SWOTT Analysis
For Scents & Things to perform a SWOTT Analysis, the company has to answer the following questions about the company’s strengths; the advantages, resources, strengths in the market, and what does the organization do better than the competition. When the organization reviews its strengths this should be done from an internal and external perspective, assessing the customer’s views and incorporating the competitions. Once the strengths are found for the organization the next step is to classify any weaknesses that the organization may have. When obtaining a weakness assessment the organization should ask what can be improved, and what others see as chief weaknesses. The company should assess what factors contribute to losses in sales and revenue. Again, this should be considered from an internal and external viewpoint paying close attention to the customer’s feelings. Once Scents & Things establish the strengths and weaknesses, the company needs to verify opportunities for the future. When assessing opportunities the company should ask the following questions; what are the trend patterns of the customers, what opportunities facing in the future, and what changes in technology and the markets.
Other areas for Scents & Things to look for opportunities are assessing strengths to see new opportunities. An alternative way the company may find opportunities is to look weaknesses assess opportunities that can be created by eliminating weaknesses. The final method in carrying out a SWOTT Analysis is to verify threats facing the company. Threats are found by finding obstacles the company faces in the future, in technology that may threaten the position of the company in the present market, changes, competition product and services, financial standing or problems and if any of the weaknesses that have already been defined have an effect on the company. Companies can find weaknesses have been overlooked can damage the company and could have been avoided if a proper SWOTT Analysis had been conducted. Economic
The Business plan on SWOT (Strengths, Weaknesses, Opportunities, And Threats) Analysis Axia College
... product. SWOT analysis also focuses on assessing external Opportunities and Threats in the competitive environment ... that focuses on identifying the internal Strengths and Weaknesses of the proposed new venture, such ... to Bplans.com (2009) is a start-up organization that provides daycare services to Lynn, MA, ... our care. Keys to success for the company according to Bplans.com (2009) will include: ...
Scents & Things economic environment includes information from various related incomes levels and products, techniques, tools, services being offered. Scents & Things an affordable place that where consumers can gain from. Scents & Things will be stocked with products that appealing to all cultures, and races, and preferences. Scent & Things may face a various economical weaknesses and threats having to continuously be monitored that they will not affect the stores success. A weakness that Scents & Things have to deal with on a daily basis is the present economy. The economy being in a decline will need to find new ways of helping customers find value for their dollar. A threat facing the store is that customers will be on a budget causing a decrease in spending and store profits. Technological
Technology has a grave impact on marketing decisions. Scents & Things technological strengths are a store where customers will have the ability to purchase products and may take part in workshops teaching consumers new techniques. Employing students that major in healthcare and relaxation therapy providing the store with a constant understanding of new techniques. One weakness the company will face is a limitation of funding at start up, the company may have to rent equipment such as computers and massage tables. The company’s threat would be competition using technological advancements to offer better services and products. Innovation
The Essay on Why Is a Product/Customer Focus an Important Characteristic for Successful Entrepreneurs
A product/customer focus is a pivotal characteristic that entrepreneurs must have in order for the entrepreneur themselves and their business to be successful. With that said, an entrepreneur with a product/customer focus is one that clearly understands the needs and wants of their customers and thereby producing and developing products that enhance people’s lives, but also products that meet and ...
Scents & Things, strengths and opportunities have to be centered on customer diversity l requiring the company to offer a variety of products appealing to every one of various ethnicities. By expanding operations to allowing customers and local companies to take part in workshops will teach consumers how to lessen and cope with stress, learning new relaxation therapy techniques. This will help to make a name for itself with-in the community. The company will o be threaten by competition if not unique and offer quality service meeting and exceeding customer’s expectations. Strategy
Scents & Things must design a strategy giving the company opportunity to expand, grow, and offer products and services the competition is not able to provide. Scents & Things possesses the ability to choose the perfect location for the store. The store will be strategically located downtown where it can be accessed by all companies downtown. The economy will be the main weakness and threat for Scents & things to prevail over. The economy is causing many to feel financial pressures and limiting their spending for luxuries. Structure
Scents & Things structural strength is the ability to use existing buildings rather than building a new one. The store will offer the necessary tools to do at home relaxation therapy, and offering in store massages and workshops. Scents & Things does not own the building the store is located in causing a serious threat if there is a natural disaster. The store does not have the ability to control the timeframe rebuilding or making repairs. Resources
Scents & Things have the strength to use the company’s resources. Some resources are the equipment, products, employee’s working knowledge of relaxation, and funding available from the bank. One of the company’s strength is employees, which can also be one of its biggest weaknesses. Ensuring that staff is properly trained, providing proper relaxation therapy techniques can be challenging, most employees will be students that work part time. Dealing with the company’s resources can be the biggest opportunity finding superior suppliers providing items in the alternative healing industry. The company should keep in mind that customer buying habits may change. Culture
The Essay on Store Early Customer Shopping
Starting the day right after Thanksgiving, everybody's mind is set on one thing: Shopping. People young and old wake up early in the morning to start their holiday shopping. Everyone is looking for the perfect gift for their family and friends. But nobody cares to think of what the employees at their favorite stores think and feel. Shoppers just come inside and turn the store upside down. As an ...
Scents & Things biggest strength is the ability to appeal to a vast amount and diversity of cultures incorporating all the various cultural experiences. The store is able to contribute to the community and the environment. One cultural weakness that Scents & Things have to deal with is poor economic growth limiting company finances not able to embrace all cultural differences and customs. Embracing cultural and customs can be a weakness, however it can also be an opportunity for the store to develop new production lines catering to these people dealing with new customers, communities and cultures, the company will have to deal with differences in meanings and actions.
