The paper "Competing in the Age of Omnichannel Retailing" is a wonderful example of a Marketing Case Study. The purpose of the research was to assess the conditions or situation of Target Corporation with the intention of adopting the most effective and efficient retail strategies to improve the business performance of the entity. In the course of developing this report, the focus was on the utilization of the PEST analysis tool in the process of examining the environmental factors affecting the achievement of the goals and targets of the organization. In addition, the report focuses on the utilization or exploitation of appropriate retail marketing mix incorporating pricing and product strategies, retail channel strategy, consumer service/experience, branding, and positioning techniques in pursuit of competitive advantage. The Australian government focuses on enlarging domestic consumption needs through integrating stimulating policies such as lowering taxes on the retailers to improve the performance of the business entities. In recent years, there have been negative development conditions in relation to the overall economy of Australia leading to adverse implications on the consumption needs of the consumers in the marketplace.
Nevertheless, deposit interest in the banking industry continues to record growth in recent years. The tourist industry continues to enjoy pleasing development momentum, thus provision of the opportunity for the growth and development of the retail industry. The social condition of Australia is stable and secure, which is ideal in the provision of a pleasing or appealing environment for foreign investors to boost the national economic growth and development. Internet technologies are critical in shaping interactions and opinions in relation to daily lives of the people within the context of Australia. The advancements are essential in enabling consumers to enhance their access to the various sorts of attractive products at their disposal in the marketplace.
Technologies are critical in the automation of the processes and procedures relating to production and manufacturing products and services in accordance with the demands and expectations of the consumers, thus perfect platform for attainment of competitive advantage. Strategic Objectives From the theory of the wheel of retail, Target is in need of exploration of the new market opportunities for the achievement of more pleasing or attractive business performance in accordance with the demands and expectations of the business entities, as well as consumers in various marketplaces.
From the theory of life cycle, Target is on the way to decline, which is ideal in understanding the varying business performance in the case of Australia. Target comes out as a traditional brand of a big retailer in Australia exploiting a good corporation population among consumers within the domestic retail market. From this perspective, Target focuses on the usage of the outstanding brand image developed in the previous stages of operations in the marketplace in the process of attracting consumers in the Australian market.
From these aspects, Target should focus on the improvement of its business performance under the influence of the following strategic objectives: To improve the market coverage through the incorporation of the appropriate and effective retail marketing mix To establish admirable customer experience vital in the realization of improved image and reputation of the brand in the Australian and global contexts To utilize effective and efficient advertising and promotional techniques to increase awareness of the existing and potential consumers on the existing products and services at their disposal To improve the profitability of the organization while reducing or maintaining costs of operations and satisfaction of the needs and wants of the consumers
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