It is a fact that Target Corporation has a series of strengths and weaknesses that have been fundamental in promoting growth and development while at the same time suppressing the same growth. For instance, the company has some strength’s like quality brand, economic stability, quality leadership; effective alliance with Starbuck, effective social system used for charity works, quality customer experience and diverse products among many others. There are also some noted weaknesses like; customer record data breach, less expansion in the international market, and high prices. From these weaknesses and strengths; there are some opportunities available the company can use to add economic, social, and environmental value.
The retail market has been expanding more so with new potential markets coming up that Target Corporation can use to the financial stability it currently enjoys to handle a major weakness of less international market presence to capitalize on available opportunity. By so doing, Target would have added its economic value and also reach out to more people to whom it shall extend the charity works it has been offering in areas of establishment. In the present times, advanced technology is being used by companies to reach out to clients for instance through online selling and this is an opportunity that Target has and can be useful in adding economic, social, and environmental value. the more reason is that through advanced technology, Target can enlighten the public on how to take care of their environment by properly disposing wastes that comes from products packaging, how to recycle waste products, and also reduce products prices as a result of reduced supply chain that online selling brings along.
Lastly, there are a lot of developing companies that have in seeking for reliable brands to merge or partner with and this is a great opportunity Target can use to attain desired growth and expansion (Kostetsky, et al., 2022). The company can partner with companies in different parts of the world while capitalizing on the quality image it has managed to create over the years to ensure that the brand international recognition gets to the highest levels possible.
From the opportunities identified above, the best that capitalizes on the organizational valuable, rare, and hand-to-imitate resources is the expansion through partnership. The opportunity is the best because it is not impacted by organizational weaknesses available and would take the best advantage of the external environment. The latter is in the sense that with partnership, the company would have the chance to make best use of available resources to overcome less international presence weakness thereby maximizing its strengths (Kostetsky, et al., 2022). Secondly, through partnership, Target would have an easier yet legal way to penetrate the international market and at the same time introduce better business ideas to its partners making the investment lifetime and reliable. Moreover, this is the only way the company can reap from developing markets and governments seeking for foreign companies to invest in their mist as well as get exposed to international suppliers and federal laws (Kostetsky, et al., 2022). The understanding would create an opportunity where Target can hence establish on its own in other countries using experience and understanding gained through partnership and make sure it applies business strategies that aligns with culture and beliefs of identified country of operation.
Kostetsky, A. N., Chekashkina, N. R., Muratova, A. R., Shumilina, M. A., & Bukhanova, A. K. (2022). Innovative Technologies of Chain Retail Leaders in Maintaining and Expanding Target Markets. In Сooperation and Sustainable Development (pp. 879-885). Springer, Cham