成功案例设置

70% Individual Assignment
2500 words
This is a strict limit not a guideline. Any piece submitted with more words than the limit will result in
the excess not being marked.
“Prepare a research report assessing the performance of Target from fiscal year 2018 to 2023
(from 31 January 2019 to 3 February 2024). Prepare your assessment from the shareholders’
perspective, asking if this has been a good investment over the period. Financial data for
Target can be found at the link “Target SEC filings ”.
You are assessed based partly on your technical skills, but more importantly the extent to
which you understand the materials covered in the module. Good discussions should include
relevant academic and practitioner-oriented journal readings, sector reports, as well as refer
tightly to your own analysis to support your arguments and discussions. The overall word
count is 2,500 words excluding appendix which contains full disclosure of the required
calculations. Your assignment contains two parts. Do not exceed the word count.
This assignment requires you to show progress from your Group Assignment Presentation in
the following ways:
 Writing skills and ability to conduct independent research individually
 Ability to persuade readers of your ideas that are supported by data/information
(evidence)
 Ability to search legitimate sources of information and relevant academic readings to
enhance the quality of the report
 Demonstrating advanced analytical skills in applying DuPont model as a framework
 Integrating financial information provided by the financial statements taught in
the module
The assessment criteria for each part of the assignment are included below. The overall
Marking criteria that will be applied are the WBS generic PG Marking criteria detailed in your
Student Handbook: Comprehension, Analysis, Critical Evaluation and Academic Writing.

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Part I – Technical skills (30%).
Use of databases for raw data is prohibited. This part should be adequately designed and well-
presented and clearly illustrate the required indicators/figures. You must calculate your own
indicators/figures. It is not recommended to use the indicators disclosed by the company directly

1. 5 factor DuPont model of ROE and its components (ROCE, leverage, interest burden, and tax
burden)
2. Level 2 and Level 3 detailed analysis of ROE drivers.

Assessment criteria: 1) ability to compute the required indicators and figures and understand what
they mean in measuring performance of a firm in holistic views. 2) presentation and readability of
data in the assignment. List the process of the calculations, for example, the numerator and the
denominator for each financial indicator in each financial year. All balance sheet related
numerators and denominators should be based on the average amounts.

Round all financial indicators to 2 decimal places. ROE, ROCE, operating profit margin, interest
burden, and tax burden should be presented based on the ‘percentage’ number format (%). Asset
efficiency and financial leverage are presented based on the ‘number’ number format.
Part II – Critical evaluation skills (70%).
This part of the report should include the following content:

1. An executive summary page of the report, summarising the key findings (10%)

2. Content should include the following 4 points:
i) a brief overview of the company, and macroeconomic and sector conditions (10%)
ii) a summary of the company’s financial performance and position given its context (20%)

Assessment criteria: description of the key strategy that includes (but is not restricted to)
the choice of product segment (choice of sectors), competitor identification, intensity of
competition, and interpretations of ROE and its drivers that reflect the underlying strategy
and its outcomes. The discussions should be well structured and articulated. Do not use
bulletin points.

iii) Read the AI generated report on pages 3 – 4 and criticise the report on the company’s
recent financial performance and position based on 5 factor DuPont analysis (50%)

Assessment criteria: critical and analytical skills on how you make sense of the detailed
DuPont ratios in interpreting the company’s strategic initiatives. The arguments should be
well structured and discussed. Limit the use of bulletin points.

iv) Conclusion, presentation, use of references, and properly styled references and in-text
citations (10%).

Assessment note: Do not place the resources that are not cited in the main body in the
reference list. It is prohibited to use Investopedia and Wikipedia. All relevant concepts

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and ratios should refer to textbooks, academic and practitioners’ journals, news articles,
and the reports from databases provided by the University library.

Continued…/

ChatGPT generated report:

1. Sales Performance
 Sales have grown consistently from 2019 to 2021, with a peak in 2021 at $104.6 billion.
However, there is a slight decline in sales between 2022 ($107.6 billion) and 2023 ($105.8
billion), suggesting a cooling off after the pandemic-driven sales surge.
2. Total Revenue and Cost Management
 Total revenue follows the sales trend, with steady growth peaking in 2022 before declining
slightly in 2023.
 Cost of sales has also increased significantly from 2019 ($54.8 billion) to 2022 ($82.2 billion),
reflecting higher costs likely due to inflationary pressures, supply chain challenges, and
growth in sales. In 2023, cost of sales dropped to $77.7 billion, indicating better cost control
or reduced sales volume.
3. Profitability Margins
 Gross margins fluctuated over the five years, with a notable decline in 2023 (26.5%)
compared to 2021 (28.3%), suggesting increased cost pressures.
 Operating income margin also declined sharply from 8.4% in 2021 to 5.3% in 2023, showing
that Target faced challenges maintaining profitability despite high revenues.
4. SG&A Expenses
 Selling, general, and administrative expenses (SG&A) rose steadily over the years, from
$16.2 billion in 2019 to $21.5 billion in 2023. This increase, combined with lower revenue
growth, resulted in higher SG&A as a percentage of revenue (20.1% in 2023 vs. 18.6% in
2021).
5. Net Earnings and EPS
 Net earnings fell dramatically from $6.9 billion in 2021 to $2.8 billion in 2022 but slightly
improved to $4.1 billion in 2023.
 Similarly, basic earnings per share (EPS) dropped from $14.23 in 2021 to $6.02 in 2022,
rebounding to $8.96 in 2023.

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6. Long-Term Debt and Shareholder Investment
 Target’s long-term debt has increased moderately over the five years, from $11.5 billion in
2019 to $16.0 billion in 2023.
 Shareholders' investment has remained relatively stable, with a slight decrease in 2022 but
recovery in 2023.
7. Comparable Sales Performance
 After strong growth in 2020 and 2021, comparable sales dropped by 3.7% in 2023, indicating
challenges in maintaining previous momentum.
8. Operating Cash Flow and Capital Expenditure
 Operating cash flow saw significant variation, with a peak in 2020 ($10.5 billion), a drop in
2022, and a recovery to $8.6 billion in 2023.
 Capital expenditures have grown steadily, indicating ongoing investment in infrastructure,
rising from $3.0 billion in 2019 to $4.8 billion in 2023.
Summary:
Target has experienced strong growth between 2019 and 2021, driven by increased consumer
spending, especially during the pandemic. However, the company's financial performance in 2022
and 2023 indicates some challenges. Higher costs, both in SG&A and cost of sales, have compressed
margins and reduced profitability. Despite this, Target has managed to maintain strong cash flow
and continues to invest in its operations. Moving forward, managing costs and revitalizing sales
growth will be key to improving profitability.
Key Insights:
 Shifting Consumer Preferences: Consumers are spending more on essential goods like
beauty, household essentials, and groceries, while reducing their spending on discretionary
items like apparel, electronics, and home goods.
 Economic Headwinds: The declines in non-essential categories suggest that inflation, supply
chain disruptions, or changes in spending patterns post-pandemic may be influencing
Target's overall sales performance.
 Opportunities for Growth: Target’s strength in everyday essentials (beauty, household
items, and groceries) presents a significant opportunity for the company to focus on
maintaining and growing these high-demand areas while navigating challenges in more
discretionary categories.

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Continued…/

Please note,
“The University recognises an increasing number of technologies such as Artificial
Intelligence and that they may be applicable in your completing this assessment.
The student handbook has further guidance and advice.
You are reminded that the inappropriate use of such a technology may constitute
a breach of University policy, such as the Proofreading Policy or Regulation 11
(Academic Integrity). If you breach these policies, it may have significant
consequences for your studies. Please make sure you read and understand the
assessment brief and how AI may or may not be used.
You MUST NOT use any generative Artificial Intelligence in this assessment unless
specifically authorised for reasonable adjustments. You MAY use non-generative
tools such as a spell-check, basic grammar check (non-generative), calculator or
similar. If you have any doubts about a tool or service you plan to use please
contact the module leader.

SUBMISSION DEADLINE: 12:00 (UK time) Tuesday, January 14, 2025

Assignment Preparation (found in your Masters Student Handbook Section 6.2b)
Word Count Policy and Formatting (found in your Masters Student Handbook Section 6.2c)
Guidelines for Online Submission (found in your Masters Student Handbook Section 6.2e)
Your assignment cover sheet can be downloaded from this page.
ChatGPT and AI (found in your Masters Student Handbook Section 6.1e)

You must submit your completed assignment online via my.wbs. The submission deadline is visible
on your my.wbs home page. Submission dates and times are serious deadlines which must be strictly
adhered to. You must submit your document by 12:00 midday (UK time), if you submit later than
12:00:00 your submission will be late and penalty marks will be incurred.
A completed assignment coversheet must be included as the first page of your script (see section
6.2b/e). If you have reasonable adjustments, you should also provide the cover sheet from the
Disability Team.
Do not include your name anywhere in the assignment, all marking is anonymous.

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Continued…/
You should include your University ID number in the header on every page and number all pages in
the centre footer, your document should be in A4 page layout, Arial font size 11pt with 1.5 line
spacing and 2.54 margins (see section 6.2c).
My.wbs will only allow you to upload one file.
Please submit your work as a PDF, we will not accept PDF files of scanned documents. You should
create your assignment in your chosen package (e.g., Word), then convert it straight to PDF. Please
ensure that you create the PDF in advance of the deadline as technological problems will not
normally be accepted as mitigating circumstances for late submission.
You should name your file as your Student ID number underscore Module Code, e.g.,
1234567_IB9XXX.
When submitting your assignment you will need to confirm that the work you are submitting is your
own, that you have referenced your work and that you understand the University Regulations with
regard to Academic Integrity.
Please note, AI generated text cannot be presented as your own. Like any other resource utilised in
the creation of your academic work, you need to acknowledge and reference that you have used AI-
generated content (see section 6.1e).
Double check that you are submitting the correct file. You are responsible for ensuring that you
submit the final version of your work.
By submitting your assignment, you confirm that you agree with the following statements:

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Continued…/
Once you declare your agreement with the statements, it will not be possible to claim that you were
unaware of these requirements in the event that your work is subsequently suspected of Academic
Misconduct.
After submitting, please check the correct file has successfully uploaded, by opening the document
link on the submission page and scrolling through the entire document.
You can retract your submission before the deadline to upload an updated file, the retraction button
can be found in the same place you submit your assignment. Please upload your new document
before the deadline, submitting after the deadline will attract late penalties.