Q1. Define vision, mission, business objectives and products and type of services?
What is Vision:
In ever business, vision statement is confirmation of objectives that present its internal decision. It’s a road map of company, it show the path of achieving the settle objectives also provide a smooth direction to the growth of company. The revision of vision statements are very rare in the whole life of business. Vision statement in written form and work as a part of company documents. It helps to choose courses of actions in current time and in future. Vision statement must be concise and in simple words. It clearly shows the goal of company. It presents time horizon. Vision statement must be future oriented. Vision statement present long term perspective. It focus on challenging environment. Its idea must be inspired to employees and it serves as a basic strategic plan for the business. Its help in motivating employees focus on company’s effort and help to make company different from other competitors.
What is Mission:
Mission statement present all the scope, purposes of organization in its statement. It also present its product or service range, its main market, and its operations. It also include organizational values, competitive advantages and its vision. Mission made by senior management according business need and desire. This statement communicates with employees and gives them guidance about organization intended direction. Main component of mission statement are key market which means audience we have to focus. All products and services which we use for contribution and specify all new attributes which make their product and service unique and attractive in the market. Mission statement is work as company’s goal. Mission statement shows that the company is working on a track and gives focus on their objectives. Mission statement explain every area of business like nature and range of product, market position, growth potential, quality, pricing, service, usage of technologies and customer, employees, community, competitors, suppliers relationship with in business. In simple, mission statement provides direction of company’s objectives and clears its working purpose in the market.
What are Business objectives:
Businesses objectives are always present the nature and purpose of business. These objectives help company to achieve the targeted outcomes by develop, identify and implement unique activities. Objectives are set according to company’s strategic plan and they may be long term or short term. All goals and objectives must be related to strategic plans and operations. By using this approach, employees understand and give focus on operations of company and give their maximum participation. Business objective should include detailing of who will involve in implementing, budget and man power, parameters of project, noting desire outcomes and structuring the project. Good business objective has all measurable elements included in business. Business objective must be realistic and attainable. It means business has enough time and resources to meet its targets and objectives. Flexibility must be kept in business objectives to some extend by providing a backup plan in case of any serious problem. Changes in economy, in budget or in staff or change in strategic plans may adverse effect on objectives and difficulties faced by employees.
Product and Services:
Much type of business plans or objectives is depend on the product which company manufactured or sells in the market or services which they provide to customers against their need. We have to discuss in details about all qualities and basic things of our product or services when we are ready to make our company’s objectives. Clearly mention the physical description, benefits, unique selling proposition and features. Write all specificities of product or service with whom it will be relate ,who become more purchaser of product, what type of features attract customers and so on. Detail all features of product, its design, colours, material, packing style and all other important things related to their manufacturing. Expalin the benefit of product that how much it give you benefit when you use it. Make realistic judgment related to product or service. Tell how much you service facilitate you. Make different advertisement criteria that attract the customers and make them different from other products of market.
Q2. Develop a marketing plan for target corporation, Saudi Arabia. Define the SWOT analysis for target corporation, Saudi Arabia.
Ans. Market Plan of Target Corporation:
In Saudi Arabia, company has to start business and for this company has to make a market plan to sustain the market of Saudi Arabia. Marketing related to environment is very important like competitive forces, economic forces, political forces, legal regulatory forces, technological forces. Company has to compete all forces in such a way, it stable with political conditions of Saudi Arabia, many retailers already sold their products so what techniques they have to adopt for attracting their customers, company run their business according to rules and regulations of Saudi Arabia, for achieving their goals, all those technologies should be adopted which used in that country for manufacturing or producing products. The economic condition should be in support of Target Corporation because if economic condition is not favorable, then business cannot run in long period. Comapny has to present them self as very famous and trendy retailer that provide excellent values, and best quality products with most comfortable environment to all customers. Also give many discount prices at every product. They are especially for middle range people who are not able to go and purchase goods from high standard shopping malls. In Saudi Arabia, people want all products according to their weather condition and those must be good for their health and usage, so target should focus on all needs and requirements of people of Saudi Arabia and make such attractive marketing strategies that capture high portion of markets.
Target Corporation SWOT analysis:
Swot analysis presents all strength, weakness, opportunities and threats that company has to face while working in Saudi Arabia.
- Strength include brand, as we know Target Corporation has very strong brand in international market and they easily attract the customers of this country. Target Corporation has to open their stores and shopping malls every main center point of country to show its presence, design must be unique from all other competitors in all items like fashion to furnishing home. And use different advertisement techniques which automatically attract customers especially middle age ladies.
- Weakness shows all that areas where company is weak in this country. Some product materials are not suitable for such hot weather and customers are not willing to purchase such products or items for their usage. The legal limitations are very strict for Target Corporation and high amount of tax has to pay by company.
- Opportunities in such a way that target corporation expand its business in all around the world. And become part of global market. Enhance the purchase of private label product because it has good reputation in this area.
- Threats include market competition and economy. Many other big and famous brands already run their business in Saudi Arabia. So it’s very difficult to make its space in their market. With this Saudi economy have very strict rules and policies, so Target Corporation has to bear all issues to sustain in this market and earn good share.
Q3. Analyze the micro and Macro environment of the target Corporation, Saudi Arabia.
Ans. Marketing environment help the firm to combine with their customers and become the strength of product which develop in the firm. Marketing factors include two key elements : micro environment and macro environment. Micro environment include the factors like suppliers, customers, marketing intermediates, competitors, public and the company itself. Macro environment include economic forces, natural forces, technological forces, cultural forces, demographic forces and political forces. In micro environment , customer market, their likeness and dislikness,are include in this, suppliers and their trends and rules , competitors and their main quality which make them different from others, public interest and their interest, and overall company environment , all comes in micro environment. Economic condition of country like tax rate, exchange rate , inflation rate etc,weather condition of country, technology factors like different innovations, development of web, robotization all type of technology changes for company, goods and services provided according to culture of country , and all legal rules and regulations comes in macro environment. Target Corporation has to consider all these areas for start business in Saudi Arabia, because its political conditions and culture and way of living of people is different to some extend from other countries.
Q4. How target corporation, Saudi Arabia will establish, develop and enhance mutually beneficial relationship with customers? Discuss all the activities to establish, develop and maintain customer sales?
Ans. For making strong position of Target Corporation in the market of Saudi Arabia, company has to capture a large number of customers. For this first, they come to know about the interests and requirements of customers and their likeness related to products. Then what type of products they use in their homes, what type of wearing products they use in Saudi weather, what sort of things they like to eat more in such type of environment and weather. All these are basic elements which target corporation has to know before start its business in the Saudi Arabia. After this, all products which include eatable items and home accessories must be available to customers especially ladies according to their need. Target Corporation is a world famous brand and everyone wants to purchase from there, so they offer very convenient discount offers on sale of all products so everyone can easily purchase their products .also allow customers to purchase from their store then sufficient discount offers and gifts can be provided in future. Different types of activities are help in shopping malls for children and also for ladies so they feel enjoy and comfort while shopping in malls. Good quality in reasonable price must be offer to customers so they always come here to purchase their needy products and avail all discounting offers with a trust.
Q5. Identify the various consumer decision processes for the target corporation customer?
Ans. all those customers who are going to shopping malls or stores of target corporations who have different decisions in their mind related to purchasing and usage of products. Some main points which related to consumer decision process are given below: problem recognition. It means what is the actual need of customer. Some time customer not sure about its need then he feel confusion regarding purchasing of product. So customer should be very clear about its need and requirement and they should purchase all goods according to their requirement. Next step is information search, in this customer search out the new and improve products like clothes or shoes. Customer wants these products according to new trend and market fashion. Next step is evaluation of alternatives, it means customer go in all market and find whether any other competitor give the same product at same rate or below that rate. Customers are very conscious about rate and prices of products. Next step is purchasing, in this phase customer ready to purchase the product which suits them best and having most suitable price in overall market. The last step is post purchase, in this step after using the product customer show their remarks; they again purchase that product if they get satisfaction and feel that it suit them most. So post purchasing is depend on satisfaction and dissatisfaction of customers.
Q6.How will you establish the market research for making better decision to establish and enhance the marketing?
Ans. For making better market position of target corporation, firstly we have to search the market of Saudi Arabia that what type of people come in the market, what they want from sellers, what is their purchasing capacity, their likeness and dislikeness, market trend and its changes, which products are mostly sell in the market, which competitors are highly capture the market and what techniques they used to sell their products and so on. Basically, market is made with the suppliers and customers and all products are selling according to requirement and demand of customers. Target corporation is a very famous brand in retailing business, and they provide all products like food, cloths, furniture, home accessories and all items which a person use in its daily routine. Market research help Target Corporation that at what product areas they work more and maximum customer come. Better quality they demand and reasonable pricing offer they can avail to purchase the products. They also follow new trends so new and advance products must be offer at attractive discount offers, so customers can easily come here for shopping and avail all offers easily. Because in existing market, get the share for new brand is difficult and need better and attractive policies and advertisements to attract customers.
Q7. How target corporation, KSA will evaluate market segments and choose the best one to serve? How it will create value proposition to meet the requirement of target customers?
Ans. After searching the market, Target Corporation find out that in SA markets, consumers are too much concern about food products. Because the weather of Saudi Arabia is too hot and people want such products which have good in taste and can be used in longer period of time as such weather. Target Corporation tries to provide people such items for food which have high quality and fresh in nature. Good packing is ensuring for all eatable items for the customers. Ladies also too much concern about different and stylish dresses. Target Corporation also tries to provide all latest and stylish clothes that ladies and children want. Also they concern the weather condition of country because people use soft stuff dresses for daily usage and even in events. So good quality stuff of dresses are provided to customers and on reasonable prices. So that it help to attract more customers in the market.
Q8. How target corporation, KSA will manage all of their products and services and what are the steps in the best development process for new products?
Ans. As the researcher of Target Corporation observes that the people of Saudi Arabia like food items and they want good quality cloths and shoes according the atmospheric changes. Company now has to more focus on those areas. They try to deliver best quality food products with good packing so the quality of products not suffers. They bring good quality clothes of all kinds and of good quality, which have very soft and light stuff. Ladies want trendy and stylish dresses so company should develop relationship with best fabric industries to provide excellent cloths to all market at their stores and shopping malls. Basically Target Corporation is related to retailing business so they provide all the products in bulk form. It produces and delivers all products which are environment friendly and customer like most that type of products. So target corporations focus on likeness of customers and introduce new and unique products which attract customers and full fill their need in reasonable pricing criteria. It enhances the reputation of company and more customers attract the company’s product.
- (Target Corporation, 23rd March, 2015, Copyright © 2003 – 2018 – UK Essays )
- (Vision statement, Wikipedia, 7 february 2018)
- (Mission statement, Wikipedia, 19 March 2018)
- (How to Describe Your Company’s Products and Services, M.T. Wroblewski, Copyright 2018 Hearst Newspapers, LLC)
- (Characteristics of Business Objectives, Lisa McQuerrey, September 26, 2017)
- (Marketing Environment: Definition, Micro & Macro, StudiousGuy Copyright © 2018)
- (MARKETING THEORIES – EXPLAINING THE CONSUMER DECISION MAKING PROCESS)(Professional academy)
REPORT WRITTEN BY TEAM THE PENTAGON FOR A BUSINESS STRATEGY COURSE ON CORPORATE AUDIT OF TARGET CORPORATION