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Target Corporation social responsibility
Target's mission statement
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Target Corporate Social Responsibility
“Social responsibility is a business’ obligation to pursue policies, make decisions, and take actions that benefit society” (Williams, 2014, p.78). Not many people are aware of this but one of the leading companies that stand for Corporate Social Responsibility is leading retail store and brand Target. Target Corporation is a retail/food store that was founded February 11, 1902 by Goodfellow Dry Goods and is known today as the second largest discount retailer in the United States. Target’s sole purpose is to fulfill the needs of every single guest that comes in or interacts with Target. Target is a guest friendly retail store that values every single customer, and strives to make sure that every single
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guest shopping in Target always finds what they are looking for. Target doesn’t just strive to get sales in stores but rather they focus on local community issues and just issues period in the U.S. Target was striving and the company goal was to give $1 billion dollars for education by the end of 2015. Education is one of the main issues for Target employees and guests so Target has taken it into initiative to make that one of their top priorities showing that they have corporate social responsibility as one of their key building blocks in their company. Targets primary stakeholders are YOU the guests. Target values their loyal customers and guests and asks for their opinions on everything that they are doing from in store projects and guest service, to being out in the communities trying to help our communities with educational issues. Target conducts guests surveys so that they can get valid feedback from their guests on how they are doing as a company in regards to upholding the brand of Target by helping stakeholders with all of their needs whether it is inside of company stores or if it’s at local schools or libraries in the community. The secondary stakeholders are peopling like me the employees of Target. “Target allows their employees to speak on behalf of the brand and personally express what their contribution means to them.” (Mainwaring, 2014) Target offers us as employees surveys where we can express our ideas about new things that we would like to see, express our perspective on community issues and on how we think that it can be fixed, and express our concerns with what’s going on in the community. “By witnessing the impact of their programs on people’s lives, employees come to understand the importance of the values, quality and reputation of the company in its category and marketplace. This in turn inspires them to defend the brand to promote the company and become passionate advocates.” (Mainwaring, 2014) Target has ongoing relationships with Non-governmental organizations, community leaders, and governmental organizations that allows them to establish the most pressing and current issues facing our communities today. Target does a number of different things to demonstrate its social responsibility to the community. Many of these things include food donations, cleaning up schools and parks, painting homes, blanket making and even participating in games and crafts with seniors and adults who have disabilities. “Since 1946, Target has been committing more and more effort and assets toward local and environmental support for the communities in which they have stores. Over the past several years, the company’s efforts—from growing sustainable practices to educational grants—have amounted to 5 percent of its profit going to local communities. That’s $4 million each week! In the area of education alone, Target has donated more than $875 million since 2010.” (Monero) Targets number one focus on social responsibility is education. Many team members that work for Target and other volunteers visit schools and engage in programs like “reading buddy” where employees that work for target sit and read to kids. Some of the non-governmental organizations that are secondary stakeholders for Target include the NAACP and DiversityInc, who strive to create an innovative environment through diversity. Other organizations such as FishWise and ENERGY STAR who Target partners with to create strategies on how to develop specific action plans towards sustaining better seafood strategies for better health in the community and more efficient ways on saving energy with different products. Children’s Literacy Initiative and The Heart of America foundation are both non-governmental organizations who Target also partners with to help with education in our local communities and schools. One example of how The Heart of America Foundation affects the perception of Target as a company is the reputation that Target earns, and secondly the publicity that Target earns from the public eye for focusing on childhood education issues and other issues facing our communities.
Target knows and understands that depending upon its corporate social responsibility that plays a key role in whether or not customers and consumers will shop in Target. Negative publicity can ruin any company’s reputation and can even lead to a company going out of business. Target demonstrates ethical responsibility because by volunteering in classrooms, at local shelters, and in local communities they show to all of their customers that they are just focused on doing the right thing. The shareholders and stakeholders differ for Target. Shareholders are only people who own part of the company through stocks. Stakeholders are interested in the company for other reasons besides stock such as corporate social responsibility, ethical responsibility, and economic responsibility for not only themselves but the consumers as …show more content…
well. Cleary, Target is striving to drive corporate social responsibility through their leadership in the community.
Target is proving that they are not just a regulated retail business and that they aren’t just in it for the money, rather they are here to provide service to customers inside stores and in local communities. They do many things to help drive better education like “buddy reading” where employees read to kids and they have given away $875 million dollars since 2010 just for educational purposes in our local communities. Target also partners with NAAPC and DiversityInc who strive to create an innovative environment through diversity in the working field. Target is clearly on the right path with corporate social responsibility and is leading by example in ways to truly make this world a better place. It isn’t just about making money businesses goals shouldn’t be about making the most money at all cost but rather it should be altered to shaping and changing the lives of our youth and future generation
leaders. References Corporate, T. (2016). Stakeholder Engagement. A Bullseye View. Corporation, T. (2011). Target Named One of the "World’s Most Ethical Companies". The Bullseye. Mainwaring, S. (2014). How Target Built A Brand Story That Benefits Employees, Customers, And Community. Forbes. Monero, C. (n.d.). Doing Their Part: 3 Excellent Examples of Corporate Social Responsibility. Line/Shape/Space.
As compared to its rivals, Target has presented its brand as a middle-class brand which assists in attracting customers that find other stores like Walmart unpleasant
Target has many competitors in the market, and the level of competition is highly intense. Some of its main rivals are Wal-Mart stores, Home Depot and Costco Wholesale Corp. All of them produce similar products as well as offer almost the same services to their consumers. Naturally, the organization would need a strategy that helps it to stand out and to distinguish it from its competitors, thus, Target 's positioning was based on more than just pricing; it combined quality and style. This was the differentiation strategy that have always been applied since the launch of the organization.
Target stores, inc.is a sister company of Dayton Hudson Corporation and started in the year 1962 the same year as two other large retail stores Wal-mart and Kmart. Target has always operated with the motto “ Expect More and Pay Less” target is the third in the big three in U.S. falling behind Wal-Mart and Kmart.a major part of target's success comes from its ability to bundle bargain prices with fashionable name brand merchandise with excellent customer service. Dayton’s department store started looking into Target as a discount chain in the year of 1962 when the company saw a rising in public demand for lower priced merchandise in a family friendly and convenient environment. The name target along with the bulls eye logo were selected for the company's visual impact also to show that target aims at offering
Target must compete vigorously and fairly in the marketplace using our independent judgment to make the best decisions for the Company.
Target is also a company that is built on ethics. With integrity instilled in all of their team members, everyone helps to uphold Target’s great reputation and maintain their morals of honesty and family. Another big part of Target’s company culture is their focus on community service. After working for Target, one is truly able to understand the meaning of giving back. At Target, team members dedicate their volunteer hours to work with schools, nonprofit organizations, charities etc. to make a difference in the world.
The basic definition of social responsibility is that all companies should embrace more than just the focus of maximizing profits, and should have as part of their business model the goal to have a positive impact upon the society in which they operate. (Investopedia, 2014) Some businesses believe that social responsibility can only be applied to individuals and not to a corporation or business entity, and that the social responsibility of business is only to maximize the profits of the company for the shareholders of the organization. By maximizing the profits of a business, society as defined by these companies, is benefiting because the business is successful adding value to the entire society in which the company is operating.
According to Schafer (2013), Target Corporation desire is to improve Target Brand and be a better version of Target with an incremental products and services. Target Corporation acquisitions counter any threat from other rival online retailers and allow Target Corporation to cross promote between Target and the new entity strengthening its
Social responsibility can be defined as “the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” (Mallen Baker, 2004). In addition, social responsibility has been defined differently by various corporate leaders that provide guidelines which impacts how one manages the core business. Social responsibility is an essential part of a business. If managed correctly should strengthen the competitive spirit of the company and provide prosperity to society.
1. The Discount Department Store. Target prefers to be called as the latter instead of just department store. Expect more, pay less. With this tagline, the customers expect to purchase more items and pay the least amount possible. Not like other retail industries like its competitor Kmart and Wal-Mart, Target maintains retail value in terms of product offerings. They are known in their designer’s items in clothes, exclusive beauty products, categorized and functional goods, and seasonal offerings. It also sells the greatest number of gift cards among its rival business.
Target is one of the America’s top retailers, but still has a few things that can be improved upon before it can overtake its top competitor. Although Target may not be the top ranked retailer at the moment, it’s not hard to see why this company has stood the tests of time and continues to thrive today.
Target is known to offer higher quality and more innovative products. Adding garden centers and food highly increased Target’s sales and rivalry. This store chain signs exclusive partnerships with designers like Jason, Wu, Zac Posen, Isaac Mizrahi and the most recent Lilly Pulitzer. It is every customer’s preference to be well dressed without overpaying. Sustaining low prices to remain competitive in the industry is Target’s priority. By sells its products directly to customers it is able to keep the cost at or below competitors. Target’s Red Card, Target Visa, Target Card and price matching of online retailers provide additional discounts for customers. Reinvestment into community puts Target in the front pages. This company spends “4 million dollars” programs (“4 Million Every Week”) every week in civic giving. Consumers look to support retailers who are actively involved in the community through sales of homegrown products and sponsorship of local events or
The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance” (Johnson, Schools and Whittington, N.D cited in March, 2012). Stakeholders can be defined as “those individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends” (Johnson, Schools and Whittington, N.D cited in March, 2012). There are many purposes for this essay, the first purpose is to descried the key principles of corporate social responsibility and explain their importance for stakeholders. Secondly, is to show how far this company follows those principles in order to be accountable to at least three of its stakeholders. In this essay, three stakeholders, environment, customers and employees will be evaluated respectively and the key principles of the stakeholders will be examined.
However, there can be more definitions about what Corporate Social Responsibility can be. For example, Corporate Social Responsibility can be the commitment which is continuing for a business to behave ethically and bring to economy the development to improve the workforces’ of the whole society and local community and their families’ quality of life. Corporate Social Responsibility is also known as the obligation of a company to serve the society’s interest and of course its own. With the help of the Corporate and Social Responsibility, social and environmental concerns companies can integrate into their business and stakeholders operations.
Corporate Social Responsibility is management’s obligation to protect and promote their stakeholders welfare. Social Responsibility is more than just obvious ethical issues like honesty and integrity in business dealings.