¶ … Target Store
Mission Statement
Social Responsibility
Stakeholders
Remote External Environment
Economic
Social
Political
Technological
Ecological
Threat of Entry
Powerful Suppliers
Powerful Buyers
Substitute Products
Jockeying for Position
Strengths
Weaknesses
Opportunities
Threats
Mission Statement:
The mission statement of the business provides a sense of direction as well as the overall focus on achieving what is important for the corporation. Similarly Target also states its mission in terms of providing the valuable customers value for their purchases. The business further elaborates that its mission is to provide value to its customers through continuous innovation, and exceptional experience. Moreover the brand promises its customers to expect more from them and pay less as compared to its rivals. The mission statement is centered towards customer satisfaction and a commitment to exceed customer expectations (Target, 2013a).
B. Social Responsibility:
Target is also well-known for its initiatives concerning fulfillment of corporate social responsibility. The business is also responsible towards their communities. Target has also focused its corporate social responsibility towards education, environment, health and well-being, responsible sourcing, safety, care for its employees, and volunteer for social causes. The business has played a significant role in helping the government in education (Target, 2013b).
C. Stakeholders:
Stake holders of the Target can be categorized as internal and external entities that are associated with the business. The internal stakeholders are board of directors, target's management, employee, and workers earning their living while working for the corporation. The external stakeholders are suppliers, customer, and community at large who are recipients of the impact that the business creates while conducting its operations.
D. Remote External Environment:
The assessment of external environment of a business is necessary in order to understand the macroeconomic factors and forces that are beyond their control (Kay, 2003).
Economic:
The overall economic conditions of the market are not quite promising; particularly the retail sector is directly affected through changes in the buying power of customers. The intense competition in the industry has also impacted the
The economic factors also influence the
corporation in terms of its revenues and sales.
Social:
The
social environment of the business is observing changes in terms of increased customer awareness and availability of several options through competitors. The care of environment and increasing pressure form communities in which the business operates is also increasing over the period of time. All these changes in the environment require the business to adopt a socially responsible attitude in business.
Political:
The
political environment of the corporation is stable to an extent that there are not any drastic changes occurring in the area. The suppliers of the business are located mostly in China and East Asian countries. Any change in the political situation within these countries can affect the organization. However the political situation is stable in these countries.
Technological:
Technology has played a significant role in the
retail business over last ten years. The availability of products and services over
internet as well as the usage of
technology to support retail operations has changed several aspects of the traditional business practices in the business. The business needs to be technologically updated in order to cater its market.
Ecological:
The ecological changes in the
business environment are concerning the usage of
renewable energy. It also focuses on energy conservation as well as reducing the waste produced through
business operations. It is also required for the business to respond to these changes and preserve the environment. The environmental pressure groups often create issues in case of a major events and it can impact the business operations.
E. How do competitive forces shape strategies for your company?
The business had to understand, analyze, and assess market forces that can influence the strategy of the organization. The businesses focus on gaining market share through various strategies and as a result the resistants' pose a threat to the strategy. The
business strategy is affected through various forces impacting a change in the adopted strategy for attaining growth.…
