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Target Background Research Paper - Essay Example

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Target Background Research Paper

This helps them to communicate effectively and it makes the employees feel they are on the page. This approach generated loyalty and challenged the employees to make the business a success. Each employee should be offered stock options and given a portion of the profits as an incentive to keep working toward higher customer satisfaction. Motivation and communication are additional ways the CEO could create happy employees. Challenging employees allows him or her to be creative and generate new ideas or product lines that will increase sales and or customer satisfaction. Listening to employees opinions is vital to success. The people who work the frontline of any business will have ideas on how to better the processes. Some companies used an approach uncommon to most CEO's; walking around the store to meet and greet the associates and customers. This approach allowed the consumers the opportunity to tell him how well he or she liked the store and offer suggestions for change. The associates liked this approach because it made him an approachable CEO who was willing to listen to employees and customers.
In this report, it is apparent that the company should use strategic planning in order to deal with the issues since it determines the overall direction and goals of the organization. Consequently, strategic planning influences numerous aspects of the organization, including what, In strategic planning, a) Products and services will be provided by the business and how those products and services will be designed b) Organizational design and roles are needed by the organization. c) Performance goals are established for positions throughout the business. d) Board committees should be developed (in the case of corporations. e) Resources are needed to reach those goals, and consequently, how much money is needed to procure those resources -- ultimately, the goals determine the content of various budgets ("Develop strategic plan" 2007). Competition from similar products, changing technology and increasing costs all play their part in putting pressure on firms to keep rethinking and expanding. Mergers are more and more frequent and many businesses have expanded to become global organizations. But if growth is sometimes the only option it is also very often a risky one. Expansion demands investment of time, money and people and has to be carefully managed to bring the desired returns. Though there is a way to increase the odds of success: simple and effective communication in all directions.
For the fiscal February period, reported comparable store sales decreased 4.1%. Just over half of this sales performance was due to a decrease in average transaction size with the remainder due to a decrease in comparable store transactions. Comparable store sales in February 2008 increased 0.5%. The current month's sales release quotes Gregg Steinhafel, Chairman, President and Chief Executive Officer of Target Corporation, as saying, "February sales were in line with our planned range for the month as our sales results continue to reflect the significant economic challenges facing our guests (Target Corporation Pre-recorded February 2009 Sales Conference Call - Final 2009).
At the heart of Target's growth is the unique culture that has been ...Show more

Summary

In this situation, Target will learn that the marginal value of liquidity declines as company holds more cash by learning to use cash more efficiently and investing cash whenever possible (Beasley, 2006). When accounts receivable is low and accounts payable remains the same, investing in marketable securities and other short-term instruments could provide the company with a safety net…
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Target Background Research Paper essay example
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