The Retailing Concept
As we just described, Target Stores has a sincere long-term desire to please customers.
In doing so, it uses a customer-centered, chainwide approach to strategy
development and implementation; it is value-driven; and it has clear goals. Together,
these four principles form the retailing concept (depicted in Figure 1-10), which
should be understood and applied by all retailers:
1. Customer orientation. The retailer determines the attributes and needs of its customers
and endeavors to satisfy these needs to the fullest.
2. Coordinated effort. The retailer integrates all plans and activities to maximize
efficiency.
3. Value-driven. The retailer offers good value to customers, whether it be upscale
or discount. This means having prices appropriate for the level of products and
customer service.
4. Goal orientation. The retailer sets goals and then uses its strategy to attain them.