Are you interested in discovering the secret behind the success of Target?
Target Corporation is one of the biggest retail distributors in the United States (US) and is one of the highest companies in the world in terms of sales. Founded in 1902, Target is also one of the top eight-rated companies with the highest revenue in the US.
Since 1994 this US retail chain has promoted the tagline ‘Expect More and Pay Less.’ This aims to provide its customers with high-quality products at competitive prices. Currently, this retail company is the second-largest discount store after Walmart in the US.
So, let’s take you through the Target Mission and Vision Statement Analysis and see what it’s all about!
The History Of Target
For over a century, Target has tried to establish a competitive retail brand and has since invented unique business strategies that explain how their sales revenue every year just keeps increasing.
Target accomplished originality that outshines the other budget retailers due to a third of their products being branded and sold exclusively at Target.
All about community…
Their influence as the second-largest budget retailer in the US is widespread, and this is achieved by integrating passionate, inclusive values in their business. The company values focus on promoting a sense of community support which maximizes their popularity amongst local consumers.
And their business approach is a clear success and is evidenced by their annual revenue increases and positive consumer feedback.
The Target Mission Statement
Target’s mission statement is ‘to make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation, and exceptional guest experience.’ Target achieves this mission by consistently fulfilling its slogan ‘Expect More. Pay Less. Brand Promise.’
This statement provides a clear and comprehensive vision for Target to competitively be one of the biggest retail companies in the US. In this mission statement, the company highlights its clear emphasis on core concepts which are:
Outstanding Value
Target prides itself on its quality products for reasonable prices and ensures it can offer ‘outstanding value’ and affordable products for its customers nationwide. They promise to ‘Expect More and Pay Less,’ which is a vouch for their commitment to providing quality products at unbeatable rates.
Price match guarantee!
The retail store also offers a price match guarantee policy for its customers, which promotes their brand culture to save and budget more, which enhances a more gratifying shopping experience.
Their website offers abundant product availability at discounted rates, including clearance sales, top deals, weekly advertisement magazines, and the latest shopping offers that can be purchased online and in-store.
Convenience
The component of ‘preferred shopping destination’ implies Target’s aim to become the most popular and accessible retail company. Their company vision upholds the commitment to enhance a convenient shopping experience for their customers.
Their website mentions, ‘we’re proud to be America’s easiest place to shop, with the broadest range of fulfillment options in retail.’ Target accomplishes its promise of being a convenient retail store due to its comprehensive product availability, which can satisfy every household need. Moreover, Target has successfully branched out to all 50 states in America, ensuring that their retail business is easily accessible to customers nationwide.
Improving the Lives of its Customers and Communities
Target’s ambition is to create a strong sense of community for its customers and employers. The component of their mission statement highlights their attention to creating ‘continuous innovation and exceptional guest experience’ for all of their consumers.
Target ensures their broad range of products are manufactured and marketed to fulfill and improve every consumers’ lifestyle and household. Their website mentions their aim ‘to create an unparalleled product assortment that goes beyond the basics,’ and the diversity of their merchandise can be classified in their extensive range of product and service categories.
Value
Target focuses on improving the lives of its customers by upholding a compassionate vision to ‘help all families discover the joy of everyday life.’ Target importantly ensures that 5% of their profits go to support local communities while promoting and organizing volunteer events and even creating a goal to raise $1 billion for the US education sector.
The purpose of their mission and vision statement is to define the company’s corporate strategy, which underlines the responsibilities of Target to provide quality service to its consumers.
Target Mission Statement History
The Target mission statement remains unchanged throughout 2020 and 2023.
| Name | Target |
| Industries served | Retail |
| Geographic areas served | US |
| Headquarters | Minneapolis, Minnesota |
| Current CEO | Brian Cornell |
| Revenue (2021) | $133.6B |
| Profit (2021) | $30.661B |
| Employees (2021) | 409,000 |
The Target Vision Statement
Target’s vision statement is “guided commitments to great value, the community, diversity, and the environment.” The purpose of this statement is to depict a vision of their brand identity and to use corporate-level strategies to achieve company success.
Furthermore, it is to establish a successful brand by implementing business strategies that inspire and motivate the management team to achieve competitive goals and sales targets.
A holistic vision…
Their company commitments are to strive for change not only from a business perspective but also for the local communities and consumers served. Target maintains a strong work culture by adopting a holistic vision which enhances an impressive outlook for this company’s reputation.
Guided Commitments
The company outlines its main commitment principles and uses these to strive and achieve the best result for its customers. Maintaining a successful reputation is the main focus, especially when it comes to building a secure consumer base.
Target’s corporate strategies ensure that the management enforces these guided commitments and maintains corporate responsibility without compromising on the quality of service.
Sustainability is key…
Their approach to sustainability is outlined and reinforced in various goals that aim to drive a positive impact for their business and consumers. Some of their main commitments are focused on providing a quality shopping experience at affordable prices, having a strong company team, and promoting an ethical and sustainable business practice.
Inclusivity and Diversity
Target reinforces a holistic, inclusive, and diverse emphasis on their work culture, community, and environment. Their branded concept of‘ Target Forward’ reinforces their latest efforts to maintain a sustainable future that is ‘equitable and regenerative.’
Their ambition is to accelerate opportunity and equity, which proves their commitments to be sustainable, inclusive, as well as diverse in the workplace and the wider community.
The Core Values
The core values of Target are reinforced as a ‘purpose-driven’ company that aims to maintain strong business values and a clear vision for its consumers. The company engages in several commitments.
Target’s main purpose is to envision a joyful experience for its consumers and employees. This is conducive to their mission of ‘promising surprises, fun, ease and inspiration at every turn, no matter when, where or how you shop.’ Inspiring a joyful environment is encouraged in every aspect of their business. This highly promoted concept is adopted in their work culture, company incentives, and policies.
Target’s core value commitments can be conceptualized into these main areas.
Value and quality shopping experience
Target’s main focus is providing quality products at affordable prices. This company ensures that customers get ‘more for their money,’ and their slogan reiterates this as a company priority.
Target’s primary goal is to create a satisfactory shopping experience at an unbeatable value. They uphold this core value commitment and aspire to be consumers’ top choice, as well as the ‘easiest’ and most convenient retail destination nationwide.
Valued work culture
The company envisions a strong and inclusive work culture that promotes equality and diversity policies. Target encapsulates the importance of building a strong and equal work culture through promoting a ‘Driving Progress.’
This initiative focuses on ‘diversity and inclusion’ policies. This is a ‘business imperative,’ and all company members play a key role.
Raised minimum wage requirements!
Target also reinforces its value to its team members by raising the minimum wage requirement for their workers. Moreover. Target provides extensive added benefits for its employees, which include support in finance, health, career, education, and community sectors.
Sustainable and ethical future
Target encourages sustainable and ethical practices in their workplace and the wider community. They strive to prioritize business strategies that positively impact individuals and the environment. Therefore to enhance these sustainable goal-driven company initiatives, Target has created unique policies.
These include climate change and science-based Target initiatives, which encourage future ‘responsible sourcing and sustainability goals.’
Additional Job Opportunities In Retail
Let’s first start with your Target Application as well as your Target Interview Questions to have a look at. You’ll also want to find out How Old Do You Have To Be To Work At Target, Does Target Pay Weekly, or even, Does Target Hire Felons in case you have a criminal record.
Secondly, for alternative retail applications, we have our United Supermarkets Application, Pick n Save Grocery Application, and our Lucky Supermarkets Application, along with our Giant Food Stores Application, the ever-popular Tops Application, and our City Market Application. Of course, if you’re a health fanatic, maybe you’d like to try our Whole Foods Application in 2023.
Lastly, why not read up on the Target Story: How the Iconic Big Box Store Hit the Bullseye and Created an Addictive Retail Experience which I found very interesting!
Final Thoughts
As you can see above, Target takes affordable shopping and community quite seriously! The company’s focus is to promote products that are of competitive prices. They provide their customers with a quality shopping experience.
To support their mission, Target maintains a purpose ‘to help all families discover the joy of everyday life.’ They highlight its passion for providing quality customer care and satisfaction to its customers nationwide.
So, if you fit their vision, then why not apply at Target today!
References
- P.Smith (2023) ‘Target- Statistics and Facts’ https://www.statista.com/topics/1914/target/
- Target (2023) https://corporate.target.com/about/
- ‘Largest North American Companies by Revenue’ Dotdash
- https://www.thebalancesmb.com/largest-north-american-retail-companies-2892270
- CFI (2023) ‘Definition and Example of a Mission Statement’ CFI Education Inc. https://corporatefinanceinstitute.com/resources/knowledge/strategy/mission-statement/
- Benzeer. T (2023) ‘Target’s Mission Statement and Vision Statement,’ Visionary Business Person. https://visionarybusinessperson.com/target-mission-statement/
