SWOTT Analysis Week 3

SWOTT Analysis Week 3 - Running Head SWOTT ANALYSIS 1 SWOTT...

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Running Head: SWOTT ANALYSIS 1 SWOTT Analysis Jonathan Chretien BUS 475 November 1, 2010 Teresa Oelze
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SWOTT ANALYSIS SWOTT Analysis When starting any organization there are several internal and external forces and trends that can influence the success of the organization. Analyzing the different internal and external environmental factors is one way to ensure that the organization will be ready for most influential factors that might have an effect on the organization. Some external forces include: legal and regulatory, global, economic, technological, innovation, social, environmental, and competitive analysis. Some internal forces are: strategy, structures, process and systems, resources, goals, strategic capabilities, culture, technologies, innovations, intellectual property, and leadership. The wedding and event planning business will need to consider each of these factors. External Factors Businesses do not operate without competition. Businesses are constantly changing and reacting to external factors. The wedding and event planning industry follows the same principle. The first external factor that is analyzed is the legal and regulatory aspect of event planning. Legal Factor Not only do wedding and event planners have to worry about legal action against the business, but they also need to ensure that their clients are aware of the legal issues associated with getting married. Liability insurance is a wise decision to carry when venturing into the event and wedding planning business. If the business is not properly insured, the owners could be held financially responsible, which could not only end the business, but the personal financial situation could be in jeopardy as well. Global Factor 2
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SWOTT ANALYSIS With the event and wedding business just starting, there is not much of a global factor in place. That is not to say in the future, near or far, that it will not be a factor. There are people who want to have events or weddings all over the world. So the global factor could become a viable factor in the future. Global fashion trends could have an influence on the business. Fashion trends can be maintained through the use of technology and reading materials. Economic Factor Currently the economy has been crushing for most businesses. A great example of the current economic situation is the recent closing of Circuit City. Due to the saturation of several types of organizations in the event and wedding planning, this organization will have to focus on innovation, social factors, and other environmental factors to ensure success. The competition in this type of business is plentiful, which can make for a fun working environment if the leadership is focused. By making each client interaction a pleasant and carefree experience, this business
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SWOTT Analysis Week 3 - Running Head SWOTT ANALYSIS 1 SWOTT...

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