Strategic Plan for Target Dept Store Assignment Help

Strategic Plan for Target Dept Store Assignment Help Strategic Plan for Target Dept Store

Target Dept Store will include the following in its strategic plan such as implementation plan, organizational change management strategies, key success factors and risk management plan. As per Oz assignment help experts, All these things are considered in detail in the following way: Implementation Plan for Target Dept Store Objectives: The implementation plan will include some objectives to make successful plan. The main objectives of this plan are to obtain competitive advantages from the market by beating its competitors and to provide employe development by effective and excellent human resource development (Target Inc, 2012). The competitive advantages can be obtained by Target Dept Store through commitment of growth and delivering superior returns to its shareholders. Functional Tactics: The functional tactics for this plan will be derived by business strategy that will determine some specific areas to implement business strategies. The key functional areas for strategic plan of Target Dept store are human resources development, marketing and cost leadership. These functional tactics can be translated into actions by grand strategy (Target Inc, 2012). The grand strategy will be helpful to achieve the short term objectives of the organization. Target Dept Store will implement the functional tactics to support its business strategy and to attain the objectives of this plan. Action Items: There are some action items that must be taken by Target Dept Store to achieve its objectives. Human resource development is important for providing up-to-date expertise to its employees.

Target must implement effective programs of employee development for employee expertise. In addition, Target stores provide quality products to its customers, but it is weak in managing its cost (Krautter, Lock & Scanlon, 2012). It should commit lowest cost than its competitors to take completive advantages. Target can minimize its cost by accepting cheaper components, using standard production processes and seeking with high market share. Milestones and Deadline: This strategic plan includes some milestones that help to implement the plan. These milestones include such as making a development forecast, evaluation of previous plan, carrying out external evaluation etc (Target Inc, 2012). All these milestones have a deadline of one year to accomplish objectives of this plan. Tasks and Task Ownership: All the tasks of strategic plan would be completed by a task owner. These tasks will accomplish the objectives of the plan. The task of organizing human resource development programs would be completed by HR manager (Barksdale & Lund, 2006). In addition, marketing manager would achieve marketing objectives and cost leadership strategy would be implemented by R&D department by conducting survey in the market. Resource Allocation: Resource allocation would be based on the priorities established by the objectives of Target Stores. Human resource is the significant resource for the plan that must be effectively allocated to reduce organizational cost (Krautter, Lock & Scanlon, 2012). Other resources such as financial, technical and physical resources would be allocated in a significant way.

Organizational Change Management Strategies There are several strategies that can be used by Target Dept stores to implement strategic change in the organization. Firstly, Target Inc. can implement change management in the organization by applying advancement in information technology. Advanced technology is more significant way of implementing change in the organization such as workstation and internet for communication (Caldwell, et Al, 2008).The communication strategy is an efficient way of change management that can make appropriate way of communication. For this, Target Stores will impalement e-mail, internet and group meeting for changing communication strategy. Along with this, change in managerial role is another change management strategy that can change the decentralization of authority to the point of action. This strategy is quite significant to find solutions of day to day activities. For example, BMW implemented this strategy for routine engineering and maintenance problems (Aladwani, 2001). This organization change management strategy will be helpful to implement changes such as managing customer relationship and improving skills of the employees of Target at its stores. Increasing customer focus is another organization change management strategy that would restructure and redefine its products to meet the needs of consumers (Target Inc, 2012). This change management strategy would be required for changing customer needs, preferences and demands. For example, M&S is a very old retailer, who implemented this strategy in UK.

Key Success Factors for Strategy Plan, budget, and Forecasted Financials The key success factors of strategic plan include some activities that help to achieve the predetermined objectives of the plan. Strategic success factors are to understand the customers, offering a low-cost product, managing expenses, employing competent people and formulating innovative marketing programs and improving competitive advantage. In addition, key success factors of budget include improved budget cycle, accuracy, realistic goals, consistency and flexibility in budgeting process (Haines & McKinlay, 2007). These key success factors are important to reduce debt and increase the savings of the organization. At the same time our assignment help experts says that, there are some key success factors of forecasted financials that make a successful forecasting of financial statements of Target Dept Store. The key success factors of financials are enhanced budget cycle times, fulfillment of regulatory and financial standards, decrease in external audit costs and business risk and assurance in organizational data (Wahlen, Stickney, Baginski & Bradshaw, 2011). These key success factors manage the performance of the company, so Target Dept Store would align these key success factors with strategic goals and financial & operational planning requirements. Break Even Chart The break even chart includes the following that are represented in the table to calculate the break even point of Target Dept Store. This table includes the variable cost, fixed cost, sales and total cost of Target Dept Store for the year 2011. ($ in Millions)

Months Sales Variable Cost Fixed Cost Total Cost
Jan 5153 3143.33 73.83 3217.16
Feb 5258 3207.38 73.83 3281.21
Mar 5363 3271.43 73.83 3345.26
Apr 5461 3331.21 73.83 3405.04
May 5552.5 3387.025 73.83 3460.855
Jun 5608 3420.88 73.83 3494.71
Jul 5708 3481.88 73.83 3555.71
Aug 5886 3590.46 73.83 3664.29
Sep 6058 3695.38 73.83 3769.21
Oct 6076 3706.36 73.83 3780.19
Nov 6195 3778.95 73.83 3852.78
Dec 6148 3750.28 73.83 3824.11

Risk Management Plan The company would consider contingency plan in risk management plan that would help to manage identified risks. This plan would focus on several risks related to core competencies and entering into a new segment. Target should also meet the consumer needs and expectation by providing high quality products and services (Target Inc, 2012).

For this, the company would set out new project units that would use advanced technology and new applications for appropriate way of product delivery. A proper check and backup plan would also ready to support its new units. There may be some contingencies that would be reduced by recruiting some additional employees for its stores.   References Aladwani, A.M. (2001). Change Management Strategies for Successful ERP Implementation. Business Process Management, 7(3), 266-275. Barksdale, S. & Lund, T. (2006). 10 Steps to Successful Strategic Planning. USA: American Society for Training and Development. Caldwell, D.F., Chatman, J., O’Reilly, C.A., Ormiston, M. & Lapiz, M. (2008). Implementing Strategic Change in a Health Care System: The Importance of Leadership and Change Readiness. Health Care Manage Rev, 33(2), 124-133. Haines, S.G. & McKinlay, J. (2007). Reinventing Strategic Planning: The Systems Thinking. USA: Systems Thinking Press. Krautter, M., Lock, M.B. & Scanlon, M.G. (2012). The Entrepreneurial Librarian:Essays on the Infusion of Private-Business Dynamism into Professional Service. USA: McFarland. Target Inc. (2012). Annual Reports. Retrieved from: Target Inc. (2012). Business and Law: Implementing Strategic Change. Retrieved from: Target Inc. (2012). Goals: The Challenges and Rewards of Company-Wide Recycling. Retrieved from: Target Inc. (2012). Mission & Values. Retrieved from: Wahlen, J.M., Stickney, C.P., Baginski, S.P. & Bradshaw, M. (2011). Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective. (7th ed.). USA: Cengage Learning. If you looking for for business plan or case study business assignment help services then do let us know. You can call us or e-mail us any time for assignment help.