In 1,475-words prepare a synopsis in which you analyze at least seven of the forces and trends from the list below.
SWOTT Analysis Paper and Table: The type of business if a consignment store business.
Using the information obtained from your internal and external analysis, as well as the lessons learned from solution # 257111 "the Considerations of a Strategic Plan", conduct an internal and external environmental analysis for a consignment store business and create a SWOTT table summarizing your findings. Please feel free to add or make corrections to the Internal and External analysis. Your environmental analysis should take into account, at a minimum, the following factors.
For each factor, identify one primary strength, weakness, opportunity, threat, and trend, and include it in your table.
Both External and Internal Forces can have strengths, weaknesses, opportunities, threats, and trends.
External forces and trends considerations:
1. Legal and regulatory- Need for consignment contracts & business license
2. Global- increase/decrease in popularity of vintage items
3. Economic - Poor economy may bring increased business
4. Technological- E-Bay selling- online software to track consignor inventory, sales and discounts.
5. Innovation- Update software- customer base for mailing- sales/discount/birthda
6. Social- Have open house- tea party- inviting guest/customers
7. Environmental- Increase popularity of recycled goods
8. Competitive analysis- Market competition-new plaza opening monitor types of businesses to occupy spaces
Internal forces and trends considerations:
1. Strategy- Focus on a group that values low cost and unique products
2. Structures- Economies of scale
3. Processes and systems - point of sale features for both the consignor and customer
4. Resources- There will be a dependancy on the public for inventory, networking is possible thru social service programs
5. Goals - Unique or one of a kind merchandise continue to advertise
6. Strategic capabilities - Can provide courteous service and reasonable prices
7. Culture- Emphasize quality and up-to date styles for the young and older generation
8. Technologies - Point of Sale features to track consignor sales and itemize customers receipts
9. Innovations- Offering discount cards for frequent buyers, special mailout for birthday club
10. Intellectual property- Research personnel that can located sought after items
11. Leadership- Store manager to inspire employee and employee to provide extraordinary customer service
In 1,475-words prepare a synopsis in which you analyze at least seven of the forces and trends from the list above. The analysis must include economic as well as legal and regulatory forces and trends. The synopsis should identify the major decisions and recommendations for your selected forces and trend, which may need to be considered for your business. Include your SWOTT table within the solution.
Properly cite your references. If you used an electronic source, include the URL.
(Hint: For the SWOTT Matrix portion of the solution, Create a matrix that lists the forces down the left column and the SWOTT headings across the top. Fill in the blanks for the consignment store- business. Then, add a column for your major decisions that will help you complete the written portion of this assignment. Your decisions should discuss how you are going to capitalize on strengths and opportunities, how you are going to leverage trends and how you are going to combat weaknesses and threats
Please make sure the solution >.>.
-provide a synopsis of 7 forces and trends
-include Economic/Legal & regulatory forces (as 2 of the 7 forces and trends discussed)
-identify your major decisions and recommendations (that you learned from the SWOTT)
- Did the solution use references appropriately (both business and academic)
- Did the solution include your swott matrix with each section completely filled in
The legal and Regulatory factors include two things. One is the business license required to run a consignment shop and the second refers to the contract that every consignor has to sign. The business license shall be procured from the local body, the license fees will be paid and the license will be renewed from time to time after paying the required fees to the local body. In addition, all the regulations that relate to running the business in the state will be followed. The second issue is that of contract formation with the consignor. There will be a standard contract that will be presented to the consignor for the acceptance of his goods. Normally, no change will be permitted to the standard contract as this will help avoid litigation in future. The clauses in the standard contract will be payment, accounting, fiduciary responsibilities, loss or damages, insurance, transportation, security interest, copyright, pricing, discounts and scope of territory. Since our contracts will be well drafted and fair both to the customer and to us, the contract will be acceptable to most consignors and they will prefer to do business with us. The contract will become our strength. The weakness related to this factor is that such contracts are costly to develop and take time to explain to the customers. The contract also will have a fees clause. That is if some goods are not sold during the designated period of time the goods will be returned to the consignor on payment of fees. This is an excellent opportunity for increasing the revenue of the consignment store. One threat is that the consignors may sue the store increasing the cost of operations. However, if the contract is well drafted and is not changed, chances of litigation are reduced.
Innovation again refers to two things the update of current software and the strategy for mailing. The current software enables the consignment store to pick customers from mailing customers that are likely to purchase unique products. For instance, if the unique products is a hand painted seventy year old vase, the software selects say a list of sixty potential customers from a mailing list. These customers may be sent a leaflet through normal mail or they can be sent an image and description of the item through e-mail. This will ensure that the unique and valuable items get sold quickly. ...
SWOTT analysis is discussed very comprehensively in this explanation..