Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
¶ … Target Store
Mission Statement The economic factors also influence the corporation in terms of its revenues and sales.
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
...
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.…
References:
Form 10-K. (2012). 2012 Annual Report. Retrieved from: https://corporate.target.com/annual-reports/2012/10-k/10-K-Part-I/Item-1-Business
Harvard Business School.Press, & Society for Human Resource Management (U.S.). (2006). The Essentials of Strategy. Harvard Business Press.
Kay, J. (2003). Foundations of corporate success: How business strategies add value. Oxford University Press.
Target, Corporation. (2013a). Mission & Values. Retrieved From: https://corporate.target.com/corporate-responsibility
Target, Corporation. (2013b). Corporate Responsibility. Retrieved From: https://corporate.target.com/corporate-responsibility
Outcomes Efforts: Cultural Awareness and Civil Engagement Activities Civil Engagement Target Corporation believes that sharing their experience and resources with policy makers will give rise to better decisions for communities and businesses. The civic activities of Target can be categorized into public policy, issue advocacy, and political engagement. 1. Public Policy The company believes that participating in legislative and public-policy activity is a significant and essential constituent of being a differentiated, multinational retail business. Target
Employees as Benefactors of Corporate Philanthropy Corporate Social Responsibility The Case for Employees as Benefactors of Corporate Philanthropy The Case for Employees as Benefactors of Corporate Philanthropy A United Auto Workers unionization vote recently made the news, in part because the vote was taking place in the Southeastern United States where conservative state legislators have historically treated organized labor with hostility, but what seemed to be most newsworthy about this event was that the
Social Entrepreneurship Give a man a fish and you feed him for a day. Teach a man to fish and he can feed himself for life. How could you put this principle into practice through the development of a social entrepreneurship venture? Development of Social Entrepreneurialism Corporate Social Responsibility Externalities Social Inequality Social Entrepreneurship and Food Social entrepreneurship was introduced in the 1970s to address the issue of social sustainably and the term "social entrepreneur." This analysis
Grocery Store by Entrance of Hypermarkets in Bangkok Thailand Small grocery store owners in Thailand are faced with the ever growing threat of foreign -- owned hypermarkets. Hypermarkets are part of a global trend that threatens to destroy the small grocery store. If this trend continues the traditional market structure of Thailand might become obsolete in the future. This research explores strategies that small grocery store owners can employ to
SONY Sustainability Sony: Sustainability and corporate social responsibility Virtually all companies today have publically-articulated commitments to sustainability and the Japanese company Sony is no exception. Broadly speaking, corporate sustainability entails "acting with long-term consequences in mind and managing a business such that its processes or overall state can be maintained indefinitely" (Phillips 2012). Using renewable resources is a key component of sustainability, as is creating products and services that do not tax the
Managing All Stakeholders in the Context of a Merger Process Review of the Relevant Literature Types of Mergers Identifying All Stakeholders in a Given Business Strategic Market Factors Driving Merger Activity Selection Process for Merger Candidates Summary, Conclusion, and Recommendations The Challenge of Managing All Stakeholders in the Context of a Merger Process Mergers and acquisitions became central features of organizational life in the last part of the 20th century, particularly as organizations seek to establish and