SWOT Analysis
Strengths
• Target is an innovative and influential retail store. Their mission statement focuses on four core roles: great guest service, clean stores, in stock merchandise, speedy checkout. These guidelines make up the culture of the fast, fun and friendly stores.
• Target focuses on new ideas and exclusive products, such as Clear Rx. This invention has grossed the company over 7% of their total sales and contributes to about 33% of the guests.
• Target is committed to having their location accessible to many of their current and potential guests
• Top designers have signed agreements with Target to sell their items at affordable prices under an agreed upon name. For example, Victoria’s Secret produces the Gillian O’Malley lingerie line.
• In some states, the police department will rely on Target’s Asset Protection systems to catch thieves and monitor fraudulent activity. Weaknesses
• Target is not global retailer, which means that they do not have a presence in countries worldwide. They should definitely look into traveling overseas, since their competitors are working internationally and boosting revenues.
• Pharmacy guests account for over 7% of their total sales. The turnover rate for Pharmacists is very high, since they are required to work 12-hour workday schedules.
• Target has a reputation for new product development and creativity.
Opportunities
• Gift cards can now be used in both the store and on the Internet, thus leading to more sales and reaching the computer literate market
• To take on competitions plans (i.e., Wal-Mart) and focus on opening stores in international markets
• New locations give Target the opportunity to be diverse in the market. More ...