Write a 2- to 3-page memo to the CEO of the company you’ve been assessing throughout the course – Target Corporation, outlining your plan to create economic, social, and environmental value. In your m

Write a 2- to 3-page memo to the CEO of the company you’ve been assessing throughout the course – Target Corporation, outlining your plan to create economic, social, and environmental value. In your m
MGT/576 v1 Porter’s Five Forces Name MGT 576 University Date Professor Porter’s Five Forces Complete the table below. For the company you’ve decided to assess in week 1, determine the strength of each of Porter’s Five Forces and of the complementors.    Justify your determination with examples.  Industry force  Strength Provide a justifying your determination with examples High  Medium  Low  Example x This is why I believe it is medium. Threat of new entrants  New entrant threats to Target are low due Target’s economies of scale (O’Connell, 2018). Target’s sales, and bottom line, is their greatest economic strength due to their low cost, volume of products, and customer base. Target’s customers’ preferences for the brand, and their products, are well established. Target has also strategically established stores in communities and locations where it would be difficult for competitors to come in and establish a stronghold. The last major hurdle for new entrants would be legal and governmental regulations that stand in the way such as licensing requirements. Power of buyers  Buyers have the most power and influence due to the availability of competitors in the U.S Market. Walmart and Amazon both compete for Target’s customer base and help drive the pricing wars between the three retailers. Customers can switch seamlessly between retailers based on pricing of items they deem necessary. The added influence of apps and online shopping has further driven the bargaining power of buyers in the retail market (Bronnenberg & Ellickson, 2015). Power of suppliers  Suppliers are very dependent on large retail stores such as Target for much of their business and growth. Contracts and agreements are very lucrative. Target uses several different suppliers which makes them independent of suppliers’ attempts to press an advantage. Target holds the power to go out and negotiate and re-negotiate costs, delivery schedules, and merchandising on a continual basis. The retail giant prides themselves on their standards of merchandise and expect the same values and quality from each company they partner with to bring items into their stores (A Bullseye View, 2023). Power of substitutes  Target is in the business of meeting customers’ needs, and if they fail to do so customers will find other means of meeting such needs through other retailers or online merchandisers. Target competes with Costco, Home Depot, Walmart, and Amazon for sales and customers. Target has done well with competitively priced items, following trends that other retailers such as Walmart haven’t been willing to keep up with, and continuing their emphasis on customers’ experience while in store. By continually understanding the needs of their customers, Target can reduce the risk of customers moving on to their competitors for better pricing or merchandise. Rivalry among competitors  Rivalry in the retail sector will always be high. Each big box store is competing for a limited pool of customers. By remaining customer driven, keeping prices low, continuing their commitment to sustainable practices, serving the communities they’re in, and dedication to social responsibility through corporate culture and open support of allies with important causes. Complementors  Target’s partnerships with Ulta Cosmetics, Starbucks, and seasonal fashion designers makes this an important force for them. Target has strategically brought these companies and their products and services into their stores to benefit their customers and increase profitability for all involved. It allows for a “one stop shop” and a stronghold on the experience and accessibility for customers. These partnerships have set Target apart from Amazon and Walmart, who have not implemented the same strategies and convenience (Wikipedia, 2023, Complementary products and services). References: O’Connell, B. (2018, November 6). Economies of Scale: Definitions, Types and Examples. The Street. https://www.thestreet.com/personal-finance/economies-of-scale-14769645 Bronnenberg, B. J., & Ellickson, P. B. (2015). Adolescence and the path to maturity in global retail. Journal of Economic Perspectives, 29(4), 113-134. A Bullseye View (2023). Suppliers. Target Brands, Inc. https://corporate.target.com/about/products-services/suppliers Wikipedia (2023). Porters five forces analysis. Wikipedia. https://en.wikipedia.org/wiki/Porter%27s_five_forces_analysis Copyright 2020 by University of Phoenix. All rights reserved.
Write a 2- to 3-page memo to the CEO of the company you’ve been assessing throughout the course – Target Corporation, outlining your plan to create economic, social, and environmental value. In your m
MGT/576 v1 Learning Organizations and Value Creation Name MGT 576 University Date Professor Learning Organizations and Value Creation Review the 6 key elements of a learning organization (Ch. 11 of Strategic Management, by Dess). Complete the table below. Evaluate the extent to which the company you’ve selected to assess in this course epitomizes each of the 6 elements.    Justify your determination with examples.  Learning Organization Element Extent to which the company epitomizes this element  Provide a sentence justifying your determination High  Medium  Low  Example x [This] is why I believe it is medium. Inspiring and motivating people with a mission or purpose  Target is committed to sustainability, diversity, and inclusion, as well as service and commitment to the communities they operate within. Target is dedicated to exceptional customer service through specialized training and development programs for their teams. Through the “Circle” program, Target gives exposure to nonprofits through votes from their customers and then publishes the total donation given based on customer feedback quarterly. Developing leaders  Target has a strong emphasis on education and development of their team members for career advancement internally, as well as future careers to which employees may move. Target provides courses for certifications, leadership development programs, and even help with attaining degrees for their employees and managers. It is a core belief to the corporation for Target employees to work where they can grow their career and care about those they serve (A Bullseye View, 2023). Empowering employees  Target has a strong foundation of corporate culture which includes respect, community service, and growth. Diverse voices, authenticity, and doing right by their team and guests through actions and building relationships across the organization cultivate trust and mutual respect (A Bullseye View, 2023). Accumulating and sharing internal knowledge  Teamwork and collaboration are at the center of the culture and organizational structure within Target Brands. Target has created and implemented an internal communication system called “Redtalk” that allows team members to receive notifications and announcements about upcoming employee events and organizational challenges, and features group chats to allow employees to share information internally. Target has also set up an employee Wiki page to share information, procedures, and upcoming partnerships through collaborative methods (Dishman, 2012). Gathering and integrating external information  Handling external data has historically been an issue for Target. They had an extensive data breach of sensitive customer information. Data security is important because Target is very effective at using data mining and purchase history to predictively determine customer needs by determining intimate details such as when women are expecting a new baby, allowing them to offer targeted offers and coupons (Hill, 2012). Challenging the status quo and enabling creativity  Target is at the forefront of creativity due to their commitment to the customer’s in-store experience. Target uses many factors to determine how they lay out their stores, including buying patterns of consumers, regular customer satisfaction surveys, and customer traffic analysis. Target has implemented contactless payment such as Apple Pay, Google Pay, and has partnered with Sezzle to offer “Pay in 4” options for customers that are interest free. During the COVID-19 Pandemic, Target swiftly implemented both curbside pickup and in-store pickup options for customers who were uncomfortable with shopping in-store. Embracing these new options played a large part in Target experiencing a 195% increase in digital sales in 2020 alone. (Chopra,2022). Recommend at least 1 step the organization’s leaders could take to enhance 1 of the elements and explain how that could help the organization create more value. Target could capitalize further on their sustainability efforts, and culture within the organization. Target prides themselves on being a business that has a positive impact on their communities and the environment. Adding solar panels to their parking lots or buildings would be a customer-visible way to help with the energy needed to run their stores and offset their draw the electrical grids, especially in areas that often have rolling blackouts in certain seasons due to increased energy usage. Energy efficiency is important to customers and employees, and would set them ahead of their competitors. References: A Bullseye View (2023). Internships & Entry-Level Programs. Target Brands, Inc. https://corporate.target.com/careers/internships-and-entry-level-programs A Bullseye View (2023). Culture. Target Brands, Inc. https://corporate.target.com/careers/culture Chopra, K. (2022, February 3). What Target is doing tight in the pandemic era e-commerce race. Forbes. https://www.forbes.com/sites/forbestechcouncil/2022/02/03/what-target-is-doing-right-in-the-pandemic-era-e-commerce-race/?sh=d5515d813e9e Dishman, L. (2012, October 10). How Target’s CEO inspires teamwork at a massive scale. Fast Company. https://www.fastcompany.com/3001988/how-targets-ceo-inspires-teamwork-massive-scale Hill, K. (2012, February 16). How Target figured out a teen girl was pregnant before her father did. Forbes. https://www.forbes.com/sites/kashmirhill/%202012/02/16/how-target-figured-out-a-teen-girl-was-pregnant-before-her-father-did/ Copyright 2020 by University of Phoenix. All rights reserved.