The mission, vision, and value statements of Target Corporation are integrated together to achieve common goals. They highlight the importance of providing customers with a pleasant shopping environment, and with continuous improvement in operations by making Target the most preferred place to shop. The mission, vision, and value statements of the company are not merely a matter of theory, in fact, management have taken practical steps to achieve them and create value through dedication. Management and internal stakeholders have been working for the betterment of the environment and social community by contributing toward education for children and by volunteering in social works.
Target is on the verge of contributing one billion dollars to education for children to have the opportunity to attend school (Target.com, 2012). An important factor about Target mission statement is that they have a diversified culture. This strategy provides the best prices with an excellent shopping environment, which makes customers, expect more from the retail chain in their next visit to the store. Target Corporation has been successful in implementing their policies because they are interrelated the vision, mission, and values which it has created a short term target that leads them toward the attainment of long term goals. Therefore, these policy statements are serving the organization toward achieving customer satisfaction by making it a stand out retail outlet in the targeted regions. External Environmental Analysis
Target has a strong distribution network, which can reduce some of the barriers related to price sensitivity. Consumers consider Target the best because they provide quality products at higher prices. By evaluating these opportunities I would use information that include supply chain analysis of their rivals, consumer sensitivity to price changes, and consumer sensitivity to quality verses price. In this current recession and inflation customers may be inclined toward moving to other lower priced players like Wal-Mart, which in the long-term will affect the business of Target. To analyze these conditions further, the external sources of information will help include the market analysis of the different regions; jurisdiction and laws related to the general corporate industry, government taxes along with the trend of interest rates. The impact on terrorism and security- related issues will also be relevant. Internal Environmental Analysis
Target is the second largest retailer chain in U.S. after Wal-Mart and it has a big market share in the U.S. (Barwise & Meehan, 2004). When compared to Wal-Mart or any other retail outlet in the U.S. Target has the most effective and well executed diversified range of subsidiaries. This includes Target Financial Services, Target Commercial Interiors, Target Brands, Target.com and Target Sourcing Services (Data Monitor, 2006). This company can exploit their strengths further and the relevant sources of information, which will enable me to identify the available opportunities, which will include financial analysis over the past years, reasons they lacked behind major rivals, human resource efficiency levels, and current standards of operations.
Target has a strong policy toward the protection of the environment, which is evident because currently it does not sell items such as tobacco, firearms, and toy guns. They can enhance their corporation by utilizing these strengths by using relevant sources of information that can be used to include regulatory environmental compliance requirements. This can provide customers with information on the general impact on the operations of every aspect of the retail industry over the environment and the usefulness of information technology. Targets slow international expansion is one of its weaknesses this enables it from becoming the number one contender in the retail industry. To overcome this area, Target needs to evaluate their internal sources of information, which is preventing it from becoming globally. Internal sources that can be useful are to revamp and encourage their investors to look at international expansion globally.
Target., (2011). Our Company. Retrieved from
http://sites.target.com/site/en/company/page.jsp?contentId=WCMP04-030795 Barwise, P., & Meehan, S., (2004). Bullseye: Target’s Cheap Chic Strategy. Harvard Business School. Retrieved from http://hbswk.hbs.edu/archive/4319.html Data Monitor, (2006). Target Corporation: Company Profile. www.datamonitor.com. Retrieved from http://favormall.net/clientimages/38996/retail-target.pd