keep its current competition within the industry.
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Another reason for choosing Target Corporation for the research project is to understand how the current reinvention strategy adopted by the company is working out towards its success. Currently, the company is going an overhaul due to changes in the habit of buyers as the company moves with speed to meet new demands which continue to change from time to time. Since the CEO Brian Cornell announced the overhaul and reinvention in many of its shops, customer traffic has grown, and sales increased. The reinvention strategy seems to be working well for the company as customers are responding. “Our guests are responding, and we are accelerating the pace, pushing even harder. Moving faster than ever before, three times as many remodels, dozens of new stores, new services, and new solutions," said Cornell.
Lessons to be learned
The lessons that I hope to learn is that standing out to be unique and developing unique marketing approaches is the key to success irrespective of what the competitors are doing. After researching throughout the success and failures of Target, I hope to learn how the company remained unique amid stiff competition from Walmart and remain amongst the top in the industry. I hope to understand what the company does different that has made it maintain its current position at the time when rival firms which tries to compete Walmart on price have failed.
After the project, I hope to learn why Target Corporation mainly operates within the US markets, unlike its key rival which operates in many other international markets. I also hope to learn what caused the failure of Target in the Canada global market. I hope to learn the problems with rushing to roll out new software without dedicating enough time to train staff to ensure that they are well knowledgeable about the new technology. The company did not make success on its first attempt to go international by getting into Canada. At the end of the project, I hope to gain an understanding of the many aspects and factors that can cause success and failures of business amid stiff competition.
Reference
Johnston, M. W., & Marshall, G. W. (2013). Sales force management: Leadership, innovation, technology . Routledge.
