Business Strategies Assignment Example | Topics and Well Written Essays - 1500 words

Business Strategies - Assignment ExampleThe target market of a company is women aged from 25 to 54 who collapse children and a sufficient income to spend on their products. The company strategic approach is create around the convenience and price suit competent for its customers. Under this strategy, company has built its stores in a boxlike structure where shoppers can use carts to browse throughout the stores. Strategic management strategy of Kohls Corporation plays a live role in maintaining the companys profitability even in adverse situations. The customers taste and preferences are changing regularly, which can promptly reckon the business. To avoid certain situation, it is necessary to review the external trends of the market regularly in order to relieve oneself strategic actions on time. For this purpose, the strategic passenger vehicle needs to review the internal and external environment of the company. It involves the process of job scanning, addressing external en vironment and trends, and identification of opportunities and threats. External trends for Kohls Corporation The manager at Kohls Corporation has to face various external trends that mainly concern external business environment. The profitability of the company is based upon these internal and external factors quick in the business environment. ... Economic factors. In the past few years, there has been a decline in general economic condition of the country that leads to wither the customer demand for merchandise. It also leads to reduce the sales and gross profit margins of the company. According to the case, the companys present economic condition is quite well, and it is able to compete with its competitors, but for future prospective, company must keep track of functional and technological changes in the retail industry so that managers can take decisions on time (Jeffs, 44). Technological trends. At present, there are various technological trends entering the retail and depar tmental store industry that can affect the consumer taste and preferences such as shopping malls, where various brands can open their store under one roof. According to Kohls business strategy, they operate their stores in three settings the stand alone buildings, the big box mall and the lifestyle center. These three kinds of stores are able to create an environment that is convenient, friendly and exciting for their customers. It gives a unique feature to its business strategy. Governmental factors. What concerns the political situation, governmental policies and political system of the country are extremely uncontrollable, and it can adversely affect the consumer confidence. The eructation or escalation of war, the occurrence of terrorists acts and the other hostilities of the political system can lead to a decrease in spending by consumers. Socio-cultural factors. Socio-cultural factors include the knowledge, art, beliefs, morals, laws and springer of the society. The choices and purchasing habits of the customers are largely influenced by the socio-cultural factors, and it changes over time. Kohls Corporation