Target: Mechanisms of Control
Within this week five assignment Team “A” has Identified Target Department store chain as the organization in which they would like to document in this exercises. Team A will also identified four control mechanisms that are used, compare and contrast these control mechanisms, determine the effectiveness of the control mechanism, examine the positive and negative reactions and explain how these controls affect the four functions of management. The for control mechanisms are identified as setting performance standards’, internal audits, profit and loss statements, and feedback control.
Setting Performance Standards As stated on the Target Company web site (Target, 2012) target employs 355,000 employees worldwide. With a large group of employees Target must set standards that help the employees understand and achieve the mission of the company. (Bateman/Snell, 2009) As stated in the online text a standard is the expected performance of a given goal.
Internal Audits In most organizations internal audits are conducted to gauge the performance of the company or identify areas of improvement or future opportunity. As a result of these audits Target has noted on their website some results.
- Fortune magazine ranked target No. 22 on its list of Worlds Most Admired Companies
- Forbes magazine ranked Target No. 23 on its list of Americas most reputable Big Companies
- Diversity Inc magazine ranked Target No. 44 on its list of Top 50 Companies of Diversity.
All of the metrics for these magazines come from some sort of internal audit.
Profit and Loss Statement The profit and loss state for a company like Target who is dependent on the retail consumer shows the actual success of the company. In most retail organizations these profit and loss statements are used to gauge performance per store and award bonus related to that individual stores performance.
Feedback control
. In most large retails organizations feedback is provided by the consumer. Managers use
Setting Performance Standards As stated on the Target Company web site (Target, 2012) target employs 355,000 employees worldwide. With a large group of employees Target must set standards that help the employees understand and achieve the mission of the company. (Bateman/Snell, 2009) As stated in the online text a standard is the expected performance of a given goal.
Internal Audits In most organizations internal audits are conducted to gauge the performance of the company or identify areas of improvement or future opportunity. As a result of these audits Target has noted on their website some results.
- Fortune magazine ranked target No. 22 on its list of Worlds Most Admired Companies
- Forbes magazine ranked Target No. 23 on its list of Americas most reputable Big Companies
- Diversity Inc magazine ranked Target No. 44 on its list of Top 50 Companies of Diversity.
All of the metrics for these magazines come from some sort of internal audit.
Profit and Loss Statement The profit and loss state for a company like Target who is dependent on the retail consumer shows the actual success of the company. In most retail organizations these profit and loss statements are used to gauge performance per store and award bonus related to that individual stores performance.
Feedback control
. In most large retails organizations feedback is provided by the consumer. Managers use
References: Target .Com. (2012). Target Company. Retrieved from http://sites.target.com/site/en/company/page.jsp?contentID=WCMPO4-30795 University of Phoenix Online Library. (2009). Management: Leading & Collaborating in Competitive World. Retrieved from http://ecampus.phoenix.edu “Our Mission” Retrieved from: http://sites.target.com/site/en/company/page.jsp?contentId=WCMP04-031699 (2012) DATAMONITOR: Target Corporation. (2011). Target Corporation SWOT Analysis, 1-11. Schlosser, J. (2004). HOW TARGET DOES IT. Fortune, 150(8), 100-112