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Target Corporations Management and Its Special Features
Target Corporation is currently the eighth-largest retailer company in the U.S. The retail format of the corporation currently includes discount stores under the Target name, SuperTarget hypermarkets, and a number of other small-format stores. A number of external environments affect the operations of Target across the country. Economically, Target is experiencing similar competitiveness with other companies in the industry in terms of pricing their products. Additionally, Target has experienced a large economic loss due to the closure of its operations in Canada during the past decade (Castus, 2021). Politically, Target is often affected by diplomatic relations between the U.S. and China, as many of its products are Chinese exports. As such, Targets operations are not only affected by political ongoings or conflicts but also by taxation, tariffs, costs, and trade restrictions. Target currently has a positive social relationship with many customers and communities, as they offer an extensive outreach. Target is also keeping up with technological standards by providing web services and communication through social media. Legal factors such as environmental, employment, and labor laws constantly affect Target, especially in cases of product recalls and liabilities.
The external environment factors are able to create both advantages and disadvantages for Targets operations. Although Target experiences very prevalent competition that even caused their Canadian branch to close, this can also result in more resources being directed towards U.S. stores. While a decrease in stores may cause short-term economic difficulties, the focus on U.S. stores can cause improvements in both services and products that will instill greater competition within the retail industry. On the other hand, if politically guided relationships continue to grow between Target and other nations, they may expand their market in a more manageable way than in their previous experience. However, any expansion will also lead to more diverse legal factors, which can result in more cases of product liabilities that frequently occur at Target stores. Like many firms in the retail industry, Target should utilize the current abundance of technological advancements to gain a competitive edge. Though they may not be able to offer extensive online shopping like certain industry leaders, Targets accessible locations and lowered pricing can allow them to become more interesting to customers in online spaces.
A manager of such a company as Target should be able to evaluate changes in external environments frequently. First, the analysis of the demographic environment is especially important as it pertains to understanding the stakeholders and customers of the company. Assessing the needs and behaviors of demographics that interact with the company can help in assisting future trends and operations of the firm. Because of the outreach Target has to a number of communities, a manager will be able to formulate a campaign that can connect customers and stakeholders with the improvement of the company. It is also essential to analyze the developments within certain political, technological, and legal environments. In the case of Target, both the political and legal relationship between China and the U.S. is essential for maintaining adequate operations. Additionally, a manager should be up to date with labor, quality control, and environmental policies. The manager should also evaluate emerging technology, resources, and tools that competitive firms are utilizing and whether they are compatible with Targets operations, and if their implementation would increase the efficiency of the company.
Work Cited
Castus. International Expansion: Why Target Missed the Mark in Canada. Castus, 2021. Web.
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