Read the case "Target: From 'Expect More' to 'Pay Less'" on pages 103 to 105 of the textbook and prepare answers to the questions below. Do not answer the questions at the end of the case in the textbook.

Question 1: Identify four actors in the microenvironment that have affected Target's performance over the past few years.

Question 2: Describe how economic and cultural factors affected Target's marketing strategy during the economic downturn.

Question 3: According to its chief financial officer, Target primarily allocates its money to remodelling existing stores to better accommodate the shifts in inventory. Under such a circumstance, which growth strategies in the product/market expansion grid best describe Target's strategy?

Question 4: Name Michael Porter's four basic competitive positioning strategies. Which one of these best explains Target's original positioning of "better stuff for slightly higher prices" in the context of global recession? Explain.

Question 5: Define both competitor-centred and customer-centred. Is Target a competitor-centred and/or a customer-centred company? Explain your response using facts from the case.  

Question 6: Which one of the five winning value propositions in Figure 8.4 (textbook, p. 270) best describes Target's new emphasis on "Pay less" while keeping the existing tagline, "Expect more. Pay less"? How does this new value proposition differ from the one used before the economic downturn? Explain.