Walmart Vs. Target Research Paper Example | Topics and Well Written Essays - 1250 words

Walmart Vs. Target - Research Paper Example Company’s Profile Walmart Wal-Mart was founded in 1962 in Rogers, Ark by Sam Walton (Walmart Corporate Website, n.d.). Since the time when the first Walmart discount store has been opened, the company grew to 706 stores across the United States (Walmart Corporate Website, n.d.). Walmart’s headquarter is allocated in Bentonville, Arkansas (Walmart Corporate Website, n.d.). In 1969, the company incorporated as Wal-Mart Stores Inc. (Walmart Corporate Website, n.d.). Today the company operates in different formats, including Sam’s Club membership warehouse, supercenters, neighborhood markets, marketside and online stores. Envisioned 40 years ago Walmart’s mission of â€Å"saving people money to help them live better† continues to be an incentive for the overall company’s business operating. In addition to the mission statement, the company has developed the Walmart’s Ethical Standards Program and a strong ethical policy, focused mainly on the basic value of respect for all shareholders, including customers, associates, and suppliers (Walmart Corporate Website: Culture, n.d.). Target Target was founded in 1902 by George Draper Dayton and was called as the Dayton Dry Goods Company (Target Website: Our History, n.d.). The first Target store opened in Roseville, Minnesota, in 1962 (Target Website: Our Stores, n.d.). As of today, discount retailer has captured significant market share by having allocated about 1750 stores in 49 states (Target Website: Our Stores, n.d.). By doing business and developing strategic plans for the company, current Chairman, President and CEO of Target, Gregg Steinhafel, follows the idea that: â€Å"Diversity is much more than a goal or campaign; it is a core value of the giant retailer (Steinhagel, n.d.). The mission of the company is to â€Å"make Target the preferred shopping destination for its guests by delivering outstanding value, continuous innovation and an exceptional guest experien ce by consistently fulfilling its logo: Expect More. Pay Less (Target Website: Our Mission, n.d.). Besides its main activity, Target demonstrates a strong commitment to communities by providing support to: education activities, volunteerism, different social services, military and veteran assistance and some others (Target Website: Community Outreach, n.d.). Marketing strategies Walmart The key marketing strategy formulated as the Walmart’s logo was based on the principle: Always Low Prices, Always. Therefore, the company’s pricing strategy is to provide the goods sold at the lowest prices. To gain this competitive advantage the management of the company continuously works on the cost reduction programs. Additionally, in order to achieve the maximum amount of potential customers, Walmart began to focus its marketing strategy on different target markets, by differentiating its stores into: Walmart discount stores, Walmart supercenters, Walmart neighborhood markets, mark etside, and Walmart.com (Walmartstores Corporate Website, n.d.). While analyzing mainly the Walmart store format, it can be summarized that the size of an average store is 108  000 square feet; these stores are wide and clean; the aisles are brightly-lit and the shelves are stocked with various value-prices general merchandise product, including: family apparel, electronics, toys, health and beauty aids,