2023 Real Business As you learned this week understanding your competition and adjusting your own business accordingly is | Assignments Online

Real Business

As you learned this week, understanding your competition and adjusting your own business accordingly is critical to a business’s success. A large discount retail store like Target competes not only with other discount retail store stores but also with those stores that offer just some of the products Target does, such as grocery stores. Keeping track of all these competitors is quite a task; that’s why large companies have a team of market researchers dedicated to managing that research.

Your Role

This week, you’ll assume the role of a Market Research Manager at Target.

WHAT IS A MARKET RESEARCH MANAGER?

Market Research Managers are responsible for creating and improving processes for gathering information on various market conditions, competitors, and consumer trends in their companies’ industries. They are typically responsible for managing a team of researchers and reporting their findings to the head of the department. Teams across the company then use these findings to help improve products, guide marketing efforts, and more.

As a Market Research Manager, part of your role is to consistently analyze Target’s position relative to its competitors and report on these findings. As part of this process, you complete a SWOT analysis for each of Target’s main competitors each quarter. The quarter is coming to a close, and your boss has asked for the latest SWOT analysis for Walmart.

INSTRUCTIONS

Step 1: Research

Search online and find 1-3 articles that discuss the competition between Target and Walmart. For each article:

• Provide a link to the article.
• Identify which aspects of the article will be helpful as you conduct your SWOT analysis.

Step 2: Strengths

Based on your own experiences shopping at Target and Walmart and the research you conducted:

• Identify 1-2 strengths Target has in comparison to Walmart. For each strength, explain your rationale.

Step 3: Weaknesses

Based on your own experiences shopping at Target and Walmart and the research you conducted:

• Identify 1-2 weaknesses Target has in comparison to Walmart. For each weakness, explain your rationale.

Step 4: Opportunities

Based on your own experiences shopping at Target and Walmart and the research you conducted:

• Identify 1-2 possible opportunities Target has to be more competitive with Walmart. For each opportunity, explain your rationale.

Step 5: Threats

Based on your own experiences shopping at Target and Walmart and the research you conducted:

• Identify 1-2 possible threats that might diminish Target’s competitiveness with Walmart. For each threat, explain your rationale.

Step 6: Who Will Come Out Ahead?

Based on your SWOT analysis, do think that Target or Walmart is better positioned over the long term to come out ahead? Why?

Step 7: Real-World Application

Conduct a SWOT analysis for your company and one of its biggest competitors using the methodology outlined in Steps 1-6.