Target’s Internal and External Factors
Internal and External Factors Paper
MGT/230
Target’s Internal and External Factors
Target is an American retailing company founded in 1902. It is the second largest discount retailer in the United States (target.com, 2013). Targets mission is to make their store the preferred sopping destination for their guests by delivering outstanding value, continuous innovation and exceptional guest experience by consistently fulfilling their “Expect more pay less” brand promise. In order for Target to compete with the number one largest competitor Wal-Mart the four functions of management must be implemented in their strategic business plan. In this paper our team will explain how internal and external factors affect the four functions of management. Included are specific examples of globalization, technology, innovation, diversity, and ethics. Globalization Globalization is a leading concept and has become an internal and external factor in in business life during the past decade (Kati, 2011). It leads to increased competition and can be related to product and service costs that benefit both customer and business. Although Target stores have not expanded outside of the United States they do import products from all over the world. Since Target’s mission is to offer their customers high quality at low prices they must do extensive planning and organizing in order to meet the customers’ expectations. As part of planning Target decides what products they want to import and uses Target Sourcing Services, it is a global sourcing organization locates merchandise from around the world for Target and helps import the merchandise to the United States. They have quality control offices all over the world. Target Sourcing Services employs 1,200 people. Its engineers are responsible for evaluating the factories that do business with Target Corporation for quality, as well as labor rights and transshipment issues (Global Logistics, 2013).
Technology
There are many
MGT/230
Target’s Internal and External Factors
Target is an American retailing company founded in 1902. It is the second largest discount retailer in the United States (target.com, 2013). Targets mission is to make their store the preferred sopping destination for their guests by delivering outstanding value, continuous innovation and exceptional guest experience by consistently fulfilling their “Expect more pay less” brand promise. In order for Target to compete with the number one largest competitor Wal-Mart the four functions of management must be implemented in their strategic business plan. In this paper our team will explain how internal and external factors affect the four functions of management. Included are specific examples of globalization, technology, innovation, diversity, and ethics. Globalization Globalization is a leading concept and has become an internal and external factor in in business life during the past decade (Kati, 2011). It leads to increased competition and can be related to product and service costs that benefit both customer and business. Although Target stores have not expanded outside of the United States they do import products from all over the world. Since Target’s mission is to offer their customers high quality at low prices they must do extensive planning and organizing in order to meet the customers’ expectations. As part of planning Target decides what products they want to import and uses Target Sourcing Services, it is a global sourcing organization locates merchandise from around the world for Target and helps import the merchandise to the United States. They have quality control offices all over the world. Target Sourcing Services employs 1,200 people. Its engineers are responsible for evaluating the factories that do business with Target Corporation for quality, as well as labor rights and transshipment issues (Global Logistics, 2013).
Technology
There are many
References: Allen. J, (2013) People, Performance and Pay. Retrieved from: http://www.ceoforum.com.au/article-detail.cfm?cid=6100&t=/Jane-Allen--Egon-Zehnder- Hip, M. (September 24, 2007) Target 's Internal Factors: Corporate Business Strategy Positioned for Success Kati ( October 6, 2007) How Globalization Affects Business. Retrieved from: http://bookboon.com/blog/2011/10/how-globalization-affects-business/ Sinjay, R. (September 12, 2007) The Four Functions of Management: Foundation for All Management Concepts Wijesinghe, A. (2013). Main Function of Management. Retrieved from http://ezinearticles.com/?Main-Functions-of-Management&id=4379082 (2013) Target Fact Sheet