I. Strengths of TARGET Corporation Target Corporation is one of the largest and oldest public discount retailing company operate in the United States. The company founded in 1902’s by George Dayton (as also known as Dayton Dry Goods in 1962’s). Target store has a huge store footprint and enjoys considerable brand recognition. Target’s portfolio of owned and exclusive brands is also its strength, which allow retailer to a valuable differentiating lover in high competitive retail environment.
Target Corporation needs to buy more local and diverse product from an environmentally friendly company and create a standard that adds value to the local communities and environment. In addition, Target Corporation should source products from diverse international community, minority organization, and women run organizations. Target Corporation must diversify its retail products to add more goods that are sporting, a bakery, and household's items as well educational services using partner organizations. Target Corporation needs to identify new third-party strategic alliances through which it delivers goods at the doorsteps, selecting with a non-perishable item and eventually perishable items depending on the locations. Target Corporation
Target Corporation has many different strengths compared to its competitors. Target is the second biggest concession retailer in the United States. Target has a great reputation and strong brand that they spent time and money creating and still try to enhance through their current and future business decisions. About 97% customers are able to recognize Target with its bullseye logo. Target has the ability to create great relationships with customers, and Target has strong and unique marketing tactics.
Target is a customer centered organization that focuses less on price and more on the overall customer experience. In order for Target to keep customer satisfaction high, they need to keep the number customer being injured or harmed inside the store to a minimum. They also need to make sure the products it sells inside their stores do not harm customers. This risk management work will lay the foundation for the risk evaluation of new products being sold inside the store. Target will also create a process to respond to alerts from manufacturers that there is a potential risk to customer
In fact, Target Corp. has a net profit margin of 3.70% as compared to the Apple Inc. that has a net profit margin of 19.24% (YCharts, 2016). So, as long as Target Corporation
Stakeholders have an interest in an organisation and they are affected by all decisions and actions taken by an organisation to attain its objectives. Stakeholders can be internal or external to the organisation. Stakeholder relationships are categorised in to the following four categories participative, collaborative, informative and defending. (Anon., 2017) Stakeholder engagement is a process of engaging with the relevant stakeholders (Morphy, 2015-2017). Stakeholder engagement is about addressing problems by providing strategies, infrastructure and processes.
How Should You Prioritize Your Stakeholders Working in a global organization gives us the opportunity to interact with various sorts and varieties of stakeholders, the actions we take and the projects we run will affect more and more people. The people we affect are those who can contribute to our overall growth or fail the projects. If we can prioritize correctly, they can provide industry insight, highest commitment or even powerful outcome that can help our organization achieve the goals. To clarify, a stakeholder is any individual or group of people who will be impacted by changes resulting from the business initiative, and can influence the success of the business initiative. An organization has a variety of key groups, different group will bring different expectations due to their relationship with the organization.
Identifying stakeholders Someone having a stake in your project and its outcome is called a stakeholder. Stakeholders include your customers, the team members who worked on the project and the departments which will be affected by the project. Sometimes it becomes difficult to identify the stakeholders of the project. You must identify the major roles of the stakeholders. A customer of the project is a person or group who solves a problem.
According to Freeman, “a stakeholder in an organisation is (by definition) any group or individual who can affect or is affected by the achievement of the organisation’s objectives.” (Freeman, 2010, p. 46). This is the most cited definition in literature. (Mitchell, Agle, & Wood, 1997, pp. 853-886). Since a stake can be defined as “something of value, some form of capital – human, physical or financial – that is (placed) at risk, either voluntarily or involuntarily” (Clarkson, 1998, p. 2), organisational stakeholders can be understood as “individuals or groups who incur and/or impose risk in their relationships with the organisation.” (Vidaver-Cohen, 2007, pp.
giving of receiving information in some form of the other. We are either speaking, writing listing or reading material thus disseminating of absorbing information. In business situation it is the leader who play a pivotal role starting from preparing the contents and ends with the delivery. A business leader may be knowledgeable but if he is weak in communicating his ideas in the business meeting, it will be a no fruit. A leader has to be an actor during business meetings, body language, movement, way of presentation supported by etiquettes will be a value addition for the future course of business.