Business Environment Affecting Target Corporation
TASK 3C (P3.3)
In this criteria, I will explain how business environment such as political, social, technical, legal and environmental and cultural environment shape the behavior of Target Corporation.
First what is cultural environment? It is an arrangement of convictions, practices, traditions and practices that are observed to be common to everybody that is living inside a specific population. It also shapes the way that each individual creates, affecting belief systems and identities. Cultural environment shapes and affects the behavior of Target Corporation in a direct manner. Target Corporation specifies that it affects the organization’s performance to recover from the opposing conditions as faced by the company. For example, Target
…show more content…
Here are the reasons on how these factors impact the organization, Target.
For global, as a discount retail industry, Target operates internationally. They basically ship products from outside of America, and global events have an impact to Target. For example, there were natural disasters all over the world that can affect the shipment of the products overseas. In 2011, there was a tsunami in Japan and this natural disaster can lead to instabilities in the cost of raw materials. And this will affect the profit. Additionally, these circumstances can also affect Target’s loss of inventory and it can lead to merchandise stock
…show more content…
Target is impacted by an external environment as much as they are affected by other competitors such as Walmart and Costco. Legal, political, economic, technological and social are the global factors that influence Target. Here are how these factors can impact Target if they expand and operate their business in the United Kingdom.
1. Legal factors may influence the Target's execution in different cases. Since Target Corporation is accessible in different places around the world, changes in rules and regulations of different countries it operates might impact on Target’s performance. It may also cause additional costs and expenses. this is associated especially to health, security and business laws. On social environment, Target annually do volunteering. They have a Target Books for School Award which allows them to give away $500 worth of books to local
Target's Corporate Fact Sheet
560 Words | 3 PagesAfter working in banking and real estate, native New Yorker, George D. Dayton decides to explore Midwest markets. Dayton notices Minneapolis offers some strongest opportunities for growth and so decides to purchase land on Nicollet Avenue and forms Dayton Dry Goods Company – today known as Target Corporation (“Target through the Years”). “Target Corporation is an upscale discount retailer that provides high-quality, on-trend merchandise at attractive prices in clean, spacious and customer friendly stores” (“Corporate Fact Sheet”). Today, target operates 1,829 stores in United States, which has enabled the company to grow to the top of the retail store market. It has implemented various techniques and strategies to constantly improve and ensure the effectiveness and efficiency of all operations (“Corporate Fact Sheet”).
Target Corporation Organizational Changes
1175 Words | 5 PagesDue to new technology and online purchasing, the way in which Target does business has changed dramatically. Consumers have changed their preferences on buying. Sitting on our couch and buying online while we watch our favorite T.V. show, is easier and cheaper than having
External Factors Of Chick-Fil-A
1130 Words | 5 PagesJust like any other organization, chick-fil-A is greatly affected by the external environment of the business. Often, the external environment is made up of all outside factors and influences that affect the way an organization conducts its daily operation. It is worth noting that an organization has no influence over its external factors and thus, it has to re-engineer and redefine its process, products and services to work under the influence of the external environment. Below are some of the external factors that affect Chick-fil-A. Consumer income Consumer income is in the wider field of economic factors that affect the sales level of the enterprise. Consumers with high income are likely to possess the power and the ability to purchase products from the company in large quantities.
Examples Of Value Chain Analysis Of Target
976 Words | 4 PagesSUPPLY CHIAN NETWORK OF TARGET VALUE CHIAN ANALYSIS OF TARGET Value chain analysis is a set of inter - linked value creating activities performed by the organisation that begin with inputs, go through processing and continue up to outputs manufactured to customers. It is the set of activities that creates additional value for the customer. Value chain plays a central role in improving cost efficiency, quality and customer responsiveness. Each activity in the value chain adds to the value of product in each process from its creation to delivery.
Boost Juice External Influences
635 Words | 3 PagesYou don’t try, you just do it.” – Janine Allis. • Business culture can affect how well a business will do. The business will fail if it has a negative attitude. How a business treats it consumers is everything.
What Are Target's Fixed Costs?
809 Words | 4 PagesTarget Corp. sells both items produced by other companies as well as sells items they have produced themselves. Target only sells the products they produce in their stores so they don’t have to worry about filling orders for other companies or be worried about demand from another company decrease. They are in control of their own supply and only have to worry about their own stores and the supply needed in house. While Target does produce some of their own goods, I would say their product or service is the shopping experience. Target Corp wants the consumers to choose them over all the other options there are out there that may offer similar products.
Case Study Of Target's Stakeholders
1172 Words | 5 PagesStakeholders are individuals, groups or companies that are interested in Target Co. These people can affect or be affected by Target’s activities and actions, policies and objectives. There are different stakeholders that affect Target such as owners, employees, customers, suppliers, investors and the government. All these stakeholders are important to Target because without them, Target will not be as successful as it is today.
Target Financial Summary
866 Words | 4 PagesTarget Corporation is the second largest discount store retailer in the United States following Walmart. Target provides high-quality, trendy merchandise at logical prices. As of today, Target has more than 1800 retail stores and 38 distribution centers in the United States. The first official store was opened in 1962 in Roseville Minnesota and have thrived every since. I will be analyzing Target’s financial statements and communicating the results to our decision makers (Target 2017).
Target Risk Management Case Study
908 Words | 4 PagesAnother external risk is a lost of a supply chain which is result in late or missed deliveries of inventory. A manufacturer of a product may discontinue making a popular item or cease business operations all together. Target can monitor external market conditions of its manufacturers however they cannot control their cash flows or business operations. Target should analyze and identify the potential consequences to potential risk situations (Popescu, Gherghinescu, & Ionete,
What Are The Advantages And Disadvantages Of Target Company
843 Words | 4 PagesTarget Corporation is one of the famous retail stores in the United States which is founded by George Dayton in 1902. Walmart is the main competitor to Target because these companies have similarities such as goods, services, business form, and customers. To compare Target to Walmart is logical because people can determine and analyze advantages and disadvantages in annual financial statement between Target and Walmart. Target and Walmart have different data on investment activities which are important to their companies. Investment activities are, uses necessary resources for operating of their companies which include computers, delivery trucks, furniture, buildings.
Swot Analysis For Toms Shoes
837 Words | 4 PagesToms shoes are made from environment-friendly materials like natural and organic vegan substance, including the packaging that is made from 80% recycled waste. Going further on the path of social corporate responsibility, the company can broaden the range of their products and services and explore additional sustainable materials to create their products. Internal Environmental Factors: Strengths 1. Mega Brands Inc. sells a wide range of products like puzzles, building blocks, construction sets, and activity craft-based games. Due to the variation in type of the products they sell, consumers have more options to choose from.
A Brief Note On Mergers And Acquisitions
1650 Words | 7 PagesAccording to Schein (1985), organizational culture has a minimum of two levels: objective and subjective. Objective aspects include office location, physical setting, office decor, etc., while the subjective level includes shared values and beliefs. Singh (2005) argues that the culture is unique to each organization and is simply reflected in the way things are done. Corporate culture therefore consists of the beliefs and practices, such as values, communication patterns, policies, religion, leadership style, motivation factors, and rituals that are shared my most members and influence their behaviour (Baker, 1980; Singh, 2005; Deal and Kennedy, 1982). National culture and organizational culture are tightly interrelated, because values, beliefs and norms that are rooted in a country’s culture influence that of an organization originating or located in this country (Lindell and Arvonen, 1996).
Factors Affecting Unilever
811 Words | 4 PagesPolitical environment includes laws, government agencies, and pressure group that influence and limit various organizations and individuals in a given society. Economic environment consists of economic factors that affect consumer purchasing power and spending patterns. Social factors include the demographic and cultural aspects of the external macro environment. In which demography is the study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics; cutural environment consist of institution of other forces that affect society’s basic values, perceptions, preferences, and behaviors. Therefore, these factors have an impact on customer’s needs and size of potential markets.
Macro Environmental Factors
774 Words | 4 PagesQ.1: What micro environmental factors have affected Target’s performance over the past few years? Over the past few years, following are the factors that have affected Target’s performance: 1. Competitors: Walmart’s strategy of providing products at a very low price, affected the consumers in the economic crisis of 2008. This led to Target’s decline in market share as Wal-Mart had a huge micro environment affect as a competitor.
Analysis Of The Corporate Culture Of Red Bull
2037 Words | 9 PagesIt includes an organization's unique expectation, experiences and philosophy. Corporate culture is based on written and unwritten rules that have been developed over time. The culture is rooted in an organization's goals, strategies, structure and approaches to labor, customers, investors and the greater community. It affects the ways a company is conducting its business, how they treat their employees and customers. A good corporate culture can increase the organizations productivity and performance.
More about Business Environment Affecting Target Corporation
Target's Corporate Fact Sheet
560 Words | 3 PagesTarget Corporation Organizational Changes
1175 Words | 5 PagesExternal Factors Of Chick-Fil-A
1130 Words | 5 PagesExamples Of Value Chain Analysis Of Target
976 Words | 4 PagesBoost Juice External Influences
635 Words | 3 PagesWhat Are Target's Fixed Costs?
809 Words | 4 PagesCase Study Of Target's Stakeholders
1172 Words | 5 PagesTarget Financial Summary
866 Words | 4 PagesTarget Risk Management Case Study
908 Words | 4 PagesWhat Are The Advantages And Disadvantages Of Target Company
843 Words | 4 PagesSwot Analysis For Toms Shoes
837 Words | 4 PagesA Brief Note On Mergers And Acquisitions
1650 Words | 7 PagesFactors Affecting Unilever
811 Words | 4 PagesMacro Environmental Factors
774 Words | 4 PagesAnalysis Of The Corporate Culture Of Red Bull
2037 Words | 9 Pages