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Management Skills Of Target CEO - Paper

Management Skills Of Target CEO

Management 100
March 14, 2014

The two most important management skills that are needed by Gregg Steinhafel, Targetâ€™s CEO, are conceptual and analytical skills.
Conceptual skills refer to â€śthe ability to think in abstract terms, and to see how parts fit together to form the whole, are needed by all the managers, but particularly top-level managers. Top management must be able to evaluate continually where the company will be in the futureâ€ť (BACW: p.194). Steinhafel had an abstract picture of how the Canadian Target would bring profit to the company. Although he showed poor conceptual skills as the profits results from the Canadian stores were far from his predictions because ...

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decision brought negative outcomes to the company, which is why conceptual skills are very necessary to have as the CEO of Target.
Another example supporting the need of conceptual skills for the CEO of Target is the fact that his decision about introducing high end brands products to the stores was not successful. As Dudley writes in his article, â€śLast year, the chain spent heavily to advertise a joint holiday collection â€¦that featured items from designers such as Tory Burch and Diane von Furstenbergâ€¦ Within weeks, Target had slashed prices by as much as 70 percent to move the merchandiseâ€ť (Dudley & Townsend). This creative strategy failed to bring profit, therefore he needs better conceptual skills in order to picture better the new market strategies for the company. Also, in another occasion, pointed by Yang and Jayakumar, the CEO failed in having creativity to bring customers back after the data breach. He thought that by offering 10% off in-store purchases would ...

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PAPER DETAILS

Added: 10/17/2016 03:52:35 PM
Submitted By: bluesriffs
Category: Business
Type: Premium Paper
Words: 890
Pages: 4

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