Target Change Project Clay Woodward, Kiana Waltermeyer, Robert Wigfield, Zach Whitson, Erin Wassem

Strengths and Weaknesses

  • Design and styles appeal to both low income consumers and high upscale shoppers
  • Shopping experience centered on ease, inspiration, and customers
  • Target customers “fill-in” trips are taking place at Wal-Mart (lower prices)
  • Target is consistently beaten by Amazon when it comes to low prices

Opportunities and Threats

  • Cheap prices and trendy styles gear products towards the increasing lower class.
  • Increase funding on flexible-format stores to need specific locations
  • Many customers’ credit card information was hacked in 2013
  • Wal-Mart stores are moving into similar locations to compete for customers

Change

  • Expand internationally into Mexico
  • Diversify store using multi-format strategy, each format catering to the demographics of that location/region
  • Target Retail, Target Urban, and Target Rural
  • Why? Competitors like Walmart are dominating international marketshare. Target needs to expand in order to stay afloat.

Kotter's Change Model

  • Sense of Urgency- No international presence to compete
  • Guiding Coalition- Appoint Specialists
  • Vision and Strategy- 3 Types of Target: Retail, Urban, and Rural
  • Communicating the Change- Web Conferencing
  • Enable action- convince corporate leaders using pro forma financial statements
  • Create quick wins- use performance rewards system
  • Build on the change- invest in succeeding stores
  • Make it stick- draw connections between change and new success

Any Questions?

Credits:

Created with images by JeepersMedia - "Target" • JeepersMedia - "Target" • JeepersMedia - "Target" • JeepersMedia - "Target"

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