I work for Target and have for quite a few years now, so I'll give y'all a bit of inside information. Maybe you know this, maybe you don't =)

Each department "resets" twice a year. Before these resets are when you'll start seeing items go clearance to make room for the new items. A good way to know if something is going to reset soon is to look for strange labels on the aisles that say "POG" and then a series of letters and numbers, usually starting with A. If that label is red, the aisle will reset soon! A good place to look for these is on the back on the endcaps at the very top, somewhere you wouldn't normally look =)

Also, when it comes to how fast something marks down, there is no real set schedule, it is based on a store's real need for the product to be gone, and how much of the product the store has on hand. If there's a lot, it will go down in price faster to clear it out!

Hope this info helps, and if you have any questions about Target and clearance, please message me ^_^