May 2, 2011
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A very valuable tool that helps business analyze the possible ups and downs is a SWOTT analysis. When preparing a SWOTT analysis for Bagley’s Used Books, seven of the most important factors involved in the SWOTT analysis include; economic, legal and regulatory, global, leadership, intellectual property, culture, and technologies. It is also important for Bagley’s Books to understand how well the organization can adapt to change. Another important factor for a business its supply chain.
Luckily because the business is designed for a very local community, the issues that they may encounter are relatively low. Two of the biggest issues that they may encounter are global and technological factors. Both of these represent a internal and external factor respectively. The reason why a global factor would be an issue, is that the business is designed to represent a community and would be difficult to operate on a global scale. Another major issue that the company may run into is issues based around technology. When almost everyone in the customer demographic owns a computer, may customers wish to have the convenience of shopping online. Because of the small start up nature of Bagley’s Books, this would not be in the companies best interests. Some thing that Bagley’s Books can do to compensate for this issue is to advertise and offer discounts to customers through social media outlets such as Facebook and Twitter.
In the case of Bagley’s Books the opportunities or favorable factors far outweigh the negative. Two of the favorable external factors are economic and legal and regulatory. These external factors give Bagley’s Books the opportunities to expand its business. The first factor is the economy. I believe that since the economy is in a downturn, now would be a good time to open a business where big savings are available for customers, and they have other options than just paying full price. Most of Bagley’s Books customers would appreciate the discount that they would be able to offer its customers. Sometimes it does prove that less can equal more. Another external factor is legal and regulatory factors. These factors represent an opportunity because the need for legal and regulatory costs is relatively low. Since there is very little competition in the area, the need for lawyers should be relatively low.
Three of the favorable internal factors are leadership, intellectual property, and culture. The first internal factor is leadership. Because of the nature of the small business feel, the leadership will be playing a huge role in everyday operations of the business. Like the company that Bagley’s Books was fashioned after, this type of business is a very sought after place to work. The turn over for employees...