Journal Of Economics Business Research Essay

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Discuss About The Journal Of Economics Business Research.

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Introduction

The company in discussion, Target Australia is one of the mid-priced chain of departmental stores that is active within the Australian territories. The departmental store was previously known as Lindsay’s, later as Lindsay’s Target and was renamed Target Australia Pty Ltd in the year 1973. The company was founded in the year 1926 by Alan Mckenzie and George Lindsay (Target.com.au., 2018). During the initial days, the retail store had a very few stores at Geelong and sold the various materials like fabrics for the manufacture of the dresses, the products that are needed for the furnishings and the manchesters, better known as the bed linen or the materials that are used for the purpose of protecting the mattress that has been present on the bed. The retail company faced a huge growth in the matters that dealt with the spread of the stores in the area of Victoria due to fact that the retail company on discussion, the Target Australia Pty Ltd, had been providing the clientele with the quality products at the rate of the profit that was calculated to be almost half of the normal amount.


The company was taken over by Myer Emporium in the year 1968 and was renamed to Lindsay’s Target in order to assist the expansion of the company. The rebranding of the stores with the inclusion of the name “Target” within the name of the organization had led to the conditions wherein there were stores of the company that were situated all across the various regions of Australia like the New South Wales, Queensland, South Australia and Victoria. The name of the company, the logo of the company and the types of the outlets that were owned by the company were almost similar to the departmental store that is situated in the United States and bears the same name, Target. The company was renamed Target Australia Pty Ltd in the year 1973. The company of Myer Emporium had been operating out of almost 27 stores that were established under the name of Target Australia Pty Ltd by the end of 1982 but however the company was reported to have let go of the ownership of almost 22 of these stores. The company had however given away the ownership of 14 of the stores to the well-known Australian retail magnet GJ Coles & Coy Ltd, later known as the Coles Myer Limited with the merger of the retail magnets like Myer Emporium and the GJ Coles & Coy Ltd (Target.com.au., 2018).

The company had announced its first loss in the year 2001. The amount that was relate to this loss was almost a huge high of 43 million dollars. The company depicted a speedy action in order to make amendments in the company so as to take care of the loss that was faced by the company. The change in the management helped the company to reclaim their position as one of the major competitors of the other leading retail magnets that were active within the country like the stablemate of Coles Myer known as Kmart and Big W, a renowned retail store run by Woolworths Limited. The concerned retail magnet however still continued to serve the clients with the best of the products at the rates that were cheaper than the other retail stores in the market. In the year 2006, the company appointed Launa Inman as the new managing director for the leading chain of the retail stores in the country. The company was observed to face a huge amount of profit under her leadership. The company was reported to have made a profit of a whopping 68 million dollars in a very short span of eighteen months of the leadership of the new managing director, Launa Inman (Coles.com.au., 2018). The present scenario of the country has observed the change in the ownership of the chain of the retail stores from Coles Group to the Wesfarmers in the year 2007.

The concerned retail magnet had been reported to have transferred some of the Kmart stores owned by Wesfarmers into the stores that have been operating under the brand name of Target Australia Pty Ltd. The company faced a lot of changes in the managing director of the company in the past few years and in the present times the post of the managing director is owned by Guy Russo. The company is observed to have achieved a revenue of 3 billion Australian dollars and might boast of having a huge workforce of more than 16000 members who have been serving at the various locations wherein the stores operate (Wesfarmers.com.au., 2018).

The Marketing Mix

Product

The products that are provided by the concerned retail magnet to the concerned clientele of the company are observed to be completely tailored to the people who have been accustomed to the culture that is majorly followed within the territories of Australia. The stores are observed to have the stocks that are priced low and yet are known to have a high quality. This might have helped in the matters that deal with the attraction of the various potential clients of the concerned retail magnet within the country (Bailey, 2017). The concerned company is known to have been functioning from seventy-five other outlets that are operative within the country. The company is further known to have been leading in the matters that pertain to the innovation within the concerned industry. the stores that have been operating within the Australian territory tend to provide the concerned clientele of the company with the various products that are related to the styles that have been trending in the country. The stores might also boast of providing the clientele with the products from the various high-end designers within the reasonable prices.

Price

The pricing strategies that are followed by the concerned company in discussion, Target Australia Pty Ltd have been observed to be very apt for the clientele that had been targeted by the concerned retail market. The concerned retail store chain is famous for the low and the affordable prices that have been set up by the company. The reports of Target Australia Pty Ltd have revealed that the low and the affordable prices of the concerned products that are provided by the retail stores tend to attract the various potential clients of the retail store chain that is active within the territories of the country (Nagle & M?ller, 2017). The retail store chain is known to have adopted the variable costing method in the pricing of the products. This might help in the matters that pertain to the lowering of the costs of the products as per the market conditions. The major pricing strategy that is used by the concerned retail magnet is the penetration pricing strategy. This might have helped the concerned company to attract a huge number of the clients to the stores thereby assisting the overall growth of the organization.

Promotion

The company is further known for the various promotional strategies that have been undertaken in order to boost the overall growth of the company. The concerned company in discussion, Target Australia Pty Ltd have been reported to have dealt with the matters that pertain to the promotion of the retail brand through the various media like the newspapers, the magazines, the television and other such traditional audio and visual methods. These might help in the attraction of the potential clients of the retail magnet (Thieu et al., 2017). The other promotional methods that are implemented by the concerned retail magnet refer to the use of the social media in the matters that pertain to the promotion of the stores of the concerned retail chain on discussion, Target Australia Pty Ltd. The other promotional activity that is undertaken by the Target Australia Pty Ltd refers to the activity of sponsoring the various entertainment events that are conducted within the territories of Australia (McCormack, 2017). This might help in the promotion of the various products that are offered by the retail chain, thereby leading to the conditions that help in the increase in the earned revenue of the concerned retail chain.

Place

The concerned retail store chain, the Target Australia Pty Ltd is found to be located in the outskirts of the downtown area in Sydney, Australia. The location of the retail store chain has assisted the concerned retail stores to develop a wide client base within the concerned areas through the unique pricing strategies that are implemented by the concerned retail store chain. The location has further helped the concerned retail store chain to deal with the various ways to attract the target clientele (Hubble, 2017). The concerned retail store has been reported to follow the joint venture strategy for entering in the market of the area wherein there might be a chance for the expansion of the concerned retail organization. The other beneficial factor that might have helped in the overall improvement of the concerned organization is the fact that the clients of the organization also enjoy the benefits of the activities of shopping for the needed products over the online stores of the concerned retail chain, the Target Australia Pty Ltd.

References

Bailey, M. (2017). Absorptive Capacity, International Business Knowledge Transfer, and Local Adaptation: Establishing Discount Department Stores in Australia. Australian Economic History Review, 57(2), 194-216.

Coles.com.au. (2018). Annual reports. Retrieved 28 June 2018 from

Hubble, R. (2017). Re-Engineer Your Workday: Create Time for Life. Balboa Press.

McCormack, C. (2017). US target goes' gender neutral'; pays the price. News Weekly, (2997), 7.

Nagle, T. T., & M?ller, G. (2017). The strategy and tactics of pricing: A guide to growing more profitably. Routledge.

Target.com.au. (2018). Our Purpose - Target Australia. Retrieved 28 June 2018 from

Thieu, B. T., Hieu, N. T. M., Le Huyen, N. T., Binh, P. C., & Hoang, N. V. (2017). Linkages between Marketing Mix Components and Customer Satisfaction: An analysis on Google in Hanoi, Vietnam. Journal of Economics & Business Research, 23(1).

Wesfarmers.com.au. (2018). Retrieved 28 June 2018 from

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