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
SWOTT analysis is discussed very comprehensively in this explanation..