Target Market Business Division - Paper Example

Published: 2021-08-15 09:16:05
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Essay
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I.Executive Summary

II.Business Model and Strategic Plan Part I: Existing Business or New Business Division; Vision, Mission, and Value Proposition

III. Propose a new product or service for the new company division. The division should be customer-focused with an innovative mission statement. Ensure that you are differentiating your product or service.

IV.Describe how the division addresses customer needs and achieves competitive advantage.

V.Create a vision and a business model for this new division that demonstrates your decision on what you want your business to become in the future.

VI.Explain how the vision, mission, and value of the new division align with the company's mission and vision.

VII.Summarize how the vision, mission, and values guide the division's strategic direction.

VIII.Define your guiding principles and values for your division in the context of culture, social responsibility, and ethics.

IX. Conclusion

X. Reference Page

 

Executive Summary

Businesses are operating in a competitive environment, and this has not hindered many of them from exploiting more markets or increasing their product portfolio. For these businesses to remain competitive and satisfy the need of consumers, they are have focused on coming up with new ideas and products. Being innovative in business is essential since business can be efficient in their operation and this helps in minimizing the cost of operation. In this paper, I will propose a new division new division for Target Inc. which will implement a new innovative way of reducing time spent by customers at its major's store while waiting for an item to be delivered. The division will be customer focused on an innovative mission statement and will make sure that the services offered are different from the companies, major competitors. I will also create a vision and a business model for this new division with the store department which will precisely demonstrate how Target wants to become in future. I will also explain how to create a vision, mission and values of the new division align with the mission and vision of Target. And lastly, the paper will summarize the vision, mission and values guide the division strategic direction.

New service proposal

Targets run one of the biggest retail stores due to its diversified product portfolio that it offers. The new division that is proposing will focus on faster retrieving of products with the help of drones. The company believes that the small unmanned aircraft system would enhance efficiency and most cases eradicate the need for employees and customers to walk the entire length of most of its huge stores trying to remove items. The need to enhance the customer experience and convenience are essential in the current retail store environment. There is increased competition from online retailers, and alternatives layout make it authoritative that brick-and-mortar stores need to be effective as possible. The unmanned aircraft system will be moving to the entire store to pick a certain item and bring it to the counter without the customer walking in the entire store trying to look for that particular item. There will be drone landing in the entire stores where ordered products will be delivered. The unmanned aircraft will fly using everything from onboard sensors and video sensors to enable its identify obstacles along the way. The uniqueness and differences about this new venture as compared with other retailers is that customers and employees will not have to move to the store trying to retrieve items. This will not only saves customer time but also the companies operating expense and improves efficiency in stores. The new innovative plan is consistency with Target mission statement that stated, Our mission is to make Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional guest experiences by consistently fulfilling our Expect More. Pay Less. brand promise.

Describe how the division addresses customer needs and achieves competitive advantage.

With hard economic times, consumers spend most of their times at workplaces and hence want to save whenever they are not at work. As such, saving time while shopping is something that consumers want. Currently, consumers spent a lot of time moving around the stores trying to pick certain items that sometimes it is hard to find. Also, Target also faces some challenges in fulfilling online order more quickly as employees have to move around the stores trying to pic the ordered items and this consumes a lot of time. With this new division, the time spent at the store will be drastically reduced and order fulfillment will go faster. Target achieve competitive advantages as more order will fulfill faster, and customer satisfaction will be high, and this will attract the attention of customers that are loyal to other retailers such as Walmart. The cost of operation will also reduce since more employees will be needed to operate the store.

Create a vision and a business model for this new division that demonstrates your decision on what you want your business to become in the future.

Our vision not different from that of the company is to be innovative and competitive through using of emerging technologies that will enable the company to be efficient in service delivery. The model of this new business division will be the use of unmanned aircraft systems. Customers upon visiting the store, there will screens that will be displaying various items that are in the store for that particular period plus their prices. With the help of the store attendant, the customer can be able to swipe the payment card, if he/she has and process the order button and wait for the item to be retrieved. The store attendant will be there to help the customers in packaging the product. There will be various unmanned aircraft system located in different places within the store, and all will be equipped with cameras and sensors to avoid any collision. Having many aircraft also means that there will always be that one aircraft available for every customer once the order button is pressed. This division will eliminate stress among employees and also it will not easy to keep track of inventories since the screen will display everything that is available (Olsen & Olsen, 2017).

Explain how the vision, mission, and value of the new division align with the company's mission and vision.

The vision and the mission of this new division are consistency with Target mission and vision statement. The vision of this new division is to be innovative and competitive through using of emerging technologies that will enable the company to be efficient in service delivery. The mission is to make use of the emerging technology to improve store efficiency and reduce operation cost. When the operation cost is low, this means that pricing of the product is lower and thus Target can compete regarding price.

Value of the New Division

The added value of using unmanned aircraft system is cutting the cost of operation as few employees will be required. The new division will also reduce lead time and improve the overall store efficiency as the customers can pick the item they want more quickly.

Summarize how the vision, mission, and values guide the division's strategic direction

The strategic direction is to streamline the retail industry to ensure that customers acquire goods in a convenient manner and at a lower price by automating store activities. The use of unmanned aircraft system tends to streamline store operations, saves time and operational cost. As such, consumers can save more as a result of the cheaper retailing product.

Define your guiding principles and values for your division in the context of culture, social responsibility, and ethics.

The emerging technology plays a vital role in our changing culture, business social responsibility and the ethical behavior of the business. The current competitive environment requires innovations such as the use of unmanned aircraft system. As such, the company needs to align its guiding principles with its cultures and ethics. The new division will incorporate a culture of working together to make sure that customer needs are fulfilled. Employees will be free to share their views regarding the issues affecting customers. The use of technological save on the companies operating costs and hence enhancing profitability. As such, the company can use some of this profit by involving in helping the society through pollution prevention. Lastly, ethics is the foundation of how we carry out our business. It plays a crucial role in how employees behave themselves as they promote, integrity, loyalty, and honesty (Donaldson & Fafaliou,2003).

Conclusion

I have come up with a Target market business division that will play an essential role in making the store operations more efficient and hence addressing the emerging needs of consumers. I also focused on the business model and how the business will look like in future. Innovation remains crucial to many businesses, and for them to remain influential, they require to remain innovative every time.

 

References

Donaldson, J., & Fafaliou, I. (2003). Business ethics, corporate social responsibility, and corporate governance: a review and summary critique. European Research Studies, 6(1/2), 90-110.

Olsen, L., & Olsen, L. (2017). The Role of Drones in Branding, Retail, and Fashion. WWD. Retrieved 8 December 2017, from http://wwd.com/business-news/technology/drones-retail-11001136/

 

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