SWOTT Analysis
10 Pages

SWOTT Analysis

Course Number: BUS 475, Spring 2011

College/University: University of Phoenix

Word Count: 1676

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Running Head: SWOTT Analysis Paper and Table 1 SWOTT Analysis Paper and Table Jared Rollins BUS/475 January 17, 2011 Nels Holmgren University of Phoenix SWOTT Analysis Paper and Table 2 In t roduction In the paragraphs to come, this paper shows a detailed description of the environmental analysis for my proposed business of a new sports performance store, which consists of internal and external...

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Head: Running SWOTT Analysis Paper and Table 1 SWOTT Analysis Paper and Table Jared Rollins BUS/475 January 17, 2011 Nels Holmgren University of Phoenix SWOTT Analysis Paper and Table 2 In t roduction In the paragraphs to come, this paper shows a detailed description of the environmental analysis for my proposed business of a new sports performance store, which consists of internal and external environments. Environmental analysis is important so t hat key variables are identified, which in tu rn assist an organization in effectively formulating promising strategies for starting business of a new sports performance business and compete in the local and regional market in an effective manner. Abstract The SWOTT Analysis will discuss Strengths, Weaknesses, Opportunities, Threats and Trends for a new sports performance business in Regional, as well as the companys M ission, Objectives and Vision. The paper will discuss in detail and, in some instances, b riefly external forces and t rends, competitive analysis, internal forces and t rends considerations, goals and leadership. New Mission and Vision Statements Sports Performance business has rewri t ten its mission and vision to make i t more competitive strategically. The revised Mission Statement entails, To become the number SWOTT Analysis Paper and Table 3 one Sports Performance business in the United States area, we are an innovative new idea t o the sports industry, assisting individuals to get better throughout America and give i ndividuals a chance to feel like they can compete like an NBA superstar. We help i ndividuals stay confident and feel better about themselves with the best possible products available. This mission is clearly stated and advises the prospective customers of the acumen of the business and the customers. The Vision statement discusses that We help individuals stay confident and feel better about themselves with the best possible t reatment and products available. T hese two factors combined assist in outlining the Strengths, Weaknesses, Opportunities and Threats to the Company as i t moves forward to become a leader in its i ndustry. SWOT Analysis Strengths- External Forces The strengths of my sports performance business are significant. The main strength is with the concept of where the company wants to go in becoming a leader in i ts industry w ithin its region. Many of todays major corporations all started with an idea and a passion t o make the idea a reality. Microsoft and Apple are two companies that immediately come t o mind. Obviously neither company will be a competitor with my sports performance SWOTT Analysis Paper and Table 4 business but the strength is the motivation to enter the market at such a t ime in the economy and have the drive to implement the desire to succeed. SWOT Analysis Weaknesses In ternal Forces Weaknesses are many for this company. A vision and mission can take a company to g reat heights but the reality of acquiring customers and swaying customers to leave their current sports performance products will be a difficult hurdle to overcome. Not hi ring an experienced staff can be the downfall of my business as the employees are the face of the company. When the face is not knowledgeable, professional or compassionate the face will f rown to the consumer. SWOT Analysis Opportunities - Trend Considerations The opportunities are endless. Since the company is interested in becoming a r egional leader company, the opportunity here is not to start the business in where you may f ind too many sports performance businesses at a close range. The business should be s tarted in an area that has few sports performance competitors. Less competitors, gives a g reater chance for success. E nvironmental analysis Environmental analysis is the monitoring and evaluation of the environmental factors, which assist the organization to gain an in-sight about the main aspect, existing in SWOTT Analysis Paper and Table 5 the surroundings. I t is performed by the organizations to minimize the negative impact of obstacles present in the environment (Bradford & Duncan, 2000). I t has two components internal and external environment. These are as follows: Analysis of internal environmental: I t is performed by the organization to evaluate the internal factors such as culture, resources, strategy, structure, intellectual property system, leadership and goals of organization in order to identify the strength and weakness present in the business environment (Boone & Ku r tz, 2006). A nalysis of external environment: I t is performed by the organizations to evaluate t he external factors such as economical, legal & regulatory, technological, social, global and i nnovation for the identification of the opportunities, threats and t rends present in the external environment (Wheelen & Hunger, 2004). I n building a strategic plan, it is important that the organizations vision maintain a close correlation with the overall vision of the organizations leaders. In line with the concept of Strategic Thinking, the vision must allow for f lexibili ty and innovation. The v ision should allow for creative ways to meet goals and objects and not hinder or prevent the organization from meeting i ts requirements. The organizations vision should be developed by both senior and mid level leaders of the organization. E nabling all of levels the management chain to participate in developing the vision of the organization obtains input from the most senior leader to the first level manager. SWOTT Analysis Paper and Table 6 The organizational vision must be articulated to organizational personnel. This is to i nclude those employees that are not managers and who will ultimately be the day-to-day employees that implement the vision. The employees, who understand the future direction of the organization, are more likely to suggest creative strategies that will enable the organization to meet its objectives in a more efficient and productive manner. This is in l ine with the concept of Strategic Thinking. To facilitate an understanding of i ts vision to its employees, the leaders need to hold town meetings and brown bag lunches. This type of interactive forum serves two purposes. F irst, employees are educated on the vision of the organization. This is important because challenges are encountered on a regular basis from both internal and external sources, and i t is important to have an informed workforce who understands the direction of the organization. This enables the workforce to make better decisions to meet mission r equirements. Secondly, decision makers are able to hear the feedback from employees on the vision t hey have created. This empowers the workforce to provide input and possible changes to t he organizations future, creating a more effective workforce. Table 1 SWOTT analysis of external factors SWOTT Analysis Paper and Table 7 SWOTT/FAC TOR Legal and Regulatory Compliance w ith regulatory f ramework Expansion of business Productivity Lack of p roper u nderstandin g of laws Inadequate Resource Increasing policies Special i ncentives for personal t raining studio Innovative p ractices Environment Restrictive laws Foreign companies Strength Weakness Opportunity Threat Trend Global Economic Technological Advanced t echnology Creativeness i n service p rocess Socially accepted Lack of p roper use Poor i mplementati on Bar riers of society I nnovation I nnovativene ss in service t echniques P roper u tilization Can attract t eenagers New competitors Adoption of personal t raining s tudio by other companies Shift in t echnology Market performance Profit m aking organization I neffective analysis Increasing i nvolvement Trends in economic i ndicators A utomated services Increasing requirement s Increasing a ttention of women for f i tness Protection laws Social Environment al Competitive analysis Favorable situation Complex nature Offer In-depth study Poorly administered Can take the advantage of competitors experience Increasingly used by the competitors Essential part of the business Table 2 SWOTT Analysis Paper and Table 8 SWOTT analysis of internal factors SWOTT/FAC TOR Strategy Strength Weakness Opportunity Threat Trend Planned management P roperly structured Inadequate development I mproperly m anaged Attainment of goals Growth in other business Structure Processes and systems Resources Effective systems P lenty of resources S trategic development D ifferentiate d technology I neffective administrati on Improper u tilization Lack of s trategic i ntent O ld fashioned Use of p romising t echniques Optimum u tilization Increasing t he goodwill Assist in G rowth Strategic p lanning of competitors Well structured organization of competitors Effectively i ntegrated systems Competitive resources P roperly developed Cut throat competition Requisite component Essential part Organized p rocesses Essential for i ncreasing awareness Goal specific organization New t echniques of personal t raining Increasing cultural adaptation Goals Technologies Culture B usiness p ractices according to t he culture Strategic capabilities Intellectual p roperty Leadership Well organized Improve position Skilled Lack of p roper k nowledge about cultural assumptions Inadequate use Inadequate k nowledge A utocratic Increase awareness among the customers of d ifferent background Assist in dealing with competitors Payment Assist in Cultural barr iers Market competition Simulation E ffective Regular p rogress Off-shoring Essential SWOTT Analysis Paper and Table 9 employees nature minimize the i mpact of obstacles Improve the business portfolio leadership style of competitors Waste of capital and t ime part of organization Used at global level Innovations C reativeness Not i mplemented according to t he competition Conclusion On the basis of above discussion, i t can be said that to establish a good sports performance business is not an easy task and i t requires an in-depth analysis of all the environmental factors, which play a promising role in the success or failure of the new business strategy. I t is also necessary for the organization to formulate strategies according t o the requirements of the factors. So, it is essential for the organization to assume each factor as the key component for establishing business in a successful manner. SWOTT Analysis Paper and Table 10 Reference: Boone, L.E & Ku r tz, D.L. (2006). Contemporary Marketing. Thomson South-western Publishing company. Bradford & Duncan. (2000). Simplified Strategic Planning (3rd Revised Edition). Chandler House. Wheelen, T.L. & Hunger, J.D. (2004). Strategic Management and Business Policy (9th edition). New York: Pearson Education L td.

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