• Conduct an internal and external environmental analysis for your proposed business.
• Use the information obtained from your internal and external analysis, as well as the lesson learned from the Considerations of a Strategic Plan: List assignment.
• Create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table.
• External forces and trends considerations:
• Legal and regulatory
• Competitive analysis
• ...view middle of the document...
, will create an opportunity for people and families with the need for high energy, adrenaline packed adventures to access various outlets of thrill seeking adventures. Action Adventures will tap into opportunities such as; NASCAR adventures, Sky Diving, Hang Gliding, Wind Surfing, Surfing, Baja 1000 racing experiences, Off Shore Power boat racing, under water adventures (diving with Sharks), Open wheeled Indy Car racing, Drag Racing, Fighter Pilot adventures and many more thrilling adventures. Action Adventures will serve as the middle man in creating customer specific adventures for the thrill seeking enthusiast.
Action Adventures will mirror the general purpose of a travel agency. The vast difference being that Action Adventures will plan and seek out high energy action sports adventures for those that are more daring and seek a vacation of a lifetime. The market is currently saturated with individual operators that offer one specific extreme action sport adventure. Action Adventures will bring to together the enthusiast and the providers.
Strategic planning will determine the course of this new business. A strategy provides a framework for managerial decisions, reflecting a company's awareness of how, when and where it should compete; against whom it should compete; and for what purposes it should compete. (Pearce, Robinson 2004) As an owner of an Extreme Adventures, planning business strategies is the first thing, followed by the company's purpose. A mission statement will describe the purpose of the company, what services will be provided, the companies philosophy, and goals.(Pearce, Robinson 2004) The mission statement is a living statement and may need to be changed to meet the needs of changing times.
Once the mission statement has been formulated goals to be reached to accomplish the mission must be selected. Specific strategies and approaches must be implemented to reach each goal.
The company's internal and external environment needs to be assessed, and specific action plans to implement each strategy need to be identified. Once the plan is implemented it will need to be monitored and updated as needed. According to Pearce and Robinson 2004, a company should select long-term objectives and grand strategies that will achieve the most desirable options. Strategic management involves the planning, directing, organizing and controlling of a company's strategy-related decisions and actions. (Pearce, Robinson 2004)
The Importance of a strategic management & planning
In order for the company to succeed as a business it has to be well thought out and planned. In today's business environment a strategic business plan is indispensable due to the high failure rate of small businesses. It has been determine that small businesses without a business plan are most likely to fail. A strategic plan will define what the company is, and what it can and will become. Strategic planning will also identify how employees are expected to act,...