Target Corporation is the eighth-largest retail corporation by annual revenue. Target exclusively operates in the United States of America, unlike most other retailers. Target was ranked 37th in Fortune 500. Target’s mission statement focuses on offering customers more value for less money. Whereas, Target’s vision statement ties in with the mission statement in regards to delivering great value. Moreover, the vision statement shares the company’s commitment to great value, community, diversity and environment.
Brief Company Overview:
| Company Name | Target Corporation (Formerly known as Dayton Company and Dayton-Hudson Corporation) |
| Company Type | Public |
| Industry | Retail |
| Numbers of Location | 1,904 stores (2020) |
| Headquarters | Target Plaza, Minneapolis, Minnesota |
| Number of Employees | 368,000 USD (2020) |
| Net Income | 2.937 billion USD (2019) |
| Mission Statement | “To help all families discover the joy of everyday life.” |
| Vision Statement | “To make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and exceptional guest experience by consistently fulfilling our Expect More. Pay Less. Brand Promise.” |
George D. Dayton, the native New Yorker banker and real estate investor, founded Goodfellow Dry Goods in 1902. This company ultimately became the renowned mass market retail company namely Target.
The first Target store was opened on May 1, 1962. The company soon expanded its services and introduced new retail formats such as SuperTarget, CityTarget and TargetExpress.
Target Mission Statement:
Target’s mission statement is “To help all families discover the joy of everyday life.”
Target’s Mission Statement Analysis:
The mission statement shares that the company helps families discover the joy of everyday life. But how can a mass market retail store help all families discover the joy of everyday life? The answer to this question shows how well put Target mission statement is.
There are numerous issues that this mission statement implies.
- Affordability: the fact that Target aims to help all families means that the products that Target sells are affordable for families.
- Simple Commodities: Target’s will to help people find joy in everyday life reflects what kinds of product the company sells. Target mostly sells household products, groceries and other products we use on a daily basis.
Target Vision Statement:
Target’s vision statement is “To make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and exceptional guest experience by consistently fulfilling our Expect More. Pay Less. Brand Promise. To support their mission, they are guided by their commitments to great value, the community, diversity and the environment”
Target’s Vision Statement Analysis:
Target’s vision statement is orbits around the idea “Expect More. Pay Less. Brand Promise”. The rest of the statement is an elaboration of this idea.
The vision statement shares the company’s will to become the preferred shopping destination for customers. It shares the following components as the ways of achieving it:
- Deliver Outstanding Value: Target intends to provide people with more value for less expenditure. Target has over 40 subsidiaries all aiming towards making products available for less price. Moreover, Target’s pricing policies are designed to ensure affordability. At any given period, Target has attractive deals; sometimes up to 25% off on products. Apart from offering more value for less price, Target helps people avail utter convenience. This company has a reputation of having every possible commodity that customers may want to be sorted very well in specific isles. This makes finding products very effortless.
- Continuous Innovation: Target invests in innovation to uphold its reputation of being the destination for affordable shopping. The company’s 2021 Strategic investments illustrate the company giving importance to innovation.
- Exceptional Guest Experience by fulfilling the brand promise: Target’s visions include providing exceptional shopping experience by fulfilling the brand promise.
Frequently Asked Questions:
What are Target’s core values?
Target’s brand values include:
- Great Shopping
- Celebrating Diversity and Inclusion
- Community Engagement
- Ethics at Work
What is Target’s slogan?
Target’s slogan is “Expect More. Pay Less”
What is Target’s brand value?
Target brand is valued at approximately 20.7 billion US Dollars.
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