Table of ContentsIntroductionBackgroundMarket AnalysisIndustry and CompetitionStrengths and WeaknessesOpportunities and ThreatsCompany Policies and ProceduresPublic PolicyLabour and Human Rights PolicyCode EthicsOrganization StructureFinancial StrategyConclusionIntroductionTarget Corporation is a chain of retail stores in the United States. They offer a variety of items, such as household essentials, food, pet supplies, office supplies, clothing, accessories and home furnishings. This section will provide general information about Target Corporation, as well as its goals, which highlight its mission statement and values. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essayBackgroundTarget Corporation was founded in 1902 by George Draper Dayton. Originally from New York, Dayton decided to explore the Midwest markets. After a few years, he purchased land in Minneapolis and established the Dayton Dry Goods Company – known today as the Target Corporation. His store became known for its reliable products and fair business practices. Dayton ran the store until his death in 1938, when his son and grandsons took over and continued to grow the business into a national retailer. In 1961, The Dayton Company revealed plans to create a new chain of discount stores. Stewart K. Widdess, the company's advertising director, is responsible for naming and defining the new channel. They eventually came up with the name Target, the reasoning being: "As the goal of a sniper is to hit the central target, the new store would do much the same in terms of selling products retail, service, community commitment, price, value. and the overall experience. In 1962, the first Target store opened in Roseville, Minnesota. Today, Target Corporation is ranked as the 8th largest retailer in the United States and 11th largest worldwide. They are also ranked as the 10th largest private employer in the United States, 89th in the 2017 World's Most Valuable Brands list, and 53rd in the Forbes Just 100 list. Not only are they profitable, but Americans believe the company pays its workers fairly, treats its customers well, produces quality, and gives back to the community. As of June 2016, Target's store mission statement, which Target calls its "purpose," is: "We meet the needs and fuel the potential of our customers." That means making Target your preferred shopping destination across all channels by delivering exceptional value, continuous innovation and exceptional experiences, consistently meeting our expectations more. Pay Less.® brand promise. » Besides the mission statement, Target's leaders and employees also follow six core values, which are also the company's objective goals. They call them “what we believe in.” Market AnalysisIn this section, the industry, competition, strengths, weaknesses, opportunities and threats to Target Corporation will be evaluated. Industry and Competition Target Corporation is a discount retail store that offers a variety of products at a lower price. Companies similar to Target are their competitors, the two largest being Walmart and Costco Wholesale. The discount retail industry in general must compete with online shopping sites such as Amazon. Since they depend onoutside suppliers for their products, they must compete with Amazon, which offers more convenience to suppliers as well as comparative pricing. Strengths and Weaknesses Target Corporation has many strengths, being one of the largest retailers in the United States. In fact, this is one of the strong points; Its strong presence in the United States gives the company enormous purchasing power, allowing it to charge lower prices on items. Another strength is that Target offers different products than other retailers, creating loyal customers. Target is dedicated to style in addition to affordable prices and has teamed up with famous designers and retailers in the past. By presenting themselves as more passionate, they were able to attract a younger audience, something that has been difficult for other similar retailers, like Walmart, to do. Finally, Target Corporation has a loyalty program, REDcard®, which will help attract repeat customers and keep the company safe. Target Corporation also has some weaknesses. Much of Target's merchandise comes from foreign countries. Reliance on these suppliers is risky, as any changes in political conditions and the global economy can affect supplies, and therefore revenues. Additionally, Target has failed to integrate with companies with different work cultures, even though they have no problem merging with smaller companies. Opportunities and Threats Many opportunities exist for Target Corporation. As one of the largest retailers in the United States, Target is looking to continue its expansion by opening as many stores as possible in the largest cities in the United States. They also gained new customers on their online marketplace. Recently, the company has invested a lot of effort and financial resources in the development of its online platform. With e-commerce being a huge growth area in recent years, Target is equipped to take advantage of this market. Threats to Target Corporation include overlap in products offered by Target and its competitors, growth of online shoppers, rising labor costs, and lack of consistent supply of innovative products. Many products offered by Target are also available in its competitors' stores. This puts pressure on the price of items and can force prices to rise. The growing number of people shopping online poses a threat to many brick-and-mortar retailers. Although Target has also branched out into an online website and app, they still face stiff competition, such as Amazon. The rise in labor costs in recent years directly leads to an increase in overall costs and affects the profitability of the company. Finally, Target does not have a regular supply of innovative products, which poses a problem. Over the years, many of their products respond to the products offered by their competitors. The supply of new and innovative items is random, leading to spikes and dips in the number of sales over time. Company Policies and Procedures A company's policies and procedures establish the rules of conduct within an organization. They outline the responsibilities of employees and employers and help protect workers' rights and employers' business interests. Public Policy Target Corporation's public policy is listed under Civic Activity in Corporate Responsibility. They believe that engaging in legislative and public policy activities allows them to become a more retail.