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Target's Stakeholders Relationship

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1. Target’s Stakeholders Relationships
For Target to build a competitive edge, it is important for the managers to make strategic decisions. They can involve the different stakeholders in doing so in particular; the employees, customers, local communities, and the suppliers. It is important for the managers to understand the customers’ needs as they are key to raising revenue for the business. It is important to collect information that includes both compliments and complains in order to know whether the business is moving in the right direction and the best strategies to go about in order to satisfy the customers. You can have a suggestion box at a strategic place where customers can place their comments and suggestions (Scott, 2012). Community …show more content…

Motivating your employees with fair compensation, proper training and empowerment helps you deliver a better customer experience. Empowering employees at all levels to make more decisions and take on more responsibilities not only makes them feel valued, but it can also improve your efficiency in responding to customer needs. Suppliers are the key sources of resources in the business. They normally input to the business a substantial amount of stock that often contribute a large amount of the business’s profitability. . If you have strong, trusting relationships with key suppliers, you can normally negotiate more reasonable costs and get more efficient replenishment when your inventory runs low.
During implementation of a strategy the stakeholders are normally important by developing mechanisms and incentives to ensure continued commitment. The customer might not get the value for the goods or the prices they would expect. The employees will be required to be flexible in order to provide services and also training and gain the required experience. The suppliers maybe required to make prompt transitions of the services they provided previously with what has been lately implemented (Scott, …show more content…

And this in turn provides a means of assessment of the business’s contributions to the society. The economic dimension demonstrates how a company generates value in a wider sense for example by creating human capital, fostering a good community for living, generating investments in infrastructure in the surrounding area, . The environmental dimension includes information on issues such as impact of products on the environment, emissions and wastes generated in the production process, and climatic change. The social aspect covers information on ethnic and gender diversity, social and community investments, and human rights issues, including labor and employment issues (Rothaermel,

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