Environmental Analysis of Target Corporation Essay

show Corporation is one of the largest merchants in the world. come in is recorded to be the sixth largest retailer indoors the United States. Founded by, George Dayton in 1902 Minneapolis, Minnesota. Target stores have a variety of products which includes everything from clothing to automotive and electronics. It is a potty that is on- back of their game and persists to grow day-out. It is a brand that is head known and continues to raise the bar each year effectively. This paper volition detect the importance of internal and extraneous indoors the corporation overall.SWOTThe SWOT analysis is a historically popular technique through which managers create a quick overview of a participations strategic situation (Pearce and Robinson, 2011, p. 140). The SWOT analysis supplies Target with a strategic planning method in set out to gauge all the strengths and weaknesses of the company as well as what opportunities are available to the company, and any threats that may arise whe n operating the company. SWOT allows Target to detect key issues within the environment. This method is essential for Target, because it offers succeed stepladders in the course of development for achievement of certain objectives.Steps of ActionsConsidering that Target is one of the largest retailer organization, thither are steps that mustinessiness be taken in order to continue their effective method of operating the organization. First Target will need to assess their market by analyzing their internal and external state of the business and how it affects the organization in general. Target will need to review and understand who are their customers, what strengths and weaknesses each competitor may have, and the issues, which are occurring within the world that may affect the business overall. The company will also have to analysis potential market ventures as well as the campaign forces of all sales trends.Assessing the company and competitionAssessing Target and their comp etition is vital when it comes to operating the company in general. Target will need to identify what resources the company has available to access, what they are best at and what capabilities the company has (function). Competition plays a immense part in competing with organization that provides similar services and products. Therefore, the company must identify with their competition by researching what makes them different from their competitor, what is the companys over-all market conditions of Target, the needs that are needed for the company services and products and what opportunities are available within the customer-market-technology world. Target must also review problems customers may have with their services and product.Strengths of TargetTarget has continued to rise above and move forward with existence one of the largest retailers to date. Target strengths consist of Being the second largest retailer right behind Wal-Mart. Continues to subjoin sales after each year of operating. Has a huge number of retail networks, and more than 1400 stores. Durable deliver and demand channels. Target is environment friendly, meaning they do not offer firearms or tobacco. Target is the top seller of Gift Cards within the United States. Has donated a superior amount of profits. Target stores provides variation of products such as clothing, sports apparel, electronics, kitchen, and bed room materials, beauty, and wellness products, and hardware and automotive supplies.Weaknesses of TargetAlthough Target continues to stand ground, they are still face with possibility of being at risk, and carries weaknesses that must be address. The weakness of Target consists of Target merchandises can become quite expensive matched to competitors such as Wal-Mart. Incomplete visibility within International Market. Awareness is low as compared to their competitors. presently lacks cut into Unions.Opportunities of TargetThe legitimate opportunities that Target is face with are Target will need to focus on cost cutting in order to reduce their prices that are applied to the products. Target should take advantage of international markets. Target will need to consider offering awareness program. Invention of labor Union will need to be essential in order to increase employee gratification. Target can also consider increasing their market shares overall.Threats of TargetAlthough Target provides superior quality and ideal customer services, the company is still face with risk and threats. The threats of Target consist of Increasing competition with Wal-Mart. Customer risible or products due to high price products during a recession. Continuous increasing within interest rates, and taxes. Security concern due to terrorism threats increasing. The merge of Sears and Kmart. contest analysisCompetitor analysis is a serious part of the organization therefore Target must identify and address all issues pertaining to the business. Target must pinpoint the tangibl e competitors, and substitutes, evaluate opponents objectives, strategies, strengths and weaknesses, and opportunities and threats, and uncover what opponents Target should take on or stand clear of. Therefore, Target must analyze the companys economic, sociocultural, technological, political, and future. Economic analysis will supply ways toidentify what trends may have an influence on Target action. Sociocultural provides information on current or emerging trends in routine, styles, and other works of culture, demographic trends as well as what trends provide opportunities or threats.Technological analysis will be done in order to identify what type technological developments are affecting the company or what could affect the industry as a whole. presidency analysis will supply information of changes within the by-laws if any, what impacts may occur, if taxes or incentives are being established that could affect any strategy progress, and finally could there be any political risk s they could occur. Finally Target will need to consider the future of the company. Future will provide what future events may arise, what skepticism need to be considered such as trends or events and what type of impact the future will bring to the company overall.In closingTarget will need analyze every key factor of the company in order continue or correct issues within the company to effectively preventive within competition, and continue to grow as a company in the near future. Applying SWOT will take Target a step walking(prenominal) in making progress and moving forward within the company. SWOT will supply Target with a strategic planning method to increase and continue the companys strengths, and address all risk and weaknesses within the company. This method will allow Target to pinpoint key issues within the corporation, and supply ways to correct issue through internal and external analysis. Therefore, Target will need to rely on these types of methods in order to gain growth, and continue to increase their revenues and customers each year effectively.ReferencesPearce, J. A., II, Robinson, R. B. (2011). Strategic management Formulation, implementation, and control (12th ed.). Boston, MA McGraw-Hill/Irwin(2009). Environmental analysis of Target Corporation. Retrieved September 12, 2011 from http//ivythesis.typepad.com/term_paper_topics/2009/09/environmental-analysis-of-target-corporation.html(2011). Target Corporation. Retrieved September 12, 2011 from http//sites.target.com/site/en/company/page.jsp?contentId=WCMP04-030795