3.1.7 Summary of General Environmental Analysis
A business such as Target is greatly influenced by their environment, so for that reason, they must constantly analyze their environment and the industry that they subside in. By looking at all the segments demographics, economic, political/legal, sociocultural, technology and global this can help make strategic decisions for Target’s company. By looking at the demographical information of the company, it can be decided which age groups, ethnicities, gender that they might need to appeal to more.
3.2 Industry Analysis
An industry analysis helps companies review their information on their current economic market conditions. The purpose of an industry analysis is …show more content…
Target is in the retail industry and with that comes a lot of strong competitors. The biggest competitors within the retail industry would be Wal-Mart, which is number one on the fortune 500 list. Other competitors would be Amazon, Kmart, and Kohl’s. Looking into the rivals or competitors in the industry’s dominant economic features is just one of the many aspects of it. Target will be able to see where they are lacking in their growth with their competitors, how unique the products they are selling, and even how many buyers they have compared to other companies in the retail industry. Having that type of information for a company can make a difference in their profits, and could even make Target become number by surpassing …show more content…
This is expected to skyrocket to 50 billion by 2020. This is a similar device to a smart beacon and gives retailers consumer data. Artificial intelligence is helping retailers find out what their customer’s preferences and to help meet their needs before they even know they do themselves. Artificial intelligence can send coupons for items that the consumer has already purchased and AI can even redesign entire web pages based on the consumer social media profiles. AI might even replace humans in jobs such as consultants in the retail industry. That would negatively affect jobs in the retail industry. With Virtual and augmented reality it is mostly used for customers that buy online. This reality is to have customers trying the objects or items out and having an experience before it is even in their hands. This is especially good for people buying online from another country. For example, if a consumer from another country wants to buy an item from the United States they will be able to experience this item before they have it in their
A business such as Target is greatly influenced by their environment, so for that reason, they must constantly analyze their environment and the industry that they subside in. By looking at all the segments demographics, economic, political/legal, sociocultural, technology and global this can help make strategic decisions for Target’s company. By looking at the demographical information of the company, it can be decided which age groups, ethnicities, gender that they might need to appeal to more.
3.2 Industry Analysis
An industry analysis helps companies review their information on their current economic market conditions. The purpose of an industry analysis is …show more content…
Target is in the retail industry and with that comes a lot of strong competitors. The biggest competitors within the retail industry would be Wal-Mart, which is number one on the fortune 500 list. Other competitors would be Amazon, Kmart, and Kohl’s. Looking into the rivals or competitors in the industry’s dominant economic features is just one of the many aspects of it. Target will be able to see where they are lacking in their growth with their competitors, how unique the products they are selling, and even how many buyers they have compared to other companies in the retail industry. Having that type of information for a company can make a difference in their profits, and could even make Target become number by surpassing …show more content…
This is expected to skyrocket to 50 billion by 2020. This is a similar device to a smart beacon and gives retailers consumer data. Artificial intelligence is helping retailers find out what their customer’s preferences and to help meet their needs before they even know they do themselves. Artificial intelligence can send coupons for items that the consumer has already purchased and AI can even redesign entire web pages based on the consumer social media profiles. AI might even replace humans in jobs such as consultants in the retail industry. That would negatively affect jobs in the retail industry. With Virtual and augmented reality it is mostly used for customers that buy online. This reality is to have customers trying the objects or items out and having an experience before it is even in their hands. This is especially good for people buying online from another country. For example, if a consumer from another country wants to buy an item from the United States they will be able to experience this item before they have it in their