Target has quite an exciting SWOT analysis that has been made public by several research studies and business management students. Target is a well-known company and earns enormous revenues every year, but even though it is such a huge company, they have specific weaknesses and threats. Here, threats do not mean physical harm but something that can disrupt the smooth flow of business.
It is not just companies and organizations that individuals can conduct a SWOT analysis, but people can do their SWOT analysis. By doing so, an individual will understand their strengths, weaknesses, opportunities, and threats. In addition, it will give an individual a deep understanding of their career.
Target: Strengths
Every company has its strength which makes them strong enough to sustain itself in the market, and thus it can earn enough revenue. Similarly, even a Big-Box store company like Target has gained a lot of revenue only because of its strong strength points. Below we have mentioned what the strengths of Target are.
Target is a well-established brand in the market today. This means that they already have a vast and solid customer base. These customers would remain loyal to the company. The company has earned international fame because of its innovative products. This gives the company an upper hand over its customers. The pricing strategy of Target has been set in a way that customers are easily attracted to it. However, surprisingly the product price matches the price of the product online. In other words, Target has a pricing strategy that attracts budget-conscious customers. The company has subsidiary services like Target Visa, Target Card, and other things like its financial services.
Target: Weakness
Like any other business organization functioning its business globally, Target also has its own set of weaknesses. These weaknesses may prove fatal for the company if proper exercise does not prevent them. Mentioned below are the weaknesses of the company Target that you can have a look at.
The pricing strategy that the company has kept may attract a lot of customers in the first place, but it would be difficult for the company to sustain itself in the market. The target would be unable to earn profit at some point in time. Unlike Walmart and other such companies, Target is not a household name. The company does not function in significant cities in parts of North America which becomes a central weak point. The company has got a good customer base, but they are behind in its marketing campaign. They need to work on their marketing and campaigning so that more customers visit their store every day.
Target: Opportunities
Opportunities are nothing but significant opportunities for the company to grow. An opportunity for the company could be anything that is also an external part of the activity that the company works on for the betterment of the business. Like any other company, Target has to identify its opportunities in the market to grow in its business function activities. Below mentioned are the opportunities for Target.
Target: Threats
Threats are external factors that are always present in any business. Similarly, for a company like Target, there are specific threats that the company has to look at. These threats need to be eliminated, or proper steps must be taken to neutralize them. The company should take proper strategies so that their business is smooth. Mentioned below are some of the threats of the company.
Major competitors are already multiple names in the market. Proper tactics must be established so that customers stay interested in the products and services of the company. Negative words from the customers are putting the name and fame of the company towards negativity. However, management can take care of this by offering attractive offers and reducing the price of their products to a certain extent. Increasing government taxes and interest rates had become a significant threat to Target and every other major company.
Conclusion
Like any other company globally, Target has got its SWOT analysis, which best determines how the company should run according to given circumstances. One of the major disadvantages for companies not earning profits is the availability of substitute products and services. Similarly, for a company like Target, there are companies like Walmart in the market which is already doing good in their business. These companies have a good grasp of customers in the market who tend to remain loyal to the company. Therefore, Target needs to work on its marketing activity so that more people get attracted to it. It is not just companies and organizations that individuals can conduct a SWOT analysis, but people can do their SWOT analysis. By doing so, an individual will understand their strengths, weaknesses, opportunities, and threats. It will give an individual a deep understanding of their career.
