Strategy monitoring
39368Provide a short responses per student and at least 1 credible resource per response to support discussion.
Student 1
Informed by relevant lecture materials, define the concept of “Balanced Scorecard” and explain why it is an important topic both in devising and in evaluating strategies.
The Balanced Scorecard is a strategic management methodology used to define and monitor an organization’s strategy. This methodology allows strategic objectives to be structured in a dynamic and comprehensive way to test them according to a series of indicators that evaluate the performance of all initiatives and projects necessary to achieve their satisfactory fulfillment.
Student 2
Based on your analysis, do you feel that the company is pursuing effective strategies? What recommendations would you offer to the organization’s chief executive officer?
Target’s corporate strategy – “to help all families discover the joy of everyday life” (Target Brands, Inc., 2023). This strategy is accomplished within a team-based culture that values and cares for its team members and guests. The strategy emphasizes growth and strong business results for its shareholders and the communities where the stores are located. The foundation of the corporation is composed of six elements which serve as the basis for their strategy:
* Increasing product differentiation by expanding owned-brand products
* Improving shopping experience for their guests
* Utilizing stores as additional distribution centers
* Increasing payment options for guests with programs like RedCard
* Offering affordable products and services
* Providing sustainable gain to the planet and its inhabitants by using Target’s size and reach to impact positive quality and growth.
(Target Brands, Inc., 2023).
Target’s performance summary for fiscal year 2022:
* Total revenue has increased $3 billion, reaching a total of $109 billion for the target year.
* Comparable sales and foot traffic grew 2.2 and 2.1 respectively.
* Same-day services increased by 4.3 percent in the last quarter of fiscal 2022.
* Inventory was down by 3% in the same 4th quarter.
(Target Brands, Inc., 2023).
Overall, Target’s corporate strategy has been very effective in emphasizing the unique shopping experience it promises its guests, discovering the joys of life every day. The layout of the stores makes it easy for guests to find what they are looking for and still have fun doing it. Another important way the company has added to the customer shopping experience is by continually differentiating products, particularly with owned brands, while at the same time, maintaining affordability. Nevertheless, the company was able to do all this while maintaining its profitability through the pandemic. As a result, Target is continuing to plan long-term growth as well as sustainability initiatives. These growth plans include adding 20 new stores, and six more distribution centers, as well as improving loyalty programs and same-day services (Hanbury, 2019).
Based on the above evaluation, I believe that the Target Corporation has been very effective in devising and executing its strategies. However, I would suggest to the CEO of Target to look again into international markets; there is much potential for a store like Target in Mexico and Canada. I believe that with adequate marketing research, Target would do well in those markets.
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