Running Head: strategic Management Plan 1 Company Selection - Target Laura Somers Rasmussen College Author Note This paper is being submitted on January 14, 2015 Antar Salim, B460/MAN4720 Section 03 Strategic Management Running Head: strategic Management Plan 2 Company Selection - Target The company I have chosen to do my strategic management plan on is Target. Target is a retail store that provides anything under the sun. Target stores provide groceries, clothes, furniture, sporting goods, electronics and toys. You name it they got it. Target's company statement is \"expect more, pay less\" their mission is to be the preferred shopping destination for their guests by delivering outstanding value, continuous innovation, and an exceptional guest experience and consistently fulfilling their company statement. The main reason for choosing Target is because I absolutely love everything they sell to the services they provide. It is nice to go into a store to get a bunch of different things at once instead of having to go to a few stores to get the same items. Running Head: Strategic Management Plan 1 Strategy Formulation and Implementation - Target Laura Somers Rasmussen College Author Note This paper is being submitted on March 1, 2015 Antar Salim, B460/MAN4720 Section 03 Strategic Management Running Head: Strategic Management Plan 2 Strategy Formation and Implementation - Target Being a retail corporation, the first and prior commitment that Target offers to its customers is long term value for their guests. For the success of this objective, the first thing that it needs to do is honest business practice. This is due to the fact that, if any organization is able to make honest business with its customers, it becomes easier for the organization to gain the loyalty of the customers which becomes enormously beneficial for the company in the long run. Honest business includes providing fair price, good quality and also the after sales services for the customers. These will spread the word among the common people regarding the good will of the company which will help it to retain in business for a longer period of time. Another action that can be taken up by Target is the diversification of the business. This includes increasing the number of retail stores and branches. The more it can increase the number of retail stores it will be easier to gain the attention of customers. Online stores will be a huge use for the organization. It must be remembered by a retail corporation that, the more it can gain close attention of the customers, the more sales it will be able to generate. In the present business scenario and expansion of e-commerce, nothing can be more effective than online shopping stores which will be closer to the common people. The next thing that Target must take into consideration is focusing on the Target audiences. The products that are prepared by the retail corporation must be uniquely tailored. This is because; it sometimes happens with the people that they are not able to find the exact products that they are looking for. Therefore, the company must tailor the products, so that it can make sure, the customers find what they want in their retail and online stores. Running Head: Strategic Management Plan 3 Another important thing that must be done for the implementation of the marketing strategies of Target is the promotion of quality products. This can be done by continuously advertising the products and new stores so that customers are constantly aware about the new products and goods that are available in their nearby stores. It must be remembered, that the retail organizations must target for the minds of the common people so that, the attention is drifted towards the business organization. Thus, it is one of the major actions that Target can take up for the expansion of business. Customer appreciation is another major factor that can be done by Target for making the customers to visit the retail stores. If there are customers who visit the retail stores frequently, the store managers and employees must make sure that they become fans. Customer appreciation can also be done by implementing a card that will enable them to achieve discounts. The next factor that can be undertaken by Target is providing package deals to the customers. This encourages the customers to make frequent visits to the retail stores and online stores also. Package deals, offers, providing more than one product for the same amount and offering free services enhances the sales of retail business organizations for a huge extent. Therefore, it will be very beneficial for Target to generate profit if it can offer such deals to the customers and offer combined buy instead of one single product on the same amount. The next thing that Target can implement is creating awareness regarding the charitable activities. This includes taking part in the community service activities and sponsoring any activities for the benefit of the local people and welfare of the society. This helps to gain the good will of the customers and also enhances the visits and purchase of the customers. Running Head: Strategic Management Plan 4 References Lee Morgan. (2012). Strategies for increasing retail business Retrieved from: http://smallbusiness.chron.com/strategies-increasing-retail-business17043.html Mark Hayes. (2012). How to sell Retrieved from: http://www.shopify.com/blog/6657676-stop-obsessing-over-revenue-3proven-strategies-for-increasing-profitability Running Head: Strategic Management Plan 1 Strategy Selection - Target Laura Somers Rasmussen College Author Note This paper is being submitted on February 15, 2015 Antar Salim, B460/MAN4720 Section 03 Strategic Management Running Head: Strategic Management Plan 2 Strategy Selection - Target Our mission is to make Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional guest experiences by consistently fulfilling our Expect More. Pay Less, brand promise. At Target, they are committed to providing long-term value for their guests, and their store growth strategy is an important piece of that equation. They remodeled a record number of stores to include the latest merchandising strategies in Home, Beauty and Shoes, plus an extended Grocery assortment. This layout, now the most common across the chain, gives guests one more reason to visit Target for everything on their shopping lists. Their guests continue to look for great value in categories across the entire store, from everyday basics to small splurges for themselves and their families. A wide range of national brands, owned brands, and exclusives that can only be found at Target, offer exceptional quality at affordable prices. By tailoring their product offerings, they ensure their guests they can find exactly what they want and need in their local Target store, whether that's Goya black beans in Miami, or an extended assortment of winter coats in Minnesota (www.target.com). A few strategic objectives are to advertise more for shopping on-line, promote quality products, increase awareness of Target's philanthropic activities, and build more Supercenters for the increased demand for one stop shopping. A few alternatives are too open more super centers, expand more into Mexico and Canada markets, Increase awareness of on-line shopping convenience and benefits, and sell underperforming divisions Running Head: Strategic Management Plan 3 Reference https://corporate.target.com/ Running Head: Strategic Management Plan 1 SWOT - Target Laura Somers Rasmussen College Author Note This paper is being submitted on January 30, 2015 Antar Salim, B460/MAN4720 Section 03 Strategic Management Running Head: Strategic Management Plan 2 SWOT - Target Target is a large ever growing corporation that provides our customers with goods from clothing to food. The corporation was started in 1962, and has spread across the United States and into Canada with more than 1900 stores. I am submitting this paper to help identify some strengths and weaknesses within the company, possible threats to the company financially, and complete a training needs assessment. By doing this, it should bring some new information to the CEO and give him some possible solutions to internal issues and ways to improve their already thriving company. The first Target store was opened in Roseville, Minnesota. The focus of the store was to offer convenient shopping at a competitive price. Currently we now have 1,797 stores across the United States, and 127 stores across Canada; along with these stores there are also 37 distribution centers. On an average, we employee 361,000 team members worldwide, and this will increase during the fourth quarter. Over the last year, we have had stock as high as $73.50 per share and a low of $54.66 per share; this is an average price of $63.38 per share. We have continually donated to disaster relief efforts throughout the last year as well. SWOT Strengths - Stores typically stay clean and well organized - Revenue performance is good which is backing by a strong financial position - Only national retailer employing a Garment Hanger reuse program - Sell many products that are sold exclusively by Target - Sponsorship of major events and sporting events has enhanced its brank visibility Running Head: Strategic Management Plan 3 Weaknesses - Not as many stores nationally as their competitors - Prices are not always competitive with other comparable companies - Past legal cases have affected the brand image Opportunities - Offer a loyalty rewards program not linked to a credit card - Tapping the international market specially emerging economies - Continue to offer employee benefits; search for new incentives to offer employees - More visibility through advertising and customer focused services Threats - Other large chain companies are fast growing with more locations and lower prices - Increase of raw material prices - Increased minimum wage Running Head: Strategic Management Plan 4 References: Target corp. (n.d.). Retrieved from http://www.marketwatch.com/investing/stock/tgt/analystestimates 2012 Annual Report. (n.d.). Retrieved from https://corporate.target.com/annual-reports/2012/10-K/10-K-part-I Noe, R. (2013). Employee Training & Development. (6th Ed.) New York, NY: McGraw Hill. http://www.mbaskool.com/brandguide/lifestyle-and-retail/4911-target-corporation.html