Essay on Target Corporation's Strategies in Knowledge Management, Social Media, and Business Analytics

Introduction

Target Corporation is a merchandise retailer in the United States. The company has a presence in 50 states and in the District of Columbia, where 75% of the American population lives within the retailer (Target Corporation, 2020). The company is known for its unique shopping experiences due to its ability to provide exceptional goods, services, and products. Target Corporation aims to ensure that their clients spend more with fulfillment. Their services and goods are designed to accommodate every individual or family that shops in the outlet. The company has the advantage of storing most of what every family or citizen needs within their household. The same makes them a suitable shopping outlet for many American citizens.

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Knowledge Management System

Knowledge management systems exist to assist companies to serve their clients better. They are used for the internal and external liaison to facilitate process alignment. Target Corporation is likely to utilize the Intelligent Techniques Knowledge Management Systems in their strategy execution. The company is expected to use this form of system because it has a wide range of ways to observe consumer behavior to ensure that it effectively responds to the same. Intelligent Techniques are closely related to artificial intelligence (AI), which allows computers to interact with human beings and make sense of their repeated patterns. Target Corporation, therefore, may use Intelligent Techniques since they have an interpretive approach that focuses on tacit knowledge, which is relational, socially constructed, and emergent (Sanzogni et al., 2017). The shopping behavior of the consumers at Target is mostly guided by the emerging trends and the service provided by the employees working at these stores. Shoppers at Target Corporation are driven by emotion and intuition, whereby they get excited by the offers at Target (Target Corporation, 2020). Their primary response to the same is usually more shopping, and this behavior accounts for more revenue in the form of sales for this company. Therefore, the company uses the Intelligent Technique to execute its strategy and facilitate consumer relations.

Social Media Presence

Target Corporation has invested heavily in a CRM system to facilitate better consumer experiences. Their, 'Expect More. Pay Less' tagline allows them to attract all sorts of consumers interested in their numerous discounts. The company uses its CRM to offer face-to-face interactions with their current and potential clients. Their CRM offers direct interactions, which allow for the conversion of clients into loyal consumers. It improved from their previous system, making it challenging to liaise with partners, suppliers, and consumers (Chen & Popovich, 2013). Target uses its social media presence to monitor and engage with all sorts of individuals, and the same allows them to build sustainable relationships. When comparing the social media presence and the CRM tool, one can establish that they compliment each other by enabling the company to form and sustain consumer relations.

Business Intelligence and Business Analytics

Business intelligence and analytics are useful in the decision-making process of any entity. They are concepts that help make decisions based on actionable data (Parks & Thambusamy, 2017). Target Corporation, therefore, can use business intelligence and analytics in exploring and analyzing the patterns of the people interacting with their website and stores. This information can help implement and adjust business objectives on a real-time basis and future consumer practices.

Conclusion

All factors considered, Target Corporation can maintain a competitive advantage in the future. This is because they have demystified themselves from other retailers by establishing a sustainable brand reliant on strong business-consumer relations. One of the things that the company could enhance is its presence in other parts of the world. Expansion across Europe would assist them in maximizing their presence and revenue in multiple households.

References

Chen, I. J., & Popovich, K. (2013). Understanding customer relationship management (CRM) People, process and technology. Business process management journal, 9(5), 672-688.

Parks, R., & Thambusamy, R. (2017). Understanding business analytics success and impact: A qualitative study. Information Systems Education Journal, 15(6), 43.

Sanzogni, L., Guzman, G., & Busch, P. (2017). Artificial intelligence and knowledge management: questioning the tacit dimension. Prometheus, 35(1), 37-56.

Target Corporation. (2020). All about target | Target Corporation fact sheet. Target Corporate. https://corporate.target.com/about