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St Pauls School, Covington *

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7878

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Economics

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Nov 24, 2024

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docx

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2

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Many different types of businesses have experienced project failure due to a number of factors. Target is a well-known business, but a project they were working on didn't pan out. To expand their customer base, Target established 133 stores in Canada and other countries in 2011 (Zervas, S. 2023). This approach was expected to lead to more pleased consumers in the end. Although detailed plans were made for the expansion, the project ultimately failed owing to ineffective management. Four billion dollars have been earmarked for growth. Leasing purchase was estimated to cost $1.8 billion, while capital expenditures were budgeted at $2 billion. Target has promised its customers that it would not raise prices and will keep prices competitive with similar companies. Target tried to lower the price, but was unsuccessful. As a result, they were unable to keep to their promise of a low-price guarantee and ran out of necessities. Target's declining Canadian sales may be traced in large part to the store's inability to sustain its once-attractive cheap pricing. Zervas (2022). Customers were frustrated by Target's fluctuating pricing, which ultimately hurt the retailer's brand. Target's enormous customer base was negatively affected by the store's abnormally lengthy checkout queues. This pointed to the company's inadequate management of its unsuccessful foray into the new market. Large quantities of money were set aside to extend the project, but it was ultimately unsuccessful since Target had to meet its obligations and achieve its aims. Customers lost trust in the firm because it failed to provide the goods or services it had advertised. In order to foresee and solve any problems with a project, careful planning and investigation are required. Unfortunately, this stymied Target's plans to fully enter the Canadian market. References
Zervas, S. (2023). Target's Retail Failed Entry into Canada (Case Study). Available at SSRN 4561045.
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