Strategic Plan Part Ii Swott Analysis Business Essay

Strategic Plan Part Ii Swott Analysis Business Essay Starting a new business or company the owner must have a strategy plan that focuses on the companys strengths, weaknesses, opportunities, before opening the doors. Understanding the business SWOTT will help the development of the strategy plan and prepare for any unexpected problems that may occur within the internal and external environment. A SWOTT analysis particularly will allow Jeans rare find books, to audit, plan, and focus on key issues that come up in the business. External Trends Janes rare find books consider and selected the economic forces, competitive analysis forces, competitive external forces, and technological forces for the external analysis. . Competitive analysis Rays books, and Blakes wholesales books warehouse are the market competitive analysis focuses on the companys (Jeans rare find books) competitors has decreased. Blakes wholesale books warehouse controls 20% of the market and Rays books control 10% of the market. Jeans rare find books have computer kiosks set up throughout the store, which give them the competitive advantage over the competition. Selecting a book can be done with the touch of a button that will give a history of the book, first and last owner, and where the book is located. In addition, the store will have programs set up for high school and college students alike that will enable them to rent out available books using his or her school code, and students identification at a price that fits his or her budget. Strength: Offering rare books people cannot find, availability of signed, and first edition books of rare authors who people or individuals have not seen in years. Weakness: Opportunities: The ability to advertise and connect with people looking for a book. Threat: Larger store better technology Trends: The trend shows improvement and the ability to change and move forward. Economics Economics facilitates the decision making in the business considering the cost of products and services. Economic factors concern the nature and direction of the economy in which a firm operates. Because consumption patterns are affected by the relative affluence of various market segments, each firm must consider economic trends in the segments that affect its industry (Pearce Robinson, 2009, p. 94, Para 3). Strength: Good economic conditions increases, the budget, and improve the shareholder confidence. Weakness: fluctuation in economic conditions weakens and affects the companys operations. Opportunities: A boost in economic growth helps the expansion, and growth of the company. Threats: Slow tourist season affect the business. Technological forces Knowledge in technology helps a business in the daily process on filing documents, receiving suppliers, helping staff members, and customers. The correct knowledge of technology decreases the day-to-day business processing of paperwork. According to Pearce and Robinson, (2009) a technological development may have an unexpected result on a companys environment. It may produce refined products or greatly shorten the expected life of a production facility (p. 98, Para 6). Strength: Good technological skills help in operating a day-to-day business. Weakness: technological breakdown of computer systems can put a business on whole causing loss of profits and customers. Opportunities: The advance and upgrades of new technologies today will make it easier to track merchandise in less time and will help satisfy suppliers, and customers. Threats: The use of old and outdated technology systems will reduce the satisfaction, demands of suppliers, and customers thereby losing cash flow. Trends: Technological advancement enables the company to create an atmosphere customers appreciate, and expect without outside interference. Internal Forces and Trends Strengths and weaknesses internal analysis targets internal factors, which supplies a business advantages and disadvantages in meeting the needs of its market (My Strategic Plan, 2010). Businesses examine internal operating trends for less expensive ways to control business. Outsourcing unnecessary business performances or using the Internet to create sales is ordinary classes of internal trend (Vitez, n.d.). The selected internal forces and trends for the Jeans Books are culture, and resource. Culture Culture is a force and trend that includes business related social culture, and diversity within the workplace. Businesses that efficiently establish an internal culture based on common support, respect, and teamwork will recognize increased output and a better focus on customer service (Richards Media, n.d.). Strength: Diversity helps in reaching the competitive advantage as it serves in sharing beliefs, morals, and behavior that boost the businesss image. Weakness: Old culture or unfavorable culture of the business reduces the idea of business expansion. Opportunities: In todays work environment the company can easily grow and increase its market share offering new ideas on selling books within publishing industry Threats: A company without diversity may affect the business processing. Trends: Diversity, developing a business environment with a diverse group of people and individuals the company will have more value in the market Resources Resources from different publishing houses from around the country and overseas will generate more business for the company, and boost a loyal customer base. Strength: Connecting with the customers, having the right book for the right customer Weakness: Delays and unattainable recourses; competitors using similar concepts to sell books. Opportunities: To collaborate with publishing house from around the world. Threats: Competitors using similar concepts to sell books Trends: Young adult books, and children books. Issues and Opportunities The issues and opportunities regarding internal and external environmental analysis reflect respective issues and opportunities for Jeans Rare Books, new to the publishing industry. Advancement in technologies is the first major issue that forces the company to carry out the technology as per the customers current demand in this business environment. The highly competitive market will be good practice for Jeans rare find books company to implement a strategy plan that meets the needs of both the company and the stakeholders. SWOTT analysis looks at the issues and the opportunities that Jeans Rare Book Company will. Opportunities and resources from publishing companies will help business expansions increasing market shares and promotes the business toward growth and success. The most common use of SWOT analysis is as a logical framework guiding discussion and reflection about a firms situation and basic alternatives. This often takes place as a series of managerial group discussions (Pearce Robinson, 2009, p. 160, Para 3). Circumstances and Importance Classification Circumstances vary in the workforce; consider technological advancement the business may have issues with various changes and upgrades involving computer systems. Various changes and upgrades involving computer systems is very important for a new business, such as Jeans Rare Books to have a solid strategy plan in place. The company can get a clearer understanding of the weaknesses, threats, strengths, and opportunities to satisfy the customers demands. SWOTT is commonly used today in businesses across the country. It is a good practice, and learning point for a new business like Jeans rare find books to implement their long-term goals for the company. External Factors Factors Strength Weakness Opportunity Threat Trend Economic Cuts down on tax burden Fluctuations in economic conditions Expansion and growth opportunities Economic turnover Regular phenomenon that affects the long-term business performance Technological Helps run day-to-day operations Problems in technology create slow down in work Improved customer relations Reduced satisfaction level of customers Promotes company to furnish service is efficient way Facilitates in effective strategy formulation Lack of vital information Easy competition with the competitors Unable to concentrate on other requisites Conduct at quarterly periods Internal Factors Resources Availability helps to achieve goals in cost- effective way Delay of resources can cause harm to business Adequate allocation can attract more customers Unavailability can result in losses to company because of supply and demand Culture Good business cultures helps in reaching competitive advantage With modern staff company can grow easily and attract business Different cultures could affect day-to- day business In todays businesses much, consideration is given to cultural environment. Availability to a younger market