Final Project - Final Draft.docx - Running head FINAL PROJECT 1 Final Project Strategic Plan for Target Jennifer Peshoff MGT 450 Strategic Planning for

Final Project - Final Draft.docx - Running head FINAL...

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Running head: FINAL PROJECT 1 Final Project: Strategic Plan for Target Jennifer Peshoff MGT 450: Strategic Planning for Organizations Professor Fry October 28, 2019
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STRATEGIC PLAN FOR TARGET 2 SWOT Analysis SWOT analysis is a strategic planning tool that allows leaders in a corporation to identify and analysis the company both internally and externally. SWOT stands for strengths (S), Weakness (W), Opportunities (O), and threats (T) that a corporation is facing in their current state. Internal strategic factors such as strengths and weaknesses and external strategic factors such as opportunities and threats are the framework to a SWOT analysis that aids an organization to identify and plan for the future state. As online shopping becomes more prevalent in today’s market, retailers such as Target may find it difficult to stay relevant in the market without a strategic plan that includes preforming a SWOT analysis, that will look for opportunities for growth and a measure for success to insure they remain profitable. Target Corporation Target corporation is the third largest “big box” discount store in the United States today, based on sales, after Walmart and Costco (O’Connell, 2019). Target corporation purpose is “to help all families discover the joy of everyday life” (target.com, para 2). According to Target.com (2019) their mission is “the promise of surprises, fun, ease, and inspiration at every turn, no matter when, where and how you shop” (para. 3). Target was founded in 1902 by George Draper Dayton in Minneapolis, Minnesota. In the 1950’s Target started expanding, over the course of 20 years they had four stores in Minnesota. In 1960 Target went from a family run department store into the discount retailing market. By 1979, Target reached a milestone of one billion is annual sales with 74 stores in 11 states. In 1999, Target expanded into the world wide web launching Target.com. In 2001, Target hit another milestone by opening it 1,000 th store in a total of 47 states. In 2013, it expanded out side of the United States into Canada opening 124 stores over the course on one year. After suffering heavy losses from their expansion into Canada in 2015,
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