03 Sep Evaluate opportunities for that organization to add economic, social, and environmental value. Recommend?an opportunity that best capitalizes on the organization’s valuable, rare, and h
Evaluate opportunities for that organization to add economic, social, and environmental value.
Recommend an opportunity that best capitalizes on the organization’s valuable, rare, and hard-to-imitate resources, is least impacted by the organization’s weaknesses, and will take best advantage of the external environment.
PowerPoint presentation to present your assessment, evaluation, and recommendation. Include the following sections in your presentation
A description of the organization (slide with speaker’s notes).
A summary of the strengths and weakness of the organization (2 slides with speaker’s notes)
Key aspects of your assessment of the external environment that present opportunities for adding value, such as trends, unmet needs, unsolved problems, under-served consumer groups, etc. (2-3 slides with speaker’s notes)
An evaluation of opportunities to add economic value (slide with speaker’s notes)
An evaluation of opportunities to add social value ( slide with speaker’s notes)
An evaluation of opportunities to add environmental value ( slide with speaker’s notes). Note: Some opportunities may appear on more than 1 slide. For example, you may find an opportunity that adds economic, social, and environmental value.
A recommended opportunity to pursue first, with a rationale that shows how the opportunity capitalizes on the organization’s valuable, rare, and hard-to-imitate resources, is not much impacted by the organization’s weaknesses, and takes advantage of the external environment (1 slide, with speaker’s notes)
Do not design a slide presentation made up of long sentences. Use bullet points. Cite references (in the speakers’ notes) to support your assignment. You need to explain fully and support your statements.
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Entrepreneurial Strengths and Actions to Increase Value Creation
Company name: Target
Company website URL: https://www.target.com/
1. Diverse Product Range: Target boasts various products, ranging from clothing and electronics to groceries, catering to a broad customer base and enhancing its competitive advantage (admin, 2023).
3. Customer-Centric Approach: Target focuses on delivering an exceptional shopping experience with initiatives like customer loyalty programs, easy returns, and personalized offers through data-driven insights (admin, 2023).
4. Innovative Store Layouts: The retail giant frequently updates store layouts, integrating digital displays and creating themed sections to engage customers and encourage exploration (admin, 2023).
5. Strategic Partnerships: Target forms partnerships with exclusive brands and designers, attracting shoppers seeking unique, high-quality products.
Major Elements of the Company's Approach to Entrepreneurship and Value Creation:
A dynamic interplay between innovation, customer-centricity, and operational excellence characterizes target's approach to entrepreneurship. At the core of its strategy is a relentless commitment to understanding and meeting customer needs (Repko, 2022). Target gathers insights that inform its product assortment, pricing strategies, and service enhancements through market research, data analytics, and direct engagement.
The company's entrepreneurial spirit is evident in its willingness to experiment with novel retail concepts. Target leverages its physical and digital presence to create seamless omnichannel experiences, enabling customers to browse, order, and receive products through various channels (Repko, 2022). This multichannel approach expands its market reach and enriches the customer journey.
Value creation is intricately woven into Target's operational fabric. The company continuously refines its supply chain and inventory management systems, minimizing costs while maintaining product availability and quality. Data-driven decision-making empowers the optimization of store layouts, personalized marketing campaigns, and loyalty programs, fostering deeper customer relationships.
Furthermore, Target nurtures a culture of entrepreneurship within its workforce. Employees are encouraged to propose innovative ideas to enhance the shopping experience or streamline processes. This approach cultivates a sense of ownership and collective responsibility for the company's success.
1 action the company could take to increase entrepreneurial value creation
Target could invest in technology-driven solutions such as augmented reality (AR) and virtual reality (VR) experiences to further enhance entrepreneurial value creation. By allowing customers to virtually "try on" clothing or visualize furniture in their living spaces, Target could offer an engaging and interactive shopping journey, bridging the gap between physical and online retail. This innovation would align with Target's commitment to a cutting-edge shopping experience and could attract tech-savvy customers.
admin. (2023, March 21). Target SWOT Analysis – The Strategy Story. THE STRATEGY STORY. https://thestrategystory.com/blog/target-swot-analysis/#:~:text=Analysis%20of%20Target.-
Repko, M. (2022, March 1). Target thinks it can keep growing sales — here’s how the retailer plans to do it. CNBC. https://www.cnbc.com/2022/03/01/how-target-plans-to-keep-growing-sales.html
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2019 by University of Phoenix. All rights reserved.
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