BUS475 Strategic Plan, Part II

BUS475 Strategic Plan, Part II - SWOTT Analysis 1 Strategic...

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SWOTT Analysis 1 Strategic Plan, Part II: SWOTT Analysis BUS/475 SWOTT Analysis The purpose of a SWOTT analysis in strategic planning is to specify the business objectives and identify the internal and external factors that are in favor or not in favor of
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SWOTT Analysis 2 achieving those objectives. A SWOTT analysis is the logical framework that guides discussion and reflects on a company’s situation and basic alternatives (Pearce & Robinson, 2009). As stated by Thompson, Gamble, and Strickland (2006) the analysis provides the basis for crafting a strategy that capitalizes on company resources, captures the opportunities that are best for company, and defends against threats to the well-being of the company. Within this paper a SWOTT analysis for an event planning business will be discussed. An analysis will discuss the economic, legal and regulatory factors and trends of the business. The paper also discusses how the business to adapt to change, the supply chain and the organization. The paper will identify issues and opportunities identified by conducting the SWOTT analysis along with a hypothesis of the conclusion whether or not the business idea should continue to go forward. SWOTT Table Positive Negative Internal Strength Experienced event planners High motivation level Excellent PR Good market share Weaknesses Social loafing Lack of funding Inexperienced event planners Low energy level Lack of media and corporate contacts
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SWOTT Analysis 3 Externa l Opportunities Minimize competition Favorable economic conditions Support from the local authorities Availability of the state of the art infrastructure Threats High competition Little to no support from local authorities Inclement weather conditions Poor infrastructure The condition of the economy today has brought about a considerable amount of new and creative ideas for entertainment trends throughout the country. These trends have compelled the event planning companies to seek new ideas and concepts to become more creative and inventive. As part of the strategic planning process for any new event planning company a SWOTT analysis is needed to identify the strengths, weaknesses, opportunities, threats, and trends. The strengths of event planning are that it is a creative venture, events are planned on short notice, services are easily accessible using technology, and voluminous social involvement. Weaknesses include limited variety of clients and suppliers, insufficient marketing, minimum resources, and the declining economy. As a result of the SWOTT analysis opportunities showed that expanding operating area would increase clientele and demand of services by refer to a friend. Results also showed threats that include increased competition, price competitiveness,
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BUS475 Strategic Plan, Part II - SWOTT Analysis 1 Strategic...

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