Objective: The Strategic Retail Plan allows students to apply their knowledge in solving a real -world problem for Target Kids. You will be developing and presenting a plan for Target to drive sales in their Kid’s department for Christmas.
1. Define the business mission.
2. You will conduct a SWOT analysis that includes an environmental scan of the the uncontrollable elements such as social cultural/consumer trends, technological trends, economic trends, regulatory trends, competitive trends, as well as the controllable elements, Targets product mix, pricing, supply chain/distribution, and promotion/advertising (Go to the Target website for information as well as their store) regarding their children’s wear. This is the most crucial part of the plan as it provides the foundation for developing the action plan. You will want to do an extensive review of their competition – perhaps patronize and see for yourself the competitive product mix, promotions, pricing and so forth. Your team may want to conduct primary research to evaluate consumers’ attitudes toward Target kids and their competition. From the information that you gather, develop a SWOT that summarizes what you found regarding Target and the uncontrollable elements.
3. Identify Strategic opportunities.
4. Evaluate strategic opportunities – identify one that your team will pursue for Target Kids.