Free Custom «Target Company’s Objectives and Policies» Essay Sample
Objectives: What are the corporate, business and functional objectives? Are they consistent with each other, with the mission and with the internal and external environments?
Target Company is out to undertake its business operations to ensure sustainability and responsibility in the business environment. The mission statement of the company is to tap on today’s potential for tomorrow’s survival. The company’s major focus is on running the business effectively to be a “preferred shopping destination in all channels” (Target Brands Company, 2014). To achieve this objective, the company aims to increase its sales in the U.S stores and also to improve on returns from international operations, while reducing the expenses. Being one of the major growing companies that aim to expand its operations internationally. In the past few years, the revenues of the company have been on the increase. This clearly indicates that company has greater potential in undertaking business in global market. Target has to fully concentrate on its expansion in the international retailing market. The company plans to come up with subsidiary retail market in different geographical locations across the world.
The management of the company has also proposed an objective directed towards improving the welfare of the employees of the company and advancing their careers on a full time basis (Wheelen, & Hunger, 1998). The company plans to move a substantial number of part time employees up the career ladder to full time employees. Improved skills of the employees will reflect higher asset turnover in the business operations.
Another objective relates to Target’s growth of sales. The company has the objective of increasing its sales at a rate more than that of the operating expenses. It also aims to expand its income much faster than the rate of the net sales of the company. Target’s objective also involves financial position of the company.
Company’s objectives are consistent with each other and the mission statement, whereas operating on a larger scale and operating effectively are instrumental principles in reducing prices and bringing exceptional customer experiences. Company’s well-known slogan “Expect More, Pay Less” is reinforced in its objectives. Internal environment such as employees and finances as well as external environment – socio-economic, ethical and technological factors allow Target Company to pursue its strategy.
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Policies: What are the corporation’s policies? Are they consistent with each other, with the mission, objectives, and strategies and with the internal and external environments?
Target Company has come up with sound key policies meant to adjust with the ever changing competition in the market. The company plans to come with various price matching strategies to curb competition through viable pricing mechanisms and also extending discounts and other accompanying products to what is purchased by a customer. The company extends a 5% discount to any customer who purchases goods worth a certain value. The company has come up with coupon policies. Fair pricing mechanism retains the existing potential customers and attract prospective buyers.
Policies on customer service existent in the company help to address issues of employee attitude towards the customers. In accordance with the corporate regulation employees should promote the company in the best way possible. They should treat customers with respect and be cautious while dealing with corporate property. The employees are expected to be courteous while undertaking any business operation. Customer relationships can also be enhanced by the little things such as talking politely to customers on the phone, making up on the complaints that have been launched and cordial welcoming customers to the stores.
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Target Company has enforced strict policies on ethics within the organization. Ethics and laws in the company are upheld by the Global Anti-corruption Policy in the business environment (Glueck, 1980). The ethical polices in the company will help uphold honesty, integrity, respect and fairness in all business undertakings.
Target Company has implemented policies that aim at satisfying fully the needs, wants and demands of the consumers. Going by Nordstrom policy that “the customer is always right” Target should ensure that any complaint launched by a customer is adhered to. Any organization’s success is pegged on whether it fully satisfies the preferences of the customers.
The company has implemented polices within the human resource management. These policies have provided clear guidelines regarding issues like hiring of new workers, termination of their employment, the benefit scheme within the organization and performance appraisal in the company. Clear policies on the hiring process ensure that the right team is recruited to fill up new positions. Policies on termination clearly stipulate instances upon which an employee will be laid off work. Similarly, performance appraisals and even benefits that employees will be entitled to are well regulated.
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Accounting policies are also very beneficial to the company. Such policies will ensure proper spending of the organizational resources proper documentation of cash inflows and outflows in the company (Nieuwenhuizen, & Erasmus, 2007).
Company’s policies are consistent with each other since all of them are aimed at reducing prices, improving customer experience and increasing efficiency through regulation of important business processes such as human resource management and accounting. Same principles are reflected in the company’s mission statement. Company’s policies are consistent with the internal and external environments because the marketing department, HR managers, accountants and employees have the necessary means and resources to pursue company’s strategy on the existing markets and on the international ones.
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