Target Corporation is an American retail company that operates stores in 49 U.S. states selling a variety of products. It aims to provide customers with differentiated products at lower prices than competitors. The company was originally founded in 1902 and has grown to become the second largest discount retailer in the U.S. Target creates value for customers by striving to offer quality products and services at fair prices consistently, while maintaining high ethical standards and a diverse workforce in order to fulfill its corporate social responsibilities.
The document discusses the key components of an effective mission statement:
1. It defines the organization's business by identifying who it satisfies, what needs it meets, and how it meets those needs.
2. It articulates the organization's vision and major goals to guide strategic decisions.
3. It summarizes the organization's core values and philosophical priorities that guide management.
An effective mission statement provides direction, focuses goals, and influences strategy to maximize long-term shareholder value while balancing the interests of all stakeholders.
The document discusses the key components of an effective mission statement:
1. It defines the organization's business by identifying who it satisfies, what needs it meets, and how it meets those needs.
2. It articulates the organization's vision and major goals to guide strategic decisions.
3. It summarizes the organization's core values and philosophical priorities that guide management.
An effective mission statement provides direction, focuses goals, and influences strategy to maximize long-term shareholder value while balancing the interests of all stakeholders.
This document introduces the Radley Yeldar Fit for Purpose Index, which assesses the top 100 companies from the FT 500 and Eurofirst 100 on how well they put their stated corporate purpose into practice. It describes the methodology used to evaluate over 170 companies on four criteria: purpose and story, communications, behavior, and performance. Companies are given an overall score based on these criteria as well as connectivity of purpose across areas. The document explains the criteria in detail and introduces the index and rankings that identify the companies best demonstrating purposeful business practices.
The document discusses key differences between marketing and selling concepts, philosophies of marketing, and marketing analysis and environment forces.
The marketing concept focuses on understanding customer needs and wants to produce products that satisfy them, while the selling concept focuses more on selling goods produced regardless of customer wants.
Marketing philosophies include production, product, selling, and societal concepts. Marketing analysis involves a SWOT analysis to evaluate strengths, weaknesses, opportunities, and threats, and match strengths to opportunities while mitigating weaknesses and threats.
Microenvironment forces close to the company like customers, suppliers, and departments must work together to create value. Macroenvironment forces from broader society like demographics and environment trends also influence companies and markets.
The document provides steps and information for opening a company, including developing an initial idea, classifying the company by size, registering the business, obtaining necessary licenses and permits, establishing accounting and legal structures, creating a vision, mission, values, goals, logo, slogan, and organizational chart. Some key steps outlined are developing a business idea, registering the company name, establishing minimum capital, forming a board of directors, and registering the company with relevant government agencies.
This document discusses strategic planning and marketing strategy. It defines strategic planning as the process of developing a strategic fit between an organization's goals and capabilities and its changing market opportunities. The key steps in strategic planning are defining a market-oriented mission, setting objectives and goals, designing the business portfolio, and coordinating functional strategies. Marketing plays an important role in strategic planning by partnering with other departments and members of the supply chain. The marketing process involves segmentation, targeting, developing the marketing mix, and managing the marketing effort.
The document discusses establishing a Brand Council to ensure strategic decisions align with an organization's brand. A Brand Council is a cross-functional group that addresses brand-related issues. It provides governance over brand creation, challenges, compliance, measurement and culture. The Council should include senior representatives from all departments and be led by a high-level executive. It analyzes how decisions impact the brand and ensures consistency in delivering the brand promise.
The document provides an overview of conducting a brand audit to evaluate the strengths and weaknesses of an existing brand or establish a new brand. It outlines various internal and external elements to examine, including brand structure, management, metrics, market segments, differentiators, and competitors. The audit aims to ensure brand elements are consistent and reinforce the identity customers develop loyal relationships with.
The document discusses the key components of an effective mission statement:
1. It defines the organization's business by identifying who it satisfies, what needs it meets, and how it meets those needs.
2. It articulates the organization's vision and major goals to guide strategic decisions.
3. It summarizes the organization's core values and philosophical priorities that guide management.
An effective mission statement provides direction, focuses goals, and influences strategy to maximize long-term shareholder value while balancing the interests of all stakeholders.
The document discusses the key components of an effective mission statement:
1. It defines the organization's business by identifying who it satisfies, what needs it meets, and how it meets those needs.
2. It articulates the organization's vision and major goals to guide strategic decisions.
3. It summarizes the organization's core values and philosophical priorities that guide management.
An effective mission statement provides direction, focuses goals, and influences strategy to maximize long-term shareholder value while balancing the interests of all stakeholders.
This document introduces the Radley Yeldar Fit for Purpose Index, which assesses the top 100 companies from the FT 500 and Eurofirst 100 on how well they put their stated corporate purpose into practice. It describes the methodology used to evaluate over 170 companies on four criteria: purpose and story, communications, behavior, and performance. Companies are given an overall score based on these criteria as well as connectivity of purpose across areas. The document explains the criteria in detail and introduces the index and rankings that identify the companies best demonstrating purposeful business practices.
The document discusses key differences between marketing and selling concepts, philosophies of marketing, and marketing analysis and environment forces.
The marketing concept focuses on understanding customer needs and wants to produce products that satisfy them, while the selling concept focuses more on selling goods produced regardless of customer wants.
Marketing philosophies include production, product, selling, and societal concepts. Marketing analysis involves a SWOT analysis to evaluate strengths, weaknesses, opportunities, and threats, and match strengths to opportunities while mitigating weaknesses and threats.
Microenvironment forces close to the company like customers, suppliers, and departments must work together to create value. Macroenvironment forces from broader society like demographics and environment trends also influence companies and markets.
The document provides steps and information for opening a company, including developing an initial idea, classifying the company by size, registering the business, obtaining necessary licenses and permits, establishing accounting and legal structures, creating a vision, mission, values, goals, logo, slogan, and organizational chart. Some key steps outlined are developing a business idea, registering the company name, establishing minimum capital, forming a board of directors, and registering the company with relevant government agencies.
This document discusses strategic planning and marketing strategy. It defines strategic planning as the process of developing a strategic fit between an organization's goals and capabilities and its changing market opportunities. The key steps in strategic planning are defining a market-oriented mission, setting objectives and goals, designing the business portfolio, and coordinating functional strategies. Marketing plays an important role in strategic planning by partnering with other departments and members of the supply chain. The marketing process involves segmentation, targeting, developing the marketing mix, and managing the marketing effort.
The document discusses establishing a Brand Council to ensure strategic decisions align with an organization's brand. A Brand Council is a cross-functional group that addresses brand-related issues. It provides governance over brand creation, challenges, compliance, measurement and culture. The Council should include senior representatives from all departments and be led by a high-level executive. It analyzes how decisions impact the brand and ensures consistency in delivering the brand promise.
The document provides an overview of conducting a brand audit to evaluate the strengths and weaknesses of an existing brand or establish a new brand. It outlines various internal and external elements to examine, including brand structure, management, metrics, market segments, differentiators, and competitors. The audit aims to ensure brand elements are consistent and reinforce the identity customers develop loyal relationships with.
The document provides an overview of conducting a brand audit to evaluate the strengths and weaknesses of an existing brand or establish a new brand. It outlines various internal and external elements to examine, including brand structure, management, metrics, market segments, differentiators, and competitors. The audit aims to ensure brand elements are consistent and reinforce the identity customers develop loyal relationships with.
This document discusses organizational mission and purposes. It defines an organization as a group working together to achieve objectives, and defines a mission statement as describing how a business will accomplish its vision. The document outlines the key characteristics, importance, components and benefits of effective mission statements, including focusing an organization's direction, facilitating decision-making, and motivating employees. It provides examples of mission statements from companies like Infosys, Walmart, Google, Toyota and others. Mission statements should define an organization and its aspirations while distinguishing it from competitors.
The article discusses how strategy development must be seen as a revolutionary action within an organization. It lists 10 attributes of such an action, arguing that revolution is needed to secure a position in a changing market. These attributes include having an imaginative vision, subverting the status quo, and empowering employees. The article is relevant to strategic management as it advocates a radical approach to strategy that can identify new market opportunities and drive organizational change.
Student Name:
Deliverable: Maple Leaf Foods, Exercise # 2
Course Name:
Date Assigned:
Date Due:
Rules:This assignment will be completed individuallyYou will use the Word, PowerPoint and other tools you feel appropriate for this exercise Your work must be your ownCopying/plagiarism/cheating is not allowedEach deliverable should be clear and simple to read
Objective
This assignment examines the importance of the cost of quality to an organization. Through this, we will gain a better understanding of how we can measure the cost of quality in an organization and what benefits can be gained from the cost of quality.Scenario
This is a true story that dominated the media in Canada in the summer of 2008 and shook an established and trusted company to its core. Once the crisis was over, 22 people had died as a result of tainted meat. More details are easily available online but the following is from an April 2013 Financial Times article.The Story
Maple Leaf Foods is one of the leading food processing companies in Canada, where many of its processed meat brands are household names. The company also supplies restaurants and hotels. The Challenge
On August 12 2008 management became aware of a possible case of listeriosis contamination at one of its meat processing plants near Toronto. By August 23 the contamination had been confirmed and by the end of September more than 20 people’s deaths had been linked to the listeriosis outbreak associated with Maple Leaf Foods. Many more fell ill. The Canadian press attacked the company and a number of class-action lawsuits were launched on behalf of victims and their relatives. Consumers started to avoid Maple Leaf brands, and trade customers began switching to other suppliers. The Response
Maple Leaf Foods responded swiftly. All products from the affected plant were recalled as soon as the presence of listeriosis was confirmed. Michael McCain, chief executive, took personal charge. He later told the Toronto Globe & Mail that in his handling of the crisis, “there are two advisers I’ve paid no attention to. The first are the lawyers, and the second are the accountants.” His public offer of a full apology and acceptance that Maple Leaf Foods was solely responsible was considered a brave decision because it left the company open to legal action. Mr. McCain accepted this risk: the point was to act first in the interest of public health and then to be open and transparent. The management dealt with the crisis on a number of fronts, including PR, strategy and restructuring. Deliverables
Analyze the above scenario using the 4 Costs of Quality given below:
· Appraisal cost
· Prevention cost
· Internal failure cost
· External failure cost
Your detailed analysis and report should reflect:
· Root cause(s) of the issue
· What should have been done to prevent the current situation?
· What was done to turn the situation around?
· How did Mr. McCain manage this crisis? Constraints
Follow all reporting and assignment guid.
This document discusses the results of a survey and interviews about B2B content marketing in 2014. It finds that content marketing is an increasing priority and that lead generation is the primary objective. While most companies have a content marketing strategy, they face challenges of limited budgets, time, and understanding of content marketing. Companies use a mix of in-house and outsourced resources for content creation, distribution, and other elements of their strategies.
The document discusses the Navy's core values of honor, courage, and commitment and how they relate to discipline and success. It notes that the Navy has evolved from its origins to the modern era. It also discusses how the core values build on personal responsibility and following orders, which are important for discipline and success in the Navy.
In this lesson you learned that a company’s Mission statement is distinctly different from its Vision and that it describes “who we are, what we do, and why we here”. You also learned that uninformative mission statements are unclear and persons unfamiliar with the company’s cannot gather “who you are, what you do, and why you are here”.
This document discusses product strategy and new product development. It begins by defining what a product is and outlines the five levels of product potential: core, basic, expected, augmented, and potential. It then discusses elements of an effective product strategy, including defining the target market, product, value proposition, pricing, and distribution. The document emphasizes determining customer needs and problems to solve. It also discusses product mix and analyzing a company's ability to exploit opportunities in its industry or market. The goal of product strategy is to focus a company and guide new product releases.
This document discusses strategic planning and marketing management. It covers topics such as the purpose of strategic planning, conducting environmental scans and internal assessments, setting objectives and strategies. It also discusses portfolio models like the BCG matrix and different growth opportunities according to Ansoff's matrix, including intensive, integrative and diversification growth. Key points covered include defining the business, mission of the company, assessing strengths and weaknesses, and formulating corporate strategies.
Top 100 Global Banking and finance most powerful brandsSumit Roy
The annual Brand Finance Banking 500 report ranks the most valuable banking brands worldwide. This year, Wells Fargo retained the top spot with a brand value of $34.9 billion, up 15% from 2014. Chinese banks continue to rise up the rankings rapidly, with Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) now the 2nd and 4th most valuable brands globally. CCB saw the largest brand value increase of any bank in 2015 at $7.5 billion. Overall, Chinese bank brands now comprise 15% of the total brand value in the Banking 500, up from just 4% in 2008. Meanwhile, the proportion of total brand value from US banks has declined from
Saylor URL: http://www.saylor.org/books Saylor.org
135
Chapter 5
Selecting Business-Level Strategies
L E A R N I N G O B J E C T I V E S
After reading this chapter, you should be able to understand and articulate answers to the following
questions:
1. Why is an examination of generic strategies valuable?
2. What are the four main generic strategies?
3. What is a best-cost strategy?
4. What does it mean to be “stuck in the middle”?
The Competition Takes Aim at Target
On January 13, 2011, Target Corporation announced its intentions to operate stores outside the United
States for the first time. The plan called for Target to enter Canada by purchasing existing leases from a
Canadian retailer and then opening 100 to 150 stores in 2013 and 2014. [1] The chain already included
more than 1,700 stores in forty-nine states. Given the close physical and cultural ties between the United
States and Canada, entering the Canadian market seemed to be a logical move for Target.
In addition to making its initial move beyond the United States, Target had several other sources of pride
in early 2011. The company claimed that 96 percent of American consumers recognized its signature logo,
surpassing the percentages enjoyed by famous brands such as Apple and Nike. In
March, Fortune magazine ranked Target twenty-second on its list of the “World’s Most Admired
Companies.” In May, Target reported that its sales and earnings for the first quarter of 2011 (sales: $15.6
billion; earnings: $689 million) were stronger than they had been in the first quarter of 2010 (sales: $15.2
billion; earnings: $671 million). Yet there were serious causes for concern, too. News stories in the second
half of 2010 about Target’s donations to political candidates had created controversy and unwanted
publicity. And despite increasing sales and profits, Target’s stock price fell about 20 percent during the
first quarter of 2011.
http://creativecommons.org/licenses/by-nc-sa/3.0/
http://www.saylor.org/books
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136
Concern also surrounded Target’s possible vulnerability to competition within the retail industry. Since its
creation in the early 1960s, Target executives had carved out a lucrative position for the firm. Target offers
relatively low prices on brand-name consumer staples such as cleaning supplies and paper products, but it
also offers chic clothing and household goods. This unique combination helps Target to appeal to fairly
affluent customers. Although Target counts many college students and senior citizens among its devotees,
the typical Target shopper is forty-one years old and has a household income of about $63,000 per year.
Approximately 45 percent of Target customers have children at home, and about 48 percent have a college
degree. [2] Perhaps the most tangible reflection of Target’s upscale position among large retailers is the
tendency of som.
Saylor URL: http://www.saylor.org/books Saylor.org
135
Chapter 5
Selecting Business-Level Strategies
L E A R N I N G O B J E C T I V E S
After reading this chapter, you should be able to understand and articulate answers to the following
questions:
1. Why is an examination of generic strategies valuable?
2. What are the four main generic strategies?
3. What is a best-cost strategy?
4. What does it mean to be “stuck in the middle”?
The Competition Takes Aim at Target
On January 13, 2011, Target Corporation announced its intentions to operate stores outside the United
States for the first time. The plan called for Target to enter Canada by purchasing existing leases from a
Canadian retailer and then opening 100 to 150 stores in 2013 and 2014. [1] The chain already included
more than 1,700 stores in forty-nine states. Given the close physical and cultural ties between the United
States and Canada, entering the Canadian market seemed to be a logical move for Target.
In addition to making its initial move beyond the United States, Target had several other sources of pride
in early 2011. The company claimed that 96 percent of American consumers recognized its signature logo,
surpassing the percentages enjoyed by famous brands such as Apple and Nike. In
March, Fortune magazine ranked Target twenty-second on its list of the “World’s Most Admired
Companies.” In May, Target reported that its sales and earnings for the first quarter of 2011 (sales: $15.6
billion; earnings: $689 million) were stronger than they had been in the first quarter of 2010 (sales: $15.2
billion; earnings: $671 million). Yet there were serious causes for concern, too. News stories in the second
half of 2010 about Target’s donations to political candidates had created controversy and unwanted
publicity. And despite increasing sales and profits, Target’s stock price fell about 20 percent during the
first quarter of 2011.
http://creativecommons.org/licenses/by-nc-sa/3.0/
http://www.saylor.org/books
Saylor URL: http://www.saylor.org/books Saylor.org
136
Concern also surrounded Target’s possible vulnerability to competition within the retail industry. Since its
creation in the early 1960s, Target executives had carved out a lucrative position for the firm. Target offers
relatively low prices on brand-name consumer staples such as cleaning supplies and paper products, but it
also offers chic clothing and household goods. This unique combination helps Target to appeal to fairly
affluent customers. Although Target counts many college students and senior citizens among its devotees,
the typical Target shopper is forty-one years old and has a household income of about $63,000 per year.
Approximately 45 percent of Target customers have children at home, and about 48 percent have a college
degree. [2] Perhaps the most tangible reflection of Target’s upscale position among large retailers is the
tendency of som.
Discussion 1This week of assigned reading of the course market.docxcharlieppalmer35273
Discussion 1
This week of assigned reading of the course marketing management mainly focused on brands. It effectively discussed the marketing framework that includes key topics such as 5Cs, STP, and 4Ps. I found these concepts presented in this week of reading interest because they provide an effective focus on the brand of a firm, understand the brand image of a firm and undertake significant actions to control the risks and promote the brand recognition of a firm. It offers effective focus into the customers of a firm, company, understands the context, collaborations, and competitors of a firm (Iacobucci, 2016). It also offers to focus on the segmentation of customers, targeting and positioning, product price, and place and develop effective strategies to promote the products and enhance the brand reputation of a firm and achieve good results. It also tells the importance of a brand for the company and the different types of functions the brands serve and associations and the various types of brand strategies. It helps to gain significant knowledge into various brands and develop effective strategies to promote the brand and increase the sales of goods and services of a firm effectively and assess the quality of a brand effectively. It is noticed that the brand is a portfolio of qualities that are linked with the name of a brand. It invokes the images of the brand and enables the company to promote the brand and control the image of a brand in the marketplace. It also helps to shape a product and package, make the color and symbol of the brand logo of a firm, and reflect the products and service offerings of a firm effectively. The marketer selects the name of a brand to increase the benefits and increase communication with the customers. The brands of a firm can be local, global, co branded. It offered effective insight into the personalities of a brand, experiences of a brand affective, behavioral and intellectual, communities and strategies, and extensions. These help to gain effective knowledge into brand strategies and develop effective tactics and promote brand well.
Based on the observation of methodology following by Inter brand to evaluate the brands offering by it is effective. It is following forward methodology and offering both the local and global brands to serve customers well (Interbrand, 2020). I will improve the brand of a firm by identifying the key weaknesses in the brand, identifying personalities, customer views and services, and developing effective brand strategies. One of my favorite brands is Apple because the strategies following it are effective and reflect the products and services of it and provides benefits for the customer. The brand I hate is Redmi. The main reason I hate this brand is that methodology and strategies followed by this brand are not helpful for the customers and quality is not good.
References:
Iacobucci, D. (2016). Marketing Management. Cengage Learning.
Discussion 2
In today’s busines.
The document discusses the importance of vision and mission statements for businesses. It defines a vision statement as articulating a company's ideal future state and inspiring employees. A mission statement specifies the businesses and customers a company focuses on. Together, vision and mission provide strategic direction. The document outlines key components of effective vision and mission statements, such as being concise yet inspiring. It also discusses how vision and mission statements align employee efforts and guide resource allocation.
Guillermo Mazier, director of strategic accounts at Atlas Advertising, presented on re-thinking economic development marketing. He discussed trends showing the importance of content, mobile, and conversations. Mazier outlined 6 rules for economic development marketing: making yourself known through various new tactics; taking competition seriously; being honest and different; developing a clear marketing purpose; getting mobile or falling behind; and spending money on activities that drive company conversations. He concluded by announcing the winner of the 2014 Economic Development 101 award.
This week we are going to participate in a.docxwrite5
This week students will participate in a debate on whether the French Revolution was worth its human cost. They will be split into two groups - one arguing yes and one arguing no. The group arguing yes will analyze an excerpt from Peter Kropotkin's book The Great French Revolution 1789-1793 to defend their position that the French Revolution was worth its significant human toll.
This week begins an overview of the Research In.docxwrite5
This document provides an overview of the research process for an academic paper. It discusses considering thesis, motive, structure, finding topics, audience, and structuring the argument with initial research. The document recommends reviewing a guide to the elements of academic writing and lists three online writing support resources as samples for additional academic support.
This week you are exploring what it means to have.docxwrite5
This week students are exploring the concept of privilege in different aspects of life. Having privilege means having some form of power through access to goods, services, education, or other resources. Those with privilege may not be aware of how they benefit from it. The document instructs students to complete a chart about their membership in dominant or subordinate groups, and to write a response addressing how privilege has shaped their life opportunities and experiences. They are asked to consider forms of privilege like race, socioeconomic status, and education.
Watch the TED Talk for Chapter 8 on Pay.docxwrite5
The document summarizes a TED Talk video about IQ and different types of intelligence. It asks the viewer to pay close attention to how the speaker defines IQ and also discusses other forms of intelligence. It prompts the viewer to consider how their own definition of intelligence compares to what was presented in the video, and whether research supports the claims made in the talk. It provides a link to the TED Talk video and instructs the viewer to write an initial post of at least 200 words discussing these topics and including a scholarly reference.
The value of diversity in groups and society is continually.docxwrite5
Diversity in groups and organizations is often debated, as it can provide both benefits and challenges, especially in the workplace where diversity awareness has changed how companies operate. Having diversity of things like background, experience and thought can strengthen a group by bringing different perspectives and ideas, though managing diversity also has complications. Diverse work teams can foster innovation but may also face communication difficulties.
The prompt analyzes The Travels of Sir John Mandeville, a 14th century account of the author's purported journeys around the world. It examines how Mandeville conceptualized and structured his depiction of the world, how he connected different peoples and cultures, and what criteria he used to determine inclusion and exclusion in his narrative. The prompt also considers how Mandeville's work relates to and expands upon previous historical accounts, and how his portrayal of non-European cultures fits into discussions about the inherent Eurocentrism of Western thinking. Students are asked to analyze Mandeville's text as a piece of primary evidence that provides insight into late medieval European perspectives on self and other.
This will enable you to understanding the extent to which.docxwrite5
This document discusses how social media companies have integrated into people's lives through collecting and commodifying personal user data. While Americans value privacy and freedom, technology has made these increasingly illusive as users are under surveillance through the technologies they use everyday. The document asks to identify reasons for changing attitudes about privacy invasion and discuss how awareness of surveillance affects personal behavior.
The document provides an overview of conducting a brand audit to evaluate the strengths and weaknesses of an existing brand or establish a new brand. It outlines various internal and external elements to examine, including brand structure, management, metrics, market segments, differentiators, and competitors. The audit aims to ensure brand elements are consistent and reinforce the identity customers develop loyal relationships with.
This document discusses organizational mission and purposes. It defines an organization as a group working together to achieve objectives, and defines a mission statement as describing how a business will accomplish its vision. The document outlines the key characteristics, importance, components and benefits of effective mission statements, including focusing an organization's direction, facilitating decision-making, and motivating employees. It provides examples of mission statements from companies like Infosys, Walmart, Google, Toyota and others. Mission statements should define an organization and its aspirations while distinguishing it from competitors.
The article discusses how strategy development must be seen as a revolutionary action within an organization. It lists 10 attributes of such an action, arguing that revolution is needed to secure a position in a changing market. These attributes include having an imaginative vision, subverting the status quo, and empowering employees. The article is relevant to strategic management as it advocates a radical approach to strategy that can identify new market opportunities and drive organizational change.
Student Name:
Deliverable: Maple Leaf Foods, Exercise # 2
Course Name:
Date Assigned:
Date Due:
Rules:This assignment will be completed individuallyYou will use the Word, PowerPoint and other tools you feel appropriate for this exercise Your work must be your ownCopying/plagiarism/cheating is not allowedEach deliverable should be clear and simple to read
Objective
This assignment examines the importance of the cost of quality to an organization. Through this, we will gain a better understanding of how we can measure the cost of quality in an organization and what benefits can be gained from the cost of quality.Scenario
This is a true story that dominated the media in Canada in the summer of 2008 and shook an established and trusted company to its core. Once the crisis was over, 22 people had died as a result of tainted meat. More details are easily available online but the following is from an April 2013 Financial Times article.The Story
Maple Leaf Foods is one of the leading food processing companies in Canada, where many of its processed meat brands are household names. The company also supplies restaurants and hotels. The Challenge
On August 12 2008 management became aware of a possible case of listeriosis contamination at one of its meat processing plants near Toronto. By August 23 the contamination had been confirmed and by the end of September more than 20 people’s deaths had been linked to the listeriosis outbreak associated with Maple Leaf Foods. Many more fell ill. The Canadian press attacked the company and a number of class-action lawsuits were launched on behalf of victims and their relatives. Consumers started to avoid Maple Leaf brands, and trade customers began switching to other suppliers. The Response
Maple Leaf Foods responded swiftly. All products from the affected plant were recalled as soon as the presence of listeriosis was confirmed. Michael McCain, chief executive, took personal charge. He later told the Toronto Globe & Mail that in his handling of the crisis, “there are two advisers I’ve paid no attention to. The first are the lawyers, and the second are the accountants.” His public offer of a full apology and acceptance that Maple Leaf Foods was solely responsible was considered a brave decision because it left the company open to legal action. Mr. McCain accepted this risk: the point was to act first in the interest of public health and then to be open and transparent. The management dealt with the crisis on a number of fronts, including PR, strategy and restructuring. Deliverables
Analyze the above scenario using the 4 Costs of Quality given below:
· Appraisal cost
· Prevention cost
· Internal failure cost
· External failure cost
Your detailed analysis and report should reflect:
· Root cause(s) of the issue
· What should have been done to prevent the current situation?
· What was done to turn the situation around?
· How did Mr. McCain manage this crisis? Constraints
Follow all reporting and assignment guid.
This document discusses the results of a survey and interviews about B2B content marketing in 2014. It finds that content marketing is an increasing priority and that lead generation is the primary objective. While most companies have a content marketing strategy, they face challenges of limited budgets, time, and understanding of content marketing. Companies use a mix of in-house and outsourced resources for content creation, distribution, and other elements of their strategies.
The document discusses the Navy's core values of honor, courage, and commitment and how they relate to discipline and success. It notes that the Navy has evolved from its origins to the modern era. It also discusses how the core values build on personal responsibility and following orders, which are important for discipline and success in the Navy.
In this lesson you learned that a company’s Mission statement is distinctly different from its Vision and that it describes “who we are, what we do, and why we here”. You also learned that uninformative mission statements are unclear and persons unfamiliar with the company’s cannot gather “who you are, what you do, and why you are here”.
This document discusses product strategy and new product development. It begins by defining what a product is and outlines the five levels of product potential: core, basic, expected, augmented, and potential. It then discusses elements of an effective product strategy, including defining the target market, product, value proposition, pricing, and distribution. The document emphasizes determining customer needs and problems to solve. It also discusses product mix and analyzing a company's ability to exploit opportunities in its industry or market. The goal of product strategy is to focus a company and guide new product releases.
This document discusses strategic planning and marketing management. It covers topics such as the purpose of strategic planning, conducting environmental scans and internal assessments, setting objectives and strategies. It also discusses portfolio models like the BCG matrix and different growth opportunities according to Ansoff's matrix, including intensive, integrative and diversification growth. Key points covered include defining the business, mission of the company, assessing strengths and weaknesses, and formulating corporate strategies.
Top 100 Global Banking and finance most powerful brandsSumit Roy
The annual Brand Finance Banking 500 report ranks the most valuable banking brands worldwide. This year, Wells Fargo retained the top spot with a brand value of $34.9 billion, up 15% from 2014. Chinese banks continue to rise up the rankings rapidly, with Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) now the 2nd and 4th most valuable brands globally. CCB saw the largest brand value increase of any bank in 2015 at $7.5 billion. Overall, Chinese bank brands now comprise 15% of the total brand value in the Banking 500, up from just 4% in 2008. Meanwhile, the proportion of total brand value from US banks has declined from
Saylor URL: http://www.saylor.org/books Saylor.org
135
Chapter 5
Selecting Business-Level Strategies
L E A R N I N G O B J E C T I V E S
After reading this chapter, you should be able to understand and articulate answers to the following
questions:
1. Why is an examination of generic strategies valuable?
2. What are the four main generic strategies?
3. What is a best-cost strategy?
4. What does it mean to be “stuck in the middle”?
The Competition Takes Aim at Target
On January 13, 2011, Target Corporation announced its intentions to operate stores outside the United
States for the first time. The plan called for Target to enter Canada by purchasing existing leases from a
Canadian retailer and then opening 100 to 150 stores in 2013 and 2014. [1] The chain already included
more than 1,700 stores in forty-nine states. Given the close physical and cultural ties between the United
States and Canada, entering the Canadian market seemed to be a logical move for Target.
In addition to making its initial move beyond the United States, Target had several other sources of pride
in early 2011. The company claimed that 96 percent of American consumers recognized its signature logo,
surpassing the percentages enjoyed by famous brands such as Apple and Nike. In
March, Fortune magazine ranked Target twenty-second on its list of the “World’s Most Admired
Companies.” In May, Target reported that its sales and earnings for the first quarter of 2011 (sales: $15.6
billion; earnings: $689 million) were stronger than they had been in the first quarter of 2010 (sales: $15.2
billion; earnings: $671 million). Yet there were serious causes for concern, too. News stories in the second
half of 2010 about Target’s donations to political candidates had created controversy and unwanted
publicity. And despite increasing sales and profits, Target’s stock price fell about 20 percent during the
first quarter of 2011.
http://creativecommons.org/licenses/by-nc-sa/3.0/
http://www.saylor.org/books
Saylor URL: http://www.saylor.org/books Saylor.org
136
Concern also surrounded Target’s possible vulnerability to competition within the retail industry. Since its
creation in the early 1960s, Target executives had carved out a lucrative position for the firm. Target offers
relatively low prices on brand-name consumer staples such as cleaning supplies and paper products, but it
also offers chic clothing and household goods. This unique combination helps Target to appeal to fairly
affluent customers. Although Target counts many college students and senior citizens among its devotees,
the typical Target shopper is forty-one years old and has a household income of about $63,000 per year.
Approximately 45 percent of Target customers have children at home, and about 48 percent have a college
degree. [2] Perhaps the most tangible reflection of Target’s upscale position among large retailers is the
tendency of som.
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135
Chapter 5
Selecting Business-Level Strategies
L E A R N I N G O B J E C T I V E S
After reading this chapter, you should be able to understand and articulate answers to the following
questions:
1. Why is an examination of generic strategies valuable?
2. What are the four main generic strategies?
3. What is a best-cost strategy?
4. What does it mean to be “stuck in the middle”?
The Competition Takes Aim at Target
On January 13, 2011, Target Corporation announced its intentions to operate stores outside the United
States for the first time. The plan called for Target to enter Canada by purchasing existing leases from a
Canadian retailer and then opening 100 to 150 stores in 2013 and 2014. [1] The chain already included
more than 1,700 stores in forty-nine states. Given the close physical and cultural ties between the United
States and Canada, entering the Canadian market seemed to be a logical move for Target.
In addition to making its initial move beyond the United States, Target had several other sources of pride
in early 2011. The company claimed that 96 percent of American consumers recognized its signature logo,
surpassing the percentages enjoyed by famous brands such as Apple and Nike. In
March, Fortune magazine ranked Target twenty-second on its list of the “World’s Most Admired
Companies.” In May, Target reported that its sales and earnings for the first quarter of 2011 (sales: $15.6
billion; earnings: $689 million) were stronger than they had been in the first quarter of 2010 (sales: $15.2
billion; earnings: $671 million). Yet there were serious causes for concern, too. News stories in the second
half of 2010 about Target’s donations to political candidates had created controversy and unwanted
publicity. And despite increasing sales and profits, Target’s stock price fell about 20 percent during the
first quarter of 2011.
http://creativecommons.org/licenses/by-nc-sa/3.0/
http://www.saylor.org/books
Saylor URL: http://www.saylor.org/books Saylor.org
136
Concern also surrounded Target’s possible vulnerability to competition within the retail industry. Since its
creation in the early 1960s, Target executives had carved out a lucrative position for the firm. Target offers
relatively low prices on brand-name consumer staples such as cleaning supplies and paper products, but it
also offers chic clothing and household goods. This unique combination helps Target to appeal to fairly
affluent customers. Although Target counts many college students and senior citizens among its devotees,
the typical Target shopper is forty-one years old and has a household income of about $63,000 per year.
Approximately 45 percent of Target customers have children at home, and about 48 percent have a college
degree. [2] Perhaps the most tangible reflection of Target’s upscale position among large retailers is the
tendency of som.
Discussion 1This week of assigned reading of the course market.docxcharlieppalmer35273
Discussion 1
This week of assigned reading of the course marketing management mainly focused on brands. It effectively discussed the marketing framework that includes key topics such as 5Cs, STP, and 4Ps. I found these concepts presented in this week of reading interest because they provide an effective focus on the brand of a firm, understand the brand image of a firm and undertake significant actions to control the risks and promote the brand recognition of a firm. It offers effective focus into the customers of a firm, company, understands the context, collaborations, and competitors of a firm (Iacobucci, 2016). It also offers to focus on the segmentation of customers, targeting and positioning, product price, and place and develop effective strategies to promote the products and enhance the brand reputation of a firm and achieve good results. It also tells the importance of a brand for the company and the different types of functions the brands serve and associations and the various types of brand strategies. It helps to gain significant knowledge into various brands and develop effective strategies to promote the brand and increase the sales of goods and services of a firm effectively and assess the quality of a brand effectively. It is noticed that the brand is a portfolio of qualities that are linked with the name of a brand. It invokes the images of the brand and enables the company to promote the brand and control the image of a brand in the marketplace. It also helps to shape a product and package, make the color and symbol of the brand logo of a firm, and reflect the products and service offerings of a firm effectively. The marketer selects the name of a brand to increase the benefits and increase communication with the customers. The brands of a firm can be local, global, co branded. It offered effective insight into the personalities of a brand, experiences of a brand affective, behavioral and intellectual, communities and strategies, and extensions. These help to gain effective knowledge into brand strategies and develop effective tactics and promote brand well.
Based on the observation of methodology following by Inter brand to evaluate the brands offering by it is effective. It is following forward methodology and offering both the local and global brands to serve customers well (Interbrand, 2020). I will improve the brand of a firm by identifying the key weaknesses in the brand, identifying personalities, customer views and services, and developing effective brand strategies. One of my favorite brands is Apple because the strategies following it are effective and reflect the products and services of it and provides benefits for the customer. The brand I hate is Redmi. The main reason I hate this brand is that methodology and strategies followed by this brand are not helpful for the customers and quality is not good.
References:
Iacobucci, D. (2016). Marketing Management. Cengage Learning.
Discussion 2
In today’s busines.
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1. Target Corporation
Corporate Profile Module I: 1) Introduce your company. what does it do? How did it get
started? How does it aID value? Who are the customers it competes for? What risks confront
the company? What type of business is it-goods-producing or service? What industry does it
operate in? What is it knowe for? Write an opening paragraph that engages your reader
from the outset! 2) State its mission, vision, and values. Define these terms using the
definition from Bovee and Thill. The mission: Most companies state their mission on their
websit. Use your company’ s own words in your paper. The vision: You may have difficulty
finding a statement of you company’ s vision; if you can’ t find it, you should state the
vision in your own words based on what you have read about the company’ s philosophy
and values on its website. 3) Analyze your company’ s mission statement. Is it just “ vague
happy talk” or does it really say why the company exists?Corporate Profile Module II: 1)
Discuss corporate ethics. Define business ethics. How does your company approach
corporate ethics and what guidelines does it set forth? Does it adhere to what it says? 2)
Discuss the concept of “ Corporate Social Responsibility. ” Who are the company’ s
stakeholders? How does your company fulfill its responsibilities to its primary
stakeholders-owners, employees, and customers? What approach does it use to CSR-
Minimalist, Cynical, Defensive, or Proactive? 3) Discuss workforce diversity. Define this
concept. Why is workforce diversity important? How does your company obtain or try to
obtain a diverse workforce? Does it have a diversity policy? What evidence do you find that
your company carries out ( or fails to carry out ) its policy?Corporate Profile Module III:
Discuss the marketing concept and why it is important to a business. What factors in the
external environment affect your company? (Cosider economic conditions, the natural
environment, social and cultural trends, laws and regulations, and technology-p. 293 of
Bovee and Thill.) who constitutes your company’ s target market? What market-coverage
strategy does your company use-undifferentiated, differentiated, concentrated, or
micromarketing?) what media does it use to communcate the company’ image and
marketing message?Globalization 1) why do companies engage in international trade? (pp.
49-50) Is your company “ global” ? If it isn’ t, why do you think it has chosen to remain
purely domestic? 2) If it is global, what cultural and legal differences does it encounter in
the global business environment? (pp. 58-61) 3) what form of international business
activity does it engage in? (pp. 62-64) 4) Which strategic approaches does your company
use? (pp.64-65) 5) If your company does not engage in international business activity, what
country do you think would be good for your company’ s expansion, and what strategic
2. approach would you suggest? 6) if your company does have international operations, do
you think the selected strategy is working? Would you change anything about your
company’ s strategy?Corporate Profile Module IV: Google finance and Yahoo finance are
excellent resources for your discussion of the financial performance of your company.
Comparisons to other companies in the industry will serve to enhance your paper. Follow
your class finance notes for this section. 1) Describe your organization’ s financial
performance. Insert the financial tables as explained in class. 2) Include and describe the
Value Line report for your company. 3) How would you evaluate your company’ s
performance? 4) What are the prospects for future performance? 5) Perform a brief SWOT
analysis on your companyYou can use tables to summarize the data in this
section.Corporate Profile Module V: 1) find an article ( or multiple articles) that discusses an
important issue currently facing your company. 2) How do you think your company is
positioned for the the future? Is your company an industry leader who will continue a
position of leadership? Is your company losing market share? Look into the future and
predict how your company will perform in the next five years with some justification for
your answer……………….……………………………………………………………IntroductionTarget Corporation
an American retail company ranks second after Walmart in the discount chain of retail
companies. It operates stores in 49 states in the United States and is considered to be one of
the market leaders in the retailing industry (Hoovers 2011). Customers of the retail
industry are no longer looking for cheap products rather, they expect suppliers to supply
chic but fair priced products. Target is regarded as one such retail company that endeavors
to supply customers with differentiated products at low costs than its competitors (Target
2011).The subject matter of the essay is to create a complete corporate profile of Target
Corporation and this will range from: Its history, formation, mission, vision and values,
corporate ethics and social responsibility, marketing, international trade, among
others.History and Formation of Target CorporationOver the years the company has
evolved tremendously since the first business began. Its history dates back to 1902 in
Minneapolis when the Dayton Dry Goods Company was first formed. Real investor and
Banker George Dayton bought shares of the Goodfellow’ s Dry Goods Company to form the
business. Because it dealt in a variety of goods and services its founder George Dayton
changed the name to Dayton Company, to show that it did not deal in dry goods alone. In the
years to 1962 the business operated as Dayton Company before it changed its name to
Dayton Hudson when the first concept of target was created. However some years later,
after many target stores which emphasized on upscale discounting had been established,
the company name was changed to Target Corporation in 2000 (Target 2011).Target
Corporation’ s headquarters are in Minneapolis close to the place where its original stores
were located. It is known for being the second largest store in the retail industry after
Walmart which is also its main competitor. It is known for providing customers with
upscale products for fair prices as compared to competitors, and Fortune magazine ranked
it at number 30 for being among the best companies (Hoovers 2011) in America.Target
Corporation’ s stores range from their conventional target stores which carry a variety of
products which mainly include electronics, health, clothing, beauty, kitchen, automobile,
and hardware products. It also sells groceries which are mostly non perishable but in
3. limited amounts (Target 2011). PFresh stores which mainly retail perishable, dairy and
meat products. Target Greatland stores which also contain general merchandise, Super
Target stores which sell merchandise that can be found in the target stores, and a wide
selection of groceries. It also operates as a service company through its subsidiaries where
it provides services such as financial services and interior decoration services (Target
2011).When it comes to value creation, Target creates value for its customers by constantly
striving to offer customers that combination of quality and differentiated products or
services at low prices (Target 2011). This is likely to satisfy customers while making them
view the company as the ultimate value creator. Customer value creation is a strategy
consistent with its long term goals of shareholder wealth maximization.Even though Target
enjoys its large scale presence In the United States and in Canada due to its recent
international development, it is faced with a major risk of negative publicity because of the
rumored low wages that it pays its employees. More risks facing the company include
concerns about its corporate ethics and social responsibility.Target’ s Mission, Vision and
ValuesMissionA mission statement describes the overall and unique purpose for a
company’ s existence. It basically states what the company is all about, who the customers
are and what values it deems important (Kotler and Armstrong 2011). Target’ s mission
states “ to make Target the preferred shopping destination for our guests by delivering
outstanding value, continuous innovation and an exceptional guest experience by
consistently fulfilling our Expect More – Pay Less brand promise” . It is committed to
improving its operations and also to improve its customers’ experience (Target
2011).VisionA vision statement gives the details about where the company wants to be in
future. It is from the vision statement that a company derives its mission statement which is
intended to drive it to that future state (Kotler and Armstrong 2011). Target’ s vision is to
be the best retail store in the world, offering its customers unique and quality products and
services that should ultimately satisfy every customer and make them see value for the
purchases they make.C. ValuesValues represent those principles that guide a
corporation’ s conduct when dealing with its internal and external stakeholders. They are
the beliefs that the company holds dear and they help to form an organizational culture
within the company (Kotler and Armstrong 2011). Values that Target incorporates in
conducting its business include; high ethical standards, professional and personal integrity,
delivering quality products and services at fair prices, respect for customers, customer
satisfaction, building trust among customers, among others.D. Analysis of the Mission
statementA mission statement should be concise and comprehensive. It should have
meaning attached to it and should not be used solely for public relations exercises (Kotler
and Armstrong 2011).In order to work towards achieving its vision, Target’ s mission
provides the guidance needed to reach that future state. It has gown fast to become one of
the largest retail stores in the United States, serving customers promptly by delivering
products and services to meet their expectations. Even though it sometimes experiences
difficulties in attaining the performance levels it sets, it manages to turnaround and make
the most from its stores. The pressure from competitors also makes it come up with ideas
about how to continuously improve their products so that customers are fully satisfied. This
shows that it works in accordance to its mission’ s requirements and uses it to measure its
4. progress towards customer satisfaction.Corporate EthicsCorporate ethics refers to the
application of principles of morality in the day to day activities of the business (Vilcox and
Mohan 2007, p. 1). Companies that are ethical must satisfy the three levels of ethics, that is,
the macro, corporate and individual levels of ethics.Macro level business ethics relates to
those standards that a corporation must satisfy on a national and international scale. That
is, doing good or behaving morally right when faced with political systems of countries in
which it operates in and observing the culture of those countries. Basically it refers to the
role of a company when dealing in an international scale. Corporate level business ethics
are those standards that a corporation should observe when working towards achieving
their strategic objectives. Individual level ethics refers to the behavior of individual persons
within the organization that determine whether it is behaving ethically or not (Vilcox and
Mohan 2007).Target approaches corporate ethics by encouraging its staff and the leaders to
work towards putting its values in action, to be the world’ s most ethical retail stores. It also
encourages everyone to follow suit on the practices of the Dayton brothers when they were
company leaders. To ensure that this is the case it has established very firm processes and
policies, with a complete governance structure of board of directors to ensure that all
individuals within the company observe business ethics (Target 2011). It has also
developed a section on its website that specifically deals with its issues of corporate
governance and ethics where it gives detailed information on how it works towards
achieving high standards of ethics. It has also received awards for being the most reputable
and admired company, this is a true reflection of its efforts in observing corporate
ethics.Corporate Social ResponsibilityFor companies to prove to society that they are
observing business ethics, they need to be socially responsible. Corporate social
responsibility therefore means that a corporation should maintain moral standards in
dealing with its stakeholders in order to enhance their welfare and at the same time respect
their rights (Vilcox and Mohan 2007, p. 5). Being socially responsible ensures that the
company lives peacefully within its society because it is through such responsibility that
society forms an informed opinion about any company.Corporate social responsibility also
means observing the triple bottom line and working towards sustainability development, so
that the needs of all stakeholders in society and not just the needs of the shareholders are
met. Other stakeholders in this context include the employees, customers, regulators,
government, and the environment, among others (Vilcox and Mohan 2007).To some
shareholders, companies that engage in corporate social responsibility are depriving them
of their right to wealth maximization, however, at Target Corporation; corporate social
responsibility is a way that enables it to do well while doing good to its shareholders. The
company therefore releases annual CSR reports to show how they have fulfilled their
responsibilities towards their stakeholders (Target2011).Responsibility towards primary
stakeholdersTowards OwnersTarget’ s responsibility towards its owners is to maximize
their wealth. Target does this by using its resources in the most efficient ways. Also it
realizes that in doing good to society it is able to continue doing well in terms of its
profitability. This is because when a company’ s mission becomes to satisfy customers, they
respond by making purchases and this provides the means by which the company makes
profits (Vilcox and Mohan 2007).Towards Employees To show its responsibility
5. towards its employees, Target hires individuals with talent and commits itself to giving
them the best training, and rewarding them appropriately in order to gain their trust, and in
order for them to use their skills and experiences in furthering the company’ s interests
(Target 2011).To improve their employees’ value proposition, the company incorporates
its corporate values in its human resource planning. Employees are allowed to exchange
their experiences at Target and this motivates employees to engage in fulfilling the
company’ s mission (Target 2011).Towards CustomersTarget’ s responsibility towards its
customers is to ensure that they are always pleased with what the company has to offer
them. Therefore the company ensures that all its products are safe for the customers to use.
It also ensures that it strives to improve them continuously so that the customers are paying
to get products and services that meet and exceed their needs. The company also ensures
that its stores are safe so that customers are free from accidents that might occur while
shopping (Target 2011).Target’ s Approach to Corporate Social responsibilityTarget uses
a social contract approach to CSR, because it believes that it is through doing good for the
society that it is able to do well in terms of its performance. It engages in programs that are
aimed at improving the health and safety of communities and being philanthropic to society.
It has even been ranked at number 22 by Fortune magazine for being a philanthropic
company. It does everything to avoid all other approaches that undermine the society
especially the minimalist approach which puts the interests of shareholders above those of
other stakeholders (Target 2011).Workforce Diversity Workforce diversity refers
to appreciation of those attributes that make individuals within an organization unique
from each other. It involves creation of policies and practices which take into consideration
people within the organization that are said to be different from the rest (Harris 2009, p.
2).Workforce diversity is important because, through it a company is able to show that it is
socially responsible by including people within the society who are disadvantaged. It allows
companies to have a competitive edge because, for them to be competitive they need to
prove that they do not discriminate on people and their practices. Legally companies are
required to show that they do not employ people on discriminatory grounds and these
policies show that they comply with such requirements (Harris 2009). Workforce diversity
has proved as an effective tool in marketing because such employees offer important
insights on what the different communities expect from companies. Further a diverse
workforce is a true reflection of the diverse customer base that a company has.At Target
Corporation, diversity is more than a requirement of the company; it is a core value in the
company and it is the company’ s way of life. It has specific policies that deal with
workforce diversity and it ensures that it is part of the business’ human resource planning
process. This is because it strives to represent to the whole world the kind of people it
works with and the customers that they work towards satisfying (Target 2011). Evidence
that Target implements its workforce diversity stems up from awards it has won for
including people from multiple backgrounds in its workforce, and for developing supplier
relationships with women owned businesses and minority vendors (Target
2011).ConclusionTarget strives to abide by what its mission states in order to reach its
vision that is to be the best retail store offering quality products and services for its
customers. It also ensures that it practices business ethics from all perspectives by having
6. strict policies that emphasize on ethics. Further it realizes that social responsibility is a
requirement if it has to live in good terms with society and for it to have long term
profitability.MarketingThe marketing conceptUnlike the selling and production concept,
the marketing concept emphasizes on the customer. That is, before a company can embark
on producing products, it has to first identify what its customers need and desire of a
company’ s products, and afterwards it can produce the products and then sell them to the
customers (Drummond and Ensor 2005, p.1). The end result should be satisfied customers
who are willing to make repeat purchases if not convincing other to purchase a company’ s
products.Where companies have to develop profitable relationships with customers,
marketing proves to be an essential tool. Marketing is aimed at making customers aware of
the products and services that the company has to offer and also shows how the company
intends to meet customers’ needs (Kotler and Armstrong 2011, p. 4-5). The marketing
concept is therefore important for businesses that want to establish good relationships with
customers and which intend to have long term profitability.Marketing at
Target CorporationExternal Factors that affect the company Assessment of the
external factors in the market environment that affect Target constitute the market
research that it needs to carry out in order to satisfy itself that its marketing efforts are
targeted at the right customers. Also it helps to ensure that the company comes up with the
required marketing strategies which will eventually lead to successful marketing
(Drummond and Ensor 2005). These external factors include:Economic conditionsRising
standards of living in America is one of the major economic changes that occur and affect a
company’ s operations. The US economy is also occasionally faced with periods of
recessions, which makes companies reduce prices so that they can continue making
substantial sales. Target has managed to keep its prices at a fair rate and still have its sales
increase over the years to 2011 (Target 2011).Natural environmentThe natural
environment which includes resources used in production of products, water that occurs
naturally and climatic changes, are a big influence on a company like Target’ s market
environment. For instance, while planning on how products will reach customers, climatic
changes should be considered as incidents such as heavy rainfall and storms can delay
product delivery to the desired destinations, and this may affect service delivery to
customers.Social and cultural trendsAnalysis of the social and cultural trends is vital
because companies need to know what their customers’ culture is all about. For a retail
store the demands of society will mainly include its ability to sell products at affordable
prices. This is unlikely to affect Target Corporation’ s pricing strategies as it already sells its
products for lower prices than most of its competitors (Target 2011).Legal
requirementsLaws and regulations governing companies also change as time goes by.
Environmental laws for instance can influence how a company does its product packaging,
which is a major influence in appealing customers (Drummond and Ensor 2005). Target so
far does not have any problems with packaging products because they mostly retail them
rather than manufacture. However, laws relating to what can be advertised to the general
public can influence their marketing
strategies.Technological advancementsAdvancements such as new production methods
are likely to impact on the marketing strategy of a company (Drummond and Ensor 2005).
7. Where the company uses sophisticated methods of production, it is likely that its marketing
efforts will be vigorous to ensure that more people are aware of the effort it takes to
provide quality foods. Target uses online resources to market products to customers, and to
ensure that each customer’ s demands are met it uses customized search engines. The
company however needs to be constantly aware of any changes that may occur in
technology so that the products are always up to date.The Market and marketing
strategies used at Target corporationTarget Corporation’ s targets many customers
because of the many products it sells to them. It therefore needs to target each age group
and gender that is interested in buying its products. People are always demanding one
product or the other from the company, be it kitchen appliances, automobiles, or even toys.
Because of this wide target market the main strategy used by the company is a combination
of differentiated and low cost strategies, where it strives to offer better services to
customers than competitors can (Hoovers 2011). As a differentiation strategy, it introduced
the groceries section in most of its stores so that customers can have a chance to purchase
groceries without worrying about when they will pass by the groceries stores as is the
culture of most Americans.The main form of advertising media that the company uses is the
television because through it more people become aware of what it has to offer. It also uses
radio advertising and newspaper advertising to ensure that everyone has access to
information about the company (Target 2011). Internet advertising is also a major form of
advertising that it uses.Globalization Globalization is the process by which people
interact with others around the world without any restrictions (Steger 2010, p. 48).
Globalization can be viewed from several dimensions, that is, in terms of cultural, political,
technological, ecological, and economic globalization. A global economy involves a situation
where companies in one country are allowed to trade freely with others across the globe,
thus the concept of international trade. Economic globalization is possible when
international trade is encouraged through reduction of trade barriers such as import
quotas, tariffs and export charges (Steger 2010, p. 49).Companies engage in international
trade because they want to increase their sales through finding new markets for their
products and services, continue to have sustained competitive advantage, minimize
incidents of risks such as cyclical and seasonal effect on sales, and also to obtain resources
that they are deficient in (Steger 2010, p. 50).Target has not yet established itself fully as a
global company because it only ventured to Canada recently and it is yet to see whether
operating as a multinational company is a viable strategy to them (Target 2011). The main
reason for establishing operations in Canada was to have its presence felt on a large scale so
that it continues to have a competitive edge in the retail industry. Target Corporation chose
to expand its operations to Canada because most of its non American customers are the
Canadians. Further over 70% of Canadians were aware of its influence in the American
states and would therefore serve as a better aIDitional market to them. In Canada, it sells
the same products and services that it sells to its American
customers.Strategic approaches used by Target in GlobalizationIt is not clear which
strategy Target Corporation uses in Canada because of the recent expansion, but it should
use a multinational strategy for Canada and future expansions, because of the nature of the
business it deals in. This is because the parent company will have the final say in decision
8. making and financial management while letting the subsidiaries manage their own
marketing and sales strategies (Steger 2010). To support their global strategy, Target
will also have to use different business strategies depending on where they choose their
operations. This is because using the same strategies worldwide without consideration of
the markets may be disadvantageous if it wants to expand its market and make profits
(Hoovers 2011).Comments on the strategy usedOther generic strategic options available
to Target would include:Franchiser strategy where creation and design of products is done
and financed in the home country but they are later produced and marketed in the host
countries, this is usually recommended for companies in the fast food industry because
their products are perishable and can not be produced solely in the home country. A
domestic exporter strategy means that it has to centralize all its operations to take place in
the United States; this strategy is mostly suitable for companies in the heavy equipment
category. A transnational strategy on the other hand will mean that the company will have
to adopt a global standpoint that does not work in accordance to national borders (Steger
2010). Target has not yet reached that point where it can operate without associating itself
with the American way of life.Looking at these challenges that the other global strategies
pose for Target it is best that it uses the Multinational strategy as its goods are neither
perishable nor are they heavy equipment.Cultural and legal constraints that Target could
encounter in its global operationsCultural constraintsSince Target has decided to go
international it is best that it adopts the Canadian culture while operating there. This is
because, according to some countries imported cultures are known to erode the ways of life
of their people and bring confusion among individuals instead of harmony (Steger
2011).Legal constraintsIt is important for Target to adopt and abide by the laws of Canada,
and those of other countries in case it expands to other parts of the world, to avoid
problems with legal bodies. It will have to ensure that it does not violate environmental,
labor and taxation laws as these are some of the laws that multinationals commonly violate
(Hoover’ s 2011).ConclusionTarget engages in thorough analysis of its market environment
to ensure that its marketing strategies are aimed at its customers and so that they create
value for them. It uses a combination of low cost and differentiated strategies for different
customers who visit different stores in the United States to ensure that they get the best for
the money that they are willing to pay. It has also recently expanded operations to Canada
to further its market so that sales are increased and so that it always has a continuous
market for its products.Target’ s Financial PerformanceStatement of financial position
as 31st January 2010 and 31st January
2011 2010 in $m2011 in
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