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 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 components when it comes to functional successful business, too much or too little of any one component will cause a downfall in
progression. No matter the business to goal is to profit with little cost of attaining the profit. Technology has the most dramatic effect on business. A newer faster operating system can improve the efficiency to the company. New technology almost always offers way to make things run smoother with less chance or error and stay ahead of the competition. Not being caught up the newest technology can lead the competitor to have the upper hand. Employees will feel more confident and less likely to question the progress of the company if technology is something that isn’t lacking. The first step of the four function of management is planning. Planning cannot be done if there is not technology, much less up to date technology. Planning is a never ending step in the process, it is necessary for a company to sustain. Organizing the next step. Management must organize the structure of the business and evenly distribute the resources. Technology helps setting up and distributing the right information to the right departments. Directing, step number three requires never ending communication. This allows managers to allocate tasks to fix areas of weakness to improve and strengthen a company. Controlling is the last of the four functions. Technology helps companies establish standards, and help show ones job performance. Having this as a tool helps with areas of improvement for lower level members of a company as well as on up to the big dogs. Controlling is one of the steps that is will always continue to repeat.
Innovation – Tony
A specific business that operates on various amounts of resources in order to be effective and is able to achieve their ideal goals. The four functions of management are affected by the internal and external factors that cause a successful production and achieve the company’s goal. The functions of management are; planning, organizing, leading and controlling. Diversity is an internal factor the greatly persuades the four functions of management. Education, experience, gender, age, race, and ethnicity are represented by diversity. Employers must abide by certain laws and regulations in order to implement diverse employees to avoid unfairness and include individual talent and experience to an organization to acquire a set of purpose and
goals (Allen J., n d).
The planning is the first function of management and can make use of employment of a diverse faction of employees. This function is used to categorize resources and make resolution on how employees in a business will successfully complete a specific goal. The next function is organizing and this is utilized by placing employees into units, team, or groups in order to create cohesion and procedures to accomplish their goals. The third function of management is leadership. Senior level managerial personnel are responsible for companies that are dedicated to effectively support managing diversity. This person is usually responsible for a large group or team and will maintain the budget also. The fourth and final function of management is controlling and it engages the routine standard on the company’s goal. The assessment and reporting on the results will be compared to agree upon any changes or precautionary action needed (Rane, S., 2007).
The ethical plan for Target’s unsuccessful divisions such as Mervyns’ or Marshall Fields is to eliminate these stores. The results will diminish the cost and increase revenue by adding extra resources. The breakdown to enter the global markets is to compete on all levels. The next function is to create an efficient organizational ethnicity. The company make every effort to achieve the picture of a generally company that gives back to their shareholders. The third function of management in Target stores is leading. Ethical leadership is the bulk of the company’s strengths. The final function of management is controlling. A good controlling approach is for Target to spotlight on the weaknesses (Mama, H., 2007). Conclusion
In conclusion, the implementation of functions of management will make Target an effective and the leading retailer. This will include surpassing Wal-Mart and continue to bring in diverse consumers throughout the United States and including worldwide. With strong controlling leadership, Target will continue to organize and thrive on new strategic planning phase for the upcoming economy.
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. Retrieved from: http://voices.yahoo.com/targets-internal-factors-corporate-business-strategy-558935.html 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. Retrieved from: http://voices.yahoo.com/the-four-functions-management-foundation-all-538016.html?cat=3 Wijesinghe, A. (2013). Main Function of Management. Retrieved from http://ezinearticles.com/?Main-Functions-of-Management&id=4379082 (2013) Target Fact Sheet. Retrieved from: http://pressroom.target.com/corporate
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