Change management

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Capella University *

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6005

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Management

Date

Nov 24, 2024

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docx

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Uploaded by JusticeOxideWaterBuffalo498

Written Assignment 3: Scenario I Change Management (MAN-415-OL009) Thomas Edison State University

2 Table of Contents Introduction ...................................................................................................................................... 3 Business and Industry Parameters ................................................................................................... 3 Market segments and market demographics .................................................................................... 3 Social media strategy and its reasoning ........................................................................................... 4 Competitive analysis ........................................................................................................................ 4 Research arguments ......................................................................................................................... 5 Conclusion ....................................................................................................................................... 6 References ........................................................................................................................................ 7

3 Introduction In this paper, it is required to explain the business and social media strategy of retail business named as Target. Shopping is part of consumer spending, which accounts for about two- thirds of US economic activity ( Hanelt, 2021) . Traditionally, retail businesses sell their products and services through brick-and-mortar stores or department stores, supermarkets, or pharmacy stores. However, many sellers often sell products through online websites, online marketplaces, and mobile apps. Target (TGT) sells general merchandise online and in 1,954 stores nationwide. Target offers a wide selection of grocery and financial products, including perishables, dry goods, dairy and frozen products. Business and Industry Parameters The business has considered as one better service provider that is built to initiate basic module of designing and merging with most of corporate clients. Most of people understand that it is required to accumulate industry parameters which reduce time and skills management. As retail business, Target tried their best to work effectively on material costs and labour retention so that more and more people can understand work culture. This paper defines industrial parameters which manage to initiate company’s growth. Event organizers can provide the necessary activities related to the event, such as accommodation, food, decoration and entertainment. Planners can conduct surveys, conduct research, plan activities, make plans, and locate locations. Organizers can also arrange excursions and send invitations to participants. Profit margins can reach 60% and good business is attributed to increasing economic growth and the desire of American companies to outsource their organizational planning services ( Lewis, 2019). You can start this small business without spending a lot of money. Company features include five employees, competitive prices and quality products and services. I want to pursue a degree in business administration and general management Market segments and market demographics Market segmentation is the foundation of any successful long-term marketing strategy. By optimizing marketing strategy, targeting customers' purchasing motivations, and segmenting

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4 market, it may be well-positioned to meet customers' unique needs. According to research from Target 75% of marketing ROI comes from segmentation, targeting and targeted campaigns. So, if marketing campaigns are failing, do more market research to understand customer interest in each category ( Anderson, 2019). Segmentation techniques are an important factor because they help define to target market and attract potential customers as users of product or service. Target can deliver the personalization that 78% of consumers expect from brands and send the right message through the right channel at the right time ( Cameron, & Green, 2019). The market segments that can be used depend on the regional situation. The cost of living is higher in the Northeast due to the higher cost of living. As for businesses, it made sense to do less design work once for getting more profound professional approach. With the cost-plus method, the event organizer pays the customer's costs (materials, services, etc.) and receives a commission of 18%. Social media strategy and its reasoning The company does not accept help from social networks. Social media management tools help to curate content, organize posts, monitor interactive accounts, and monitor brand conversations. Social media applications allow users to easily create and share content with their audience. Increase your visibility among your customers so you can reach more people with less time and effort ( Burke, 2023). They failed to achieve their goal. Social media requires content to be successful. If a company copies other people's content, it won't do much for their brand. The quality of the content should encourage users to want to share it. Competitive analysis Target SWOT Analysis Strengths The product line is used for expanding to the new region which amalgamated with diversity of people experiencing good pricing strategies for customer’s approach ( Mansaray, 2019). Weaknesses

5 It is estimated that the pricing of Target is much higher as compare to that of other US based supermarkets. Sometimes, they also not offer best deals in events that made less customer approach. Opportunities The criteria of Target brings an opportunity to work on the increase of revenue for expanding customer’s demographics. Threats Target has pertained highest competition in retail industry that is used for increasing their online presence. The huge aspect made supermarket for reducing their online options. Research arguments The promotion of this brand to seek customer’s approach in better way. The market required to help people for using their services. It is required for Target to attain new customers for better grounds of reality for comprehensive dealing of business operations. It is required for Target to work on social media campaign so that more customers can attract towards it. The basic goals of the company is to build their social media presence for interacting with customer’s approach. However, the market has acquired mode of applications for learning, staff engagement and communication strategies that is used for collaborative purpose ( Ian Palmer, 2017). There are several changes that is required for Target to work on it for the growth of the company. The market can be adjusted according to supply and demand. Customer relations and quick response can be combined with other marketing channels. Digitization paves the way for easy translation of price inquiries. To better link to other marketing resources, it could add an Instagram link to the site. Many social media apps help in market growth by understanding a large number of customers instead of visiting a specific website. To promote a business and advertise business services, businesses can use “multidirectional media” to transfer information between people and businesses ( Tidd, & Bessant, 2020). Target use this technology for internal communication to use these tools to communicate with external audiences. Target is a highly profitable business that supports and continues my efforts to provide small business and event planning services, creating, planning and hosting events for both individual and corporate clients.

6 Conclusion In conclusion, the industry selected for the paper is retail industry and the name of supermarket is Target. Traditionally, retail businesses sell their products and services through brick-and- mortar stores or department stores, supermarkets, or pharmacy stores. This paper defines industrial parameters which manage to initiate company’s growth. Event organizers can provide the necessary activities related to the event, such as accommodation, food, decoration and entertainment. Planners can conduct surveys, conduct research, plan activities, make plans, and locate locations. According to research from Target 75% of marketing ROI comes from segmentation, targeting and targeted campaigns. Many social media apps help in market growth by understanding a large number of customers instead of visiting a specific website.

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7 References Anderson, D. L. (2019). Organization development: The process of leading organizational change . Sage Publications. Burke, W. W. (2023). Organization change: Theory and practice . Sage publications. Cameron, E., & Green, M. (2019). Making sense of change management: A complete guide to the models, tools and techniques of organizational change . Kogan Page Publishers. Hanelt, A., Bohnsack, R., Marz, D., & Antunes Marante, C. (2021). A systematic review of the literature on digital transformation: Insights and implications for strategy and organizational change. Journal of Management Studies , 58 (5), 1159-1197. Ian Palmer, R. D. (2017). Managing Organizational Change: A Multiple Perspectives Approach. New York, NY: McGraw-Hill. Retrieved from https://mbsdirect.vitalsource.com/#/books/undefined/ Lewis, L. (2019). Organizational change: Creating change through strategic communication . John Wiley & Sons. Mansaray, H. E. (2019). The role of leadership style in organisational change management: a literature review. Journal of Human Resource Management , 7 (1), 18-31. Tidd, J., & Bessant, J. R. (2020). Managing innovation: integrating technological, market and organizational change . John Wiley & Sons.

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