Target Corporation has proven that the mission and vision statement of a company can define the growth trajectory of a business as shown by the path it has followed for over a century. The specificity of the corporate statements created by the management of this company has established a brand whose influence within the retailing sector far outshines the others.
This explains the reason Target has been able to withstand the challenging economic upheavals over the years, while at the same time rising as one of the top ten largest retailers in the U.S. The reputation of Target goes beyond its borders probably because of its business strategies whose emphasis is on maximizing the benefit and experiences of its customers.
This approach is captured clearly in both the mission and vision statements of the company. A corporate vision statement is a declaration of where the company would want its brand to be in the near future, while a corporate mission statement defines the actions that would be appropriate to enable the establishment to get to that future. Essentially, these two work together and are instrumental in how successful a company can be.
In the case of Target, the vision statement brings out the responsibility of the company, while for the mission statement, the company focuses on the quality of services the company is set to bring its customers. The stability that characterizes Target is drawn from other elements of the company as well.
The core values of this firm go a long way in promoting a culture that works to ensure the corporation remains within what its mission and vision statements dictate. In this way, they all work together for the general growth of Target as a brand.
|Geographic areas served||Canada & U.S.|
|Current CEO||Gregg Steinhafel|
|Revenue||$ 73.301 billion (2012)|
|Profit||$ 2.999 billion (2012)|
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 by consistently fulfilling our Expect More. Pay Less. Brand Promise.” In this statement, it is clear Target is a company that looks to become a top business or the leader within the retailing sector by differentiating its services. “To support their mission, they are guided by their commitments to great value, the community, diversity and the environment.” The comprehensiveness of this statement gives an impression of a company that understands the prevailing business dynamics and is adequately armed with the right tools to be what it wants in the market. These key points can be drawn from this mission statement:
- Convenience. In its effort to satisfy this aspect of the mission statement, Target owns the reputation of being a destination where customers never worry about missing what they are looking for. It is true that time is an essential and rare commodity that should ever be used wisely, and Target helps its customers to do so by bringing them everything they would want to shop. In fact, the company goes a step further to categorize all its products in such a way that any client can easily pick out what they are looking for ranging from personal care to electronics, groceries, and every other category.
- Reasonable prices. At Target, price is everything. In the mission statement, the company has a ‘pay less’ mantra that it does all its best to comply with all its products’ pricing. A review of the quotations offered by this company affirms the affordability fame associated with it out there. In fact, it has some of the most attractive deals with up to 25% off most of the products on offer.
- Exceeding expectations. The variety of activities and services that Target Company is involved in apart from its mainstream business shows that there is more to this corporation. For instance, the mission statement mentions the pledge of the company towards adding values in the community and protecting the environment. Such efforts bring out the social responsibility element of Target positioning it as a company that wants to have its impacts not only felt in its overall growth but also the progressiveness of where it operates.
Target’s vision statement is “Guided commitments to great value, the community, diversity, and the environment.” The statement shows that Target is all out to do the best for a lifetime reputation of a company whose impacts and services make a difference in all sectors. The vision statement relates to the following major points:
- Guided commitment. Target business brand shows how structured and principled the company is especially to what it wants to achieve. The operations of this company show that things do not just happen at Target, they unfold as planned. While doing so, the company also emphasizes one key aspect – that it does not compromise on how it wants things done and what it wants to be done. That is the force that emphasizes how loyal Target is in this business brand.
- All-Inclusive impacts. While implementing its business strategies, Target ensures that it touches the lives of every customer who shops in the company wherever they are. It does this by first ensuring that every product offers maximum value to the clients. Target does not stop there as the company also strives to ensure that its existence extends goodness to the society in all the expected ways, including respecting and embracing diversity, as well as promoting environmental sustainability.
Target core values include “great shopping, celebrating diversity and inclusion, community engagement, and ethics at work.” The values create a strong Target culture that ensures the company is always prepared and motivated to advance towards its vision.
The primary value that Target promotes is for its employees to create the most fun, friendly and conducive environment for all parties to ensure customers get utmost services when they shop. The success of such an effort is supported by the embracement of the inclusivity of team members with different backgrounds as well as suppliers. Target also acknowledges the significance of interacting and working with communities, and while doing so, cultivate the best behavior that advances the mission and vision statements of the company.
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