Strategic Plan, Part II: SWOTT Analysis
Strength Weaknesses Opportunity Threats Trend
Global | Only local so has no affect on global trend | Stiff competition when competing with global store | Being local in a major market affords opportunity for growth | Global furniture stores | Try to target the global market for globalization |
Economic | Can grow economically because of the customer base | The cost in some states like NY is expensive | Getting located in NY provides growth opportunity | Loses because of not being currently in NY | Gain economic plans encouraging growth |
Innovation | Encourage morale | The ...view middle of the document...
That is exactly what the Analyst above provides. The SWOTT Analyst above shows all these things for my furniture store called Lakole Unique Furniture store. A SWOTT analysis is a position analysis of a business internal Strength, Weaknesses, external Opportunities, Threats and Trends the business has to deal with, are personally observed to diagram a strategy for survival of the business. By paying attention to leadership, determines what changes that needs to be made to survive. There are external and internal factors that outline the information essential to recognize the progression of the business. These factors guide the plan direction that should be considered for the best for the company. The internal factor includes the strategy, the structure, the processes, the systems, the resources, the goals, the culture, and the technology which play a vital role in determining where the company is and where it is going. Lakole’s unique furniture store understands the strengths need to be shown to stay ahead of the game when it comes to competition. The external factors for instance the legal, global, economic, social, and competitive make a broad view of how the furniture store will compete and adjust to changes inside and outside of its normal everyday business functions. There are office buildings and restaurants all over the world that you may find the exclusive furniture in.
Adjust to Change
Lakole’s Unique Furniture is new in the furniture industry that is why the legal department is expected to educate themselves with laws connected to this industry. Economically, Lakole’s Unique Furniture has low cost for their exclusive pieces which makes them competitive in two ways. Them being inexpensive as well as exclusive makes Lakole’s unique furniture store competitive. Lakole’s Unique Furniture adjusts to the changes of the business by tracking and monitoring any issues, new and old, surrounding the store and industry. In the current business world there are so many challenges with a flip flop economic atmosphere that seems to sway in either way and challenges with both supporting parties that will engage in pointless blame, instead of looking for resolutions. A strategic plan is a key factor in guaranteeing that the store has a winning start to the business life. Businesses need to have strategic plans that consist of performing a SWOTT analysis to find how the business will make it in rough economic moments. Competition is an important factor to the success of a lasting plan. The furniture store turns out to be competitive because of the unique item in the form of “exclusive pieces.” When these exclusive pieces are offered it becomes a legal issue, rules must be met, and it has to be industry agreed upon not to copy work. These basics have the total potential to aid in the business strategic goals.