Target serves a wide variety of customers, from children to seniors, high school educated to college educated, males and females, and low income to higher income. A wide range not only gives Target a large customer audience, but also provides opportunity to “word of mouth” to motivate others to shop at Target. In 2013, Target ranks 3rd in the Top 100 World largest retailer in US, with the market share of 1. 81% in retailer industry and 14% in department stores. Offering trendy merchandise at affordable prices, Target attracts younger and more educated customers compare with its direct competitors.
The majority of target customers are women with the average age of 46 year old, which is the youngest among major retailers. The median household income is $55,000, 43% of them have a college degree and 38% have children at home. Target has a personality all its own by focusing on good customer service and more upscale, trend-? forward merchandise at low cost, as opposed to the tradition concept of low-? priced goods. It calls its customers “guests” and attracts guests just as unique as its stores, from a desire for style and value to an appreciation for shopping in a store that gives back
to its communities. Target “Guest” are on average younger, well-? educated and affluent, and they can be segmented into three groups value concern, design concern and budget concern. Key Target Segment Value Concern Target’s customers desire for better merchandise, better shopping experiences and greater convenience. They looking for the product that fit their needs, wants, and desires; considering Target is a place can offering value, quality and pleasant shopping experience. 1. Demographic a. Median age of 41 – the youngest among major retailers b. Median Household Income: $60,000 2.
The Essay on Target Customer Customers Business Market
In any market, there are different kinds of customers. They are Core Customers, At-Risk Customers, Non-profit Customers and Spinners. Many a times you find a number of companies that treat customers like kings. A famous example is that of Nordstrom store accepting a set of tire chain from someone who claimed to have bought it from there even though they do not sell tire chains. What most of us do ...
Psychographic a. Target Customers like the idea that Target is the only place where they can find competitive prices and value in addition to selection – whether shopping for clothes, furniture, picture frames or cameras. Design Concern Target’s customer is unique from that of competitors by looking for both high end brands at a reasonable price. They think design is necessary in their life, it is fun, surprising and smart. They concern about about their personal and social image. 1. Demographic a. Gender: 80% -? 90% Female b. Education: 51% of key target customers have completed college.
More than half are employed in professional or other managerial positions 2. Psychographic a. Target guests strive to make the most of their time and money by recognizing the difference between price and the more enduring concept of value, design and innovation. b. Target Customers are smart about their purchases, savvy to trends and conscientious about their communities Budget Concern Most of the Target’s consumers are budget conscious, even they are more likely to purchase the higher-? end brands. Research from Customer Growth Partners shows that Target has actually been able to get its\ prices to 0. 7% less than Wal-? mart’s prices for a similar group of 35 items. 1. Demographic a. 38% of customers have children at home -? consistently more than any other discount store’s customer profile 2. Psychographic a. Target’s guests are thoughtful about how they spend and where they shop. They know that any retailer cannot match the price in some categories of product. Are they profitable to serve? Target provides high-? quality, on-? trend merchandise at attractive prices in clean, spacious and guest-? friendly stores. It expands their physical store to 1,919 worldwide and the
