Target Corporation is an international retailer. It offers many goods, such as food and gadgets to customers. With nearly 350,000 employees, Target is eighth largest retail chain (Gerwing 2016). Target’s goal is to be the preferred shopping destination for clients by offering exceptional value and superior service. They also promise to deliver more at a lower price. This will only be possible if Target is committed to providing superior value and diversity as well as community and protecting the environment.
Morality and integral principles are essential.
Target is committed to creating an ethical work environment through its code of ethics as well as its core values principles. Its values include encouraging community participation, welcoming diversity and celebrating inclusion, offering an extraordinary shopping experience, upholding ethical business practice, and celebrating inclusivity and diversity. Target encourages employees to respect others regardless of race or ethnicity. Target developed a complete sustainability strategy in order to encourage social and environmental responsibility. Lyon et. al. (2018). Through its numerous ESG (environment.social.and governance) practices and initiatives, Target’s social responsibility strategy emphasizes its commitment to creating an equitable and sustainable future for its customers.
This is an indication of the company’s substantial financial resources. Since 2016, the company has seen its revenue increase by over $70 billion. Team’s insignia and trademark represent its strong brand equity. Because of its great equity, the company’s high turnover rates are a testament to their brand. Because of its strong brand, Target has managed to capture more than 5% market share. Target’s price approach is the problem. This makes it difficult to draw in consumers who are sensitive about their budgets (Lyon and al. 2018, 2018). Target’s merchandise is more costly than the items of its competition, so some shoppers who are focused on quality will shop elsewhere. Its most expensive item is 15 percent higher than Walmart.
To attract large numbers of customers online, the business employs an ecommerce strategy. In response to online customers’ needs, the company has developed many mobile apps. In order to expand its market share, the company has also diversified its operations globally. Covid-19’s economic instability and fierce competition from online stores like Amazon, Walmart, Costco can pose serious risks to the company. In order to ensure the viability of the business, high market competition can lead to a decrease in its sales volume and market share (Kaeb 2018).
Evaluating the Environmental Impact of Strategic Plans
The corporation should use ecommerce to continue its use of drop-shipping, RFID technologies and to increase logistical operations. This will guarantee timely delivery to customers online. With aggressive marketing, the corporation may also use its financial resources for brand development. A market-based pricing strategy is necessary to handle high prices, and attract price-conscious clients (Lamb et. al., 2020).