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History of a Successful Company

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TARGET CORP.

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Microeconomics: Target Corp.
Yolanda L. Ramos-Guistizia
Southern New Hampshire University

TARGET CORP.

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Microeconomics – Target Corp.

For this research paper I picked Target Corp. (Target) as the firm I'll be analyzing and the market that Target is apart of. Target is the second largest American retailer and mass merchandiser. It sells household essentials and fashionable merchandise at discounted prices.
Throughout this final project I will discuss supply and demand and pricing and marketing techniques. I will also discuss Target's successes within the United States, their abrupt exit from the Canadian market. "Microeconomics is the study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices."
(Hubbard and O'Brien, 2013, p. 15)
History of Target Corp.
Target was founded in Minneapolis, Minn. in 1902 under Dayton Dry Goods Company and in 1911, it's founder George D. Dayton, renamed it The Dayton Company to better reflect their services and goods.
George D. Dayton creates The Dayton Foundation with a $1 million endowment and a purpose to aid in promoting the welfare of mankind anywhere in the world. Renamed the Dayton-Hudson Foundation in 1969, it later becomes the Target Foundation in 2000. (Target Corporation, n.d.)
In 1946 Target becomes the second American organization to come up with a preset amount to donate annually. The organization settles on five percent of pretax profits to be donated back into the community. In 1954 The Dayton Company opens it's first expansion outside of Minneapolis and in 1956 the expansion continues into the suburban opening a store in
Southdale Mall.

TARGET CORP.

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The company really takes off in 1961 when The Dayton Company plans to create a new discount chain store. Douglas J. Dayton says of the new chain "combine the best of the fashion world with the best of the discount world, a quality store with quality merchandise at discount prices, and a discount supermarket...75 departments in all." Shopping at the new, currently unnamed store will be fun, delightful and welcoming to the entire family. The stores will include wide aisles, easy-to-shop displays, fast checkout and, "loads of well-lighted parking…for 1,200 cars." (Target Corporation, n.d.)
The first store opens outside of Minnesota in 1966 transforming from a regional department store to a national chain store. A year later Target's Initial Public Offering is held on
October 18th.
"In 1988, Target becomes the first mass merchandiser to introduce UPC scanning at all Target stores and Distribution Centers. The revolutionary new technology contributes to the evolution of the in-store shopping experience through greater inventory management, increased automation, and most importantly, a shorter wait time at the checklane." (Target Corporation, n.d.)
Target's brand promise, "Expect More. Pay Less." was unveiled in 1994. The following year Target opens it's first SuperTarget in Nebraska, as well as it's first store brand credit card named Target Guest Card but is now known as Target's REDcard. They still offer credit or debit card options.
Target launches Target.com in 1999 and consumers are now able to shop a wide assortment online, just as in store. In the same year, Target also began selling gift cards. Now open in 47 states, and with a wide variety of exclusively private labels, Target exceeds $50 billion dollars in annual sales in 2005.

TARGET CORP.
To sum up Target's overview of products and services:


Groceries and pet supplies;



Apparel and accessories;



Home furnishings and home décor;



Household essentials;



Offers services such as REDcard credit and debit cards;



Gives 5% back annually to community;

4

TARGET CORP.
References:
Hubbard, G. R. & O'Brien, A. P. (2013) Microeconomics. 5th Edition. Pearson.
Target Corporation. Retrieved February 21, 2016 from www.target.com.

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