Internal and External Factors Paper
MGT/230
Target’s Internal and External Factors
Target is an American retailing company founded in 1902. It is the second largest discount retailer in the United States (target.com, 2013). Targets mission is to make their store the preferred sopping destination for their guests by delivering outstanding value, continuous innovation and exceptional guest experience by consistently fulfilling their “Expect more pay less” brand promise. In order for Target to compete with the number one largest competitor Wal-Mart the four functions of management must be implemented in their strategic business plan. In this paper our team will explain how internal and external factors affect the four functions of
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No matter the business to goal is to profit with little cost of attaining the profit. Technology has the most dramatic effect on business. A newer faster operating system can improve the efficiency to the company. New technology almost always offers way to make things run smoother with less chance or error and stay ahead of the competition. Not being caught up the newest technology can lead the competitor to have the upper hand. Employees will feel more confident and less likely to question the progress of the company if technology is something that isn’t lacking. The first step of the four function of management is planning. Planning cannot be done if there is not technology, much less up to date technology. Planning is a never ending step in the process, it is necessary for a company to sustain. Organizing the next step. Management must organize the structure of the business and evenly distribute the resources. Technology helps setting up and distributing the right information to the right departments. Directing, step number three requires never ending communication. This allows managers to allocate tasks to fix areas of weakness to improve and strengthen a company. Controlling is the last of the four functions. Technology helps companies establish standards, and help show ones job performance. Having this as a tool helps with areas of improvement for lower level members of a company as well as on up to the big dogs. Controlling is
The purpose of this paper is to discuss Target’s strengths, weaknesses, opportunities and threats. This paper will also talk about how Porter’s Five affects Target’s business decisions.
Target Corporation (NYSE:TGT) is the leading large-format general merchandise and discount retailer in the U.S., challenging Wal-Mart in electronics, toys and apparel while also seeking to differentiate with higher-end fashions and products for an upscale audience. As of the close of their latest fiscal year (FY2011), Target operated approximately 1,760 stores encompassing 233,000 square feet in 49 states and the District of Columbia. The company is divided into the retail and credit card divisions and moves the majority of its products through a highly integrated network of 37 different distribution centers, which include four food distribution centers. Target is one of the most well-entrenched large format retailers in the U.S., has the ability to manage their pricing strategies at a level of accuracy and precision that is comparable to Wal-Mart (Henderson, 2001). Unlike Wal-Mart, Target concentrates on a value-based message that concentrates on quality and price differentiation to sustain their gross margins while Wal-Mart concentrates on supply chain efficiency and a continual reduction of supplier and transaction costs (Krishnamurthi, 2001).
External and internal factors come in many forms that can impact a business in different ways. Assessing external and internal factors that an organization may face can be vital to the planning function of management. As with any organization, there are always four functions of management. These functions are planning, organizing, leading, and controlling (Bateman & Snell, 2009, p. 19). Within the organization, Best Buy, which is known to be an electronics store, has their own external and internal factors. Founded in 1966 as Sound of Music and incorporating in 1983 to become Best Buy, Inc. (Ask.com, 2010, para. 1), accounting for 19% of the market (Metaweb, 2010, para. 1), has become one of the
Target Corporation offers its customers a vast variety of products, well also providing a service. The corporation owns or has exclusive rights to many different brands ranging from groceries to clothing. For example, some brands that can only be found at Target are Archer Farms which provides food merchandise, Merona which supplies clothing and Room Essentials which provides home goods (Target, 2015, para.2). The shopping experience that Target provides can be defined as a service. The stores shopping experience is a service, since it cannot be patented, interaction with the customer occurs, it is heterogeneous, along with perishable and time dependent and contains the package of features (Chase & Jacobs, 2013, p.9). Target is a popular consumer destination because it provides both a service and goods making it ideal for one
The aim of this paper is to highlight the strategic position of the company with an overview of its internal and external environment. The study of its strategy, design and other forces, one can easily gauge why and how target has managed to become the retail giant it is today.
Working at Target, teamwork and collaboration is the expectation of their team members and leaders. For each work centers is joint directly or indirectly among other work centers. Additionally, Target believes in diversity and has a non-bias hiring process; hence, with team members come from different background and 100-250 employees, getting the right person to the right place and on the same page becomes difficult. As a strategy, Target divided the store into three sectors. The administration team, your sales floor team, your operational team; within these team there are sub teams and each of those sub team has a leaders and assistant leaders. By doing so, Target is able to drive the “divide and conquer” strategy.
Target Corporation is one of the largest merchants in the world. Target is recorded to be the sixth largest retailer within the United States. Founded by, George Dayton in 1902 Minneapolis, Minnesota. Target stores have a variety of products which includes everything from clothing to automotive and electronics. It is a corporation that is on-top of their game and continues to grow day-out. It is a brand that is well known and continues to raise the bar each year effectively. This paper will detect the importance of internal and external within the corporation overall.
The following paper will discuss the research that I completed regarding the internal and external environments of both Allstate Insurance and the Target stores as a corporation. What will be provided is information on the competitive advantages of each company and the types of strategies that they each use. What will also be discussed is how each of these organizations create value and how they maintain a competitive advantage through their business strategy. I will also cover what types of measurement guidelines both Allstate Insurance and Target is using and how effective these measurement guidelines are for their organization.
The Target Corporation prides itself on their department store roots with a constant obligation to great prices and stylish originality. The main focus of every Target store is the customer, whom the corporation refers to as a "guest", making them feel more personal. Each guest can expect to
As we head into the future, it important for any business organization to be prepared. The evolution of business technologically is rapid, and it’s important to
This report examines Target Corporation’s performance in a detailed strategic audit. The audit includes an external, internal and strategic analysis as well as a recommended course of action. The findings of the audit recommend a robust on-line/mobile presence to complement in-store sales, and to increase future earnings to remain competitive by building upon physical assets, brand value and logistical capabilities.
Target Corporation has recognized itself as one of the top retailers in the United States market on the basis of excellent service quality, customer experiences, operational excellence, strong financial position, and a wide array of product offerings. Through its high degree of service orientation at physical outlets and adoption of fair business practices, Target Corporation has become the most distinctive retailer in the eyes of its potential customers. Being one of the top-notch retailers in the United States, Target Corporation has to carefully strategize on its business operations and marketing tactics so as to keep itself in the row of competitive brands of the industry.
Over the years, technology has become a major part for a business and for an individual as well. Technology has become so advance that it has made a major effect for the staff as well as for the customers. New technology has helped in many areas such as data and information storage, advertising, transportation and communication.
Target Corporation is the fourth largest retailer in the United States. The company operates 1,556 stores in 47 states. The company has three main retail divisions: Target Stores, Mervyn’s and Marshall Fields. Target Stores is the number two discount retailer in the country, trailing only Wal-Mart Stores, Inc. they have distinguished itself from its competitors by offering upscale, fashion-conscious products at affordable prices (Funding Universe, n.d.). Targets supply chain actives has been an important part of and one of the most significant reasons for its huge growth and success. The purpose of paper is to analyze Targets supply chain and related actives to understand its effectiveness and gain a better understanding on how their supply chain contributes to the company’s growth and success.
The first is the Human Resource plan, the overall goal of for this segment of the company is to generate a workforce of 150-200 talented Canadians to each store that can manage it sufficiently. This way it ensures a strong grounding or organizational culture that lines up with the parent stores in the US. Secondly, is the Financial plan, which is to open over 100 stores all over Canada within a year to capitalize on the investment early. So Target can staple a firm ground in the market for itself and continue to provide its service. The third is the Logistics plan, the main purpose is to purchase inventory in a quick and flexible manner to avoid piling up inventory costs. This way Target can maintain competitive to Wal-Mart and adapt to changing customer and seasonal habitual shopping. The Fourth is the Facilities plan, where Target achieved a soft launch of 3 stores before the grand opening of 17 stores to anticipate customer demands. Which supplies Target with an incentive to stock up on the desired inventory that the Canadians at the trial stores fancied. Lastly, is the Marketing plan, which is to sell the brand experience that Target is the best place to shop for your products. By referring to customers as guests guarantees them a personalization shopping experience that no other store can give. Furthermore, this would make the market more competitive which would generate potentially loyal customers. Thereby, with all of these individual functional plans working cohesively, Target can attempt to achieve its goal to be profitable in