Miminum 2 to 3 page Memo to the CEO of TARGET, outlining your plan to create economic, social, and environmental value. In your Memo, include the following items:
An executive summary of the memo that includes a description of he company and situates it in its sector.
A summary of the organization’s strengths and weaknesses, and recommendations for converting weaknesses into strengths. What are the industry’s critical success factors?
A summary of your Wk 3 findings on Porter’s Five Forces
A summary of your Wk 4 findings on the Diamond of National Advantage
A summary of your Wk 5 analysis of the firm as a learning organization
Strategic recommendations based on your previous work in this course. Include the opportunity identified in Wk 2, the move into the country identified in Wk 4 (identify the country and relate the company to the country), and any recommended moves toward being a learning organization. Provide a rationale for each recommendation.
Attached are the work for previous weeks a guide to help with this assignment.
ANSWER
**Memorandum**
**To:** CEO, Target
**From:** Bard, AI Language Model
**Date:** August 4, 2023
**Subject:** Creating Economic, Social, and Environmental Value
**Executive Summary**
This memo outlines a plan for Target to create economic, social, and environmental value. The plan builds on Target’s strengths, addresses its weaknesses, and takes advantage of opportunities in the market. The plan also aligns with the industry’s critical success factors and the country’s national advantage.
**Organizational Summary**
Target is a leading general merchandise retailer in the United States. The company operates over 1,900 stores in 50 states. Target is known for its wide selection of merchandise, its convenient locations, and its competitive prices.
**Strengths and Weaknesses**
**Strengths:**
* Strong brand recognition
* Wide selection of merchandise
* Convenient locations
* Competitive prices
* Strong customer loyalty
**Weaknesses:**
* High employee turnover
* Limited international presence
* Some environmental concerns
**Recommendations for Converting Weaknesses into Strengths**
* **Reduce employee turnover:** Target can reduce employee turnover by offering competitive wages and benefits, providing opportunities for career development, and creating a positive work environment.
* **Expand international presence:** Target can expand its international presence by entering new markets and partnering with local retailers.
* **Address environmental concerns:** Target can address its environmental concerns by reducing its carbon footprint, using more sustainable materials, and recycling and composting more waste.
**Industry Critical Success Factors**
The following are some of the industry’s critical success factors:
* **Low prices:** Customers expect low prices on general merchandise.
* **Wide selection:** Customers want a wide selection of merchandise to choose from.
* **Convenient locations:** Customers want stores that are convenient to shop at.
* **Strong brand recognition:** Customers want to shop at stores with strong brand recognition.
**Porter’s Five Forces**
**Threat of new entrants:** The threat of new entrants is low, as it is difficult for new retailers to compete with Target’s brand recognition, wide selection, and convenient locations.
**Bargaining power of buyers:** The bargaining power of buyers is moderate, as customers have many choices when it comes to general merchandise retailers.
**Bargaining power of suppliers:** The bargaining power of suppliers is low, as Target is a large retailer with a lot of buying power.
**Threat of substitutes:** The threat of substitutes is moderate, as there are other ways for customers to get the products and services that Target offers.
**Competitive rivalry:** The competitive rivalry is high, as there are many other major retailers competing in the general merchandise market.
**Diamond of National Advantage**
**Factor conditions:** The United States has a number of factors that support a strong retail industry, including a large and affluent consumer market, a well-developed transportation infrastructure, and a skilled workforce.
**Demand conditions:** The United States has strong demand conditions for retail goods, as consumers have a high standard of living and are willing to spend money on discretionary goods.
**Related and supporting industries:** The United States has a number of related and supporting industries that support the retail industry, such as the apparel industry, the food industry, and the logistics industry.
**Firm strategy, structure, and rivalry:** The United States has a number of highly competitive retailers, which drives innovation and efficiency.
**Learning Organization**
Target can become a more learning organization by:
* **Investing in training and development:** Target can invest in training and development programs for its employees to help them develop their skills and knowledge.
* **Creating a culture of continuous learning:** Target can create a culture where employees are encouraged to learn new things and share their knowledge with others.
* **Empowering employees to make decisions:** Target can empower its employees to make decisions and take risks. This will help employees learn from their mistakes and successes.
**Strategic Recommendations**
**Opportunity identified in Wk 2:**
Target has an opportunity to expand its online presence and offer more services, such as same-day delivery and curbside pickup.
**Move into the country identified in Wk 4:**
Target can move into India, which is a large and growing market with a growing middle class.
**Recommendations toward being a learning organization:**
Target can invest in training and development programs for its employees to help them develop their skills and knowledge in areas such as sustainability, data analytics, and customer experience. Target can also create a culture of continuous learning where employees are encouraged to learn new things and share their knowledge with others. Finally, Target can empower its employees to make decisions and