Bsbmkg506 Plan Market Research- Target Assessment Answer

Introduction:

Background of the company:

Target Corporation is among the most popular retail organizations across the globe. It is second largest discount retail store in the USA market after Wal-Mart. Target reflects mid-price department store  that has largest number of retail outlets in Australian market. Presently, Target has more than 308 retail outlets in Australian market while it has around 1802 stores all across the globe. The revenue level of Target in Australian market was accounted around A$ 3.5 billion in the year of 2016 (target.com.au 2017). Over the years, Target has achieved immense success in Australia as well as global market. However, Target is losing market share to other major competitors for the past few years. Organizations like Big W and K-mart has grabbed the attention of the potential customers in an effective way. For that reason, Target is looking to introduce different strategies in order to keep the loyalty level of the customers at the desired rate. For that reason, the study will focus on analyzing the impact of repositioning strategy of Target for recapturing the market share in an effective way.

Competitive landscape:

Over the years, competition level in retail sector has increased in a huge way. Moreover, technological evaluation has allowed e-commerce sector to grow at a rapid rate that eventually damages the business level of Target Australia (Siddiqui and Fahim 2014). In addition, organizations like Big W and K-mart has used innovative marketing strategies for grabbing the major share of the market in an effective way. Closes and Harris Scarfe also possess greater level of threat for Target in order to maintain desired level of market share in the targeted market (Sheth and Sisodia 2015). In addition, global retail organizations like Wal-Mart and Tesco is looking to expand their reach in all across the world. Therefore, it has become essential for Target to reposition itself in such a way so that all the potential customers can able to identify the offered products and services in an effective way.  

Marketing context:

In the present competitive business structure, marketers have to focus on utilizing all types marketing tools for reaching to all potential customers in an effective way. Now, Target has already used all the available prime marketing techniques in order to ensure required level of information can reach to all potential customers. For instance, Target has used all the popular social media platforms along with website and television advertisements for capturing major share of the market (Hollensen 2015). However, other prime organizations are also using all these marketing tools for ensuring continues success in the market. Therefore, Target is facing challenges in order to position itself uniquely in the target market. As a result, it is affecting the overall business level in a major way. For that reason, it is essential for Target to identify effective marketing strategy for reposition the business in the targeted market.

Outline of the research problem:

Continuously dropping market share of Target is a major cause of concern for the research study. Moreover, increasing competition level in retail sector also enhancing the required level of challenges Target will have to face for sustaining its growth in the market. Therefore, the study will look to identify the best possible way to reposition the marketing procedure so that it can able to create desired level of impact on the market. It will also highlight the necessity of using repositioning strategy so that customers can easily identify all the offered products and services (Wilson and Gilligan 2012). However, repositioning of business also involves different risks that can affect the overall objective of Target. For that reason, the study will focus on assessing the best possible way to reposition business so that it can able to fulfil all the business objectives in an effective way.

Research objectives: 

According to Joly and Tous (2012), proper identification of research objectives is critical for successful completion of any research study. Proper research objectives provide a clear guideline to the research studies for accomplishing all the objectives. Now, in order to reposition Target, the study will focus on following objectives:

Marketing objective:

• To identify the best possible way to use marketing tools and techniques so that customers can easily identify all the offered products and services of Target
• To assess all the risk factors associated with the with the reposition marketing strategies for Target Corporation

Overall research objectives:

• To highlight the way effective use of repositioning strategy can help Target to regain desired amount of market share
• To investigate the extent to which repositioning can help Target to counter the strategies initiated by the customers

Specific objectives:

• To provide proper guidelines to Target for making specific changes in the business procedure for accomplishing all the objectives of repositioning
• To highlight the way repositioning will allow Target to counter all the future challenges in an effective way

Market information:

Target is among the biggest retail organizations across the globe. It has established presence beyond the geographical boundaries to emerge as the second biggest discounted retail store. For that reason, Target has focused on developing diversified market culture for providing proper service and supports to the global customers (Ellickson, Misra and Nair 2012). Presently, Target has expanded its reach all parts of America and Europe market. It has focused on providing different consumer goods at the cheapest price. Therefore, all other prime retail organizations like Wal-Mart, Tesco and Coles are providing huge amount of competition for Target. The global revenue of Target Corporation was accounted around US$ 69 billion in 2016 (target.com.au 2017). It highlights the fact that Target has to focus on both macro and micro factors in order to fulfil the objectives of repositioning.

Consumer information:

As per the article by Siddiqui and Fahim (2014) proper understanding of consumers is essential for developing effective strategies for grabbing the major share of the market. It has been assessed that proper understanding of consumer behaviour will allow organizations to identify the necessary areas for improvement. For instance, understanding customer behaviour will allow Target to identify the product category that will help to reposition in the market. Moreover, repositioning of organization highly related with the appropriate changes of consumer attitude and perceptions. Otherwise, repositioning strategy will not able to create desired amount of impact on the market. Now, Target will also have to focus on assessing demographics of the target market, as it can have major impact on the business level. For that reason, Target will have to focus on assessing the differences in lifestyles, believes and values of the targeted customers, which will help to identify the best way to reposition business in the target market.    

Research design data:

Secondary data:

Secondary data reflects to those data that were collected by the someone other than the user. Now, effective use of secondary data is critical in any research studies, as it helps to include all the necessary information from previous researches (Mackey and Gass 2015). Now, in order to reposition Target Corporation in an effective way, the study will focus on utilizing both internal and external secondary data sources (Neuman and Robson 2012). For instance, the study will use internal data sources like Website of Target Corporation, last 5 years annual reports and industrial magazine published by Target Corporation for assessing the future challenges related with the business procedure. On the other hand, the study will also use external secondary data sources like newspaper, peer review articles and different trusted online portals for capturing required level of data.       

Primary data:

Primary data reflects to those data that users collect and use. Generally, primary data is collected with specific purpose of any research investigation (Taylor, Bogdan and DeVault 2015). Quantitative and qualitative are the available types of primary data collection procedure that all the research studies utilize for accomplishing all the objectives. Quantitative data collection methods focus on capturing numeric value about the research topic. Quantitative data also focuses on providing opportunity to use statistical tools for analyzing all the collected information (Miller et al. 2012). On the contrary, qualitative data collection focuses on capturing detailed information about the research topic. In qualitative data collection procedure, respondents can provide their thoughts related to the research topic, which helps to enhance the overall quality of the research study.

Recommended data collection method:

Now, in order to identify the best possible way to reposition Target Corporation, the study will use quantitative data collection technique. The study will use survey procedure for capturing quantitative data about the research topic. The survey will be conducted on the face-to-face interview basis, which will ensure all the respondents are in right frame of mind at the time of providing information about the repositioning strategy. The study will focus on develop a single questionnaire set for capturing quantitative data about the research topic. The study will use on close end questions for quantitative questionnaire for ensuring it can able to provide a trend related to the research topic.

Advantages and disadvantages of the recommended data collection method:

The study will use quantitative data collection procedure, as it will help to cover all areas associated with the repositioning of Target Corporation. For instance, quantitative data will help to identify the market trend over the sustainable period of time (Glesne 2015). Hence, it will help to identify all the risk factors associated with the repositioning strategy. On the other hand, quantitative data collection technique will help to include different statistical tools and techniques. It will eventually add value to the overall research outcome. It will also help to include information regarding customer attitudes, perspectives, believes and demographics, which will help to add value to the eventual research outcome. On the other hand, the study will not focus on qualitative data collection technique, as it will require more time to complete all the requirements of the research study.     

Sample design:

Target population:

Target population for survey reflects to all the individuals who are capable of providing required level of data (MacDonald 2012). Thus, target population includes all the units that can be affected by the eventual research outcome. Now, as the study focusing on quantitative data collection technique, the target population of the study will include all the potential customers (Silverman 2016). Without understanding the demographics, behavioural pattern and perception of the targeted customers, it will be extremely difficult to reposition organization in an effective way. Therefore, selection of customers as target audience is extremely important, as it will help to cover entire area associated with the research topic.   

Sampling technique:

The above illustration has highlighted the fact that selected target population is extremely big that cannot be covered within the limited timeframe. As a result, the study has no option but to use sampling technique for accomplishing all the research objectives. As described by Flick (2015) sampling has two parts probability sampling and non-probability sampling. Now, in order to identify the best possible way to reposition Target Corporation, the study will use systematic probability sampling. It will allow the study to select those respondents who are capable of providing necessary information about the research topic. On the other hand, it will not use simple random sampling, as it might affect the quality of the collected information. On the contrary, the study will also not use non-probability sampling, as it can increase the probability of biasness at the time of capturing data about the research topic.

Sample size:

The study will select 110 customers of Target Corporation in order to ensure that the collected information can cover all areas of research topic. The study will select relative big sample size for ensuring the reliability and validity of the collected data. The study use factors like nature of the study, influence of research outcome and customer knowledge at the time of selecting sampling size.    

Analysis: 

After completion of appropriate data collection technique, the study will focus on selecting best data analysis technique for achieving all the research aims and objectives. Here, the study will focus on utilizing statistical tools like mean, median and mode for assessing the collected information about the research topic (Panneerselvam 2014). Moreover, the study will also use standard deviation technique for successfully completing the research study.

Timeline and budget: 

Timeline:

Table 1: Gantt chart

(Source: As created by the author)

Budget:

Table 2: Budget allocation

(Source: As created by the author)

Codes of Practice – Market Research: 

The study will focus on maintaining all the codes provided by AMSRS for ensuring successful completion of the study. For instance, the study will focus on keeping the privacy level of the collected data for ensuring that it does not use for any external purpose. Moreover, the study will also try to keep the personal information about the respondents secret for ensuring all the activities associated with the research procedure. The study will also focus on remaining unbiased at the time of capturing data about the research topic. Moreover, the study will ensure no external pressure was putted into the respondents at the time of providing information about the research topic.

References: 

Ellickson, P.B., Misra, S. and Nair, H.S., 2012. Repositioning dynamics and pricing strategy. Journal of Marketing Research, 49(6), pp.750-772.

Flick, U., 2015. Introducing research methodology: A beginner's guide to doing a research project. Sage.

Glesne, C., 2015. Becoming qualitative researchers: An introduction. Pearson.

Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.

Joly, L. and Tous, G.J., 2012. The role of communication in the repositioning strategy of a tourism destination. A CASE STUDY OF A FRENCH SKI RESORT: AVORIAZ.(Student paper). Högskolan i Halmstad.

MacDonald, C., 2012. Understanding participatory action research: A qualitative research methodology option. The Canadian Journal of Action Research, 13(2), pp.34-50.

Mackey, A. and Gass, S.M., 2015. Second language research: Methodology and design. Routledge.

Miller, T., Birch, M., Mauthner, M. and Jessop, J. eds., 2012. Ethics in qualitative research. Sage.

Neuman, W.L. and Robson, K., 2012. Basics of social research: Qualitative and quantitative approaches.

Panneerselvam, R., 2014. Research methodology. PHI Learning Pvt. Ltd..

Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.

Siddiqui, K.A. and Fahim, S.M., 2014. Repositioning of DAWNNEWS Channel to Mass Market.

Silverman, D. ed., 2016. Qualitative research. Sage.

target.com.au, 2017. Target Online Shopping | Target Australia. [online] Target Australia. Available at: <https://www.target.com.au> [Accessed 9 Jun. 2017].

Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.

Wilson, R.M. and Gilligan, C., 2012. Strategic marketing management. Routledge.