The Brief Description of Target's Stakeholder Relationships and My Experience Shopping in A Target Store
The various awards that Target Corporation has received shows its strong sense of relationship with the stakeholders. Corporate giving has enabled Target to strengthen its relationship with the consumers, employees, suppliers, as well as the local communities in which the company operates. In essence, for the organization to acquire more customers and ensure improved relationships with different stakeholders, it launched a program aimed at bringing both women-owned enterprises and minority businesses into its chain of supply. As such, Target accrues more benefits from the stakeholder programs as compared to costs incurred, which makes it gain sustainable competitive advantage (Serra & Kunc, 2015). When one goes shopping in a Target store, it is evident that company does not have solicitation policy. This makes the shopping environment distraction free hence consumers can easily purchase the products they might require. The shopping trip in Target store is always exciting and enjoyable. The employees are friendly and ready to assist with speedy checkout processes. They also help when the shelves are fully stocked.
How Target’s Stakeholders Might Influence the Manager’s Decisions About Building Competitive Advantage in the Analysis Stage of the Afi Framework
Employees- These stakeholders can give direct feedback to the managers regarding the perceptions and views of customers on the products provided by the company. The employees would then formulate some decisions based on the problems the customers are facing and engage the managers for implementation of such unique decisions (Rothaermel, 2017).
Customers- Usually, the customers expect safe products and services that meet their needs. These products also need to comply with appropriate quality standards and affordability. In Target Corporation, when the consumers consider the commodities to be of low quality, the managers can come up with a long-term strategy to ensure quality improvement and make changes on the decision to accomplish the goals of every step.
Local communities- Target Corporation, just like other companies operates in an area where the stores are within the local communities. These people possess diverse knowledge on the appropriate conditions that would promote competitive advantage of the organization. Therefore, the managers might need to aggregate the thoughts of local communities into collective decisions. The organization is involved in charitable programs that develops its stability (Rothaermel, 2017).
Suppliers- They are always affected by the decisions that managers make and the way the organization operates. As such, Target will need to consider the shared values of suppliers when making its decisions. The suppliers can help the managers develop and implement a strategy to improve performance.
How Target Might Gather Information From Its Stakeholders to Inspire a Better Customer Experience in the Formulation Stage in Order to Differentiate and Lower Costs
The management can ask the customers if they value the products and services provided to them by the company. In essence, there is the need for open and honest communication amongst the management, employees, and customers. The company can organize one-on-one interviews with the customers to extract information from them regarding their shopping experience. Through focus group discussions, the employees will express their views to the management on the gaps in service provision process that may consequently affect the customers adversely. An aspect would be high costs of the products. The concerns of employees will make the company incorporate a strategy to reduce the costs to promote affordability (Bansal & DesJardine, 2014). Additionally, a collaborative workshop strategy will bring all the stakeholders together. In this aspect, the suppliers will inform the organization about the high number of competitors in the market and the significance of differentiating its products. The brand equity and loyalty will improve thereby promoting customer experience.
Bansal, P., & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70-78. Retrieved from https://doi.org/10.1177/1476127013520265
Rothaermel, F. T. (2017). Strategic management concepts (Custom 3rd ed.) New York, NY: McGraw-Hill.
Serra, C. E. M., & Kunc, M. (2015). Benefits realisation management and its influence on project success and on the execution of business strategies. International Journal of Project Management, 33(1), 53-66. Retrieved from https://doi.org/10.1016/j.ijproman.2014.03.011
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