SWOT Analysis Case Activity Introducing New Products - 1650 Words

SWOT Analysis Case Activity: Introducing New Products (Article Sample) Content: SWOT Analysis-Case StudyName:Institution:Learning Activity 1-Theme 1Environmental scan is a very important aspect when deciding the future prospects of a business or when in need of introducing new products. For Jimi Henrich the business shows signs of growth and development but analysis of the business using the SWOT model will be useful and provide important information to the management. The business from the outlook enjoys a number of strengths. Jimi has a growing clientele that acts as a way of attracting customers hence no need for use of advertisement methods in the operations. In fact he is able to deal with the customers face to face that shows his communication skills has helped in improvement of the business performance. The business also enjoys high levels of customer focus that results to satisfaction. That is evident in the way customers come back after purchase and also makes special orders like Harrison. On the other hand the business has a number of weaknesses that includes lack of adequate funds to open up branches in other places and also facilitate business expansion (Vincent, 2010). There is also lack of research and development departments in the business for analyzing the market and coming up with innovative ideas. As seen in the case study the management also becomes aware of new developments in the guitar industry after a client came requesting a special order. There is also lack of experts and skilled personnel in the firm to execute orders relating to software and this means the company will incur additional costs in either hiring or outsourcing such experts. The company need to aware of the opportunities available in the market and build on them to attain high standards and become competitive. Some of these includes large gap in the technology relating to the guitars. The market lacks computerized guitars yet they are in high demand and building on this area will lead to more market share and increase in sales. Expan sion of the business is also necessary so as to access the large number of customers demanding the products. There is also need to embrace merging with another company so as to execute the new technology which research says will result into products with less market. Proper collaboration will be helpful as it will provide access to funds, personnel and expertise thus acting as a method of clearing the uncertainties. The threats facing the business include lack of positive projections regarding the market where the research shows that the product might end up lacking high demand. That is a major problem and if it occurs can lower the levels of profitability as well as decline of the company. Another threat is the risks of the idea being accessed by other firms that are in the same industry due lack of legal rights on copyright. In fact Jimi is very keen on the production of the guitar where he keeps reminding personnel need to be original in the work. Rival companies can come up with modified products that are not of high quality which might end up lowering the levels of reputation of the firm.Learning Activity 2-Theme 2Long term goals are strategic in nature and determine factors such as survival of a business from stiff competition or expansion. They are formulated by the top management. They require clear and effective communication into the other departments so as to formulate short and medium goals from them. They focus on the main pillars of the business and related to the vision and mission statements. In this case Jimi can aim at increasing the website traffic by at least 75% so as to serve customers requesting for the products online (Gaida, 2008). The exercise will be achieved before the end of current fiscal year and will involve hiring qualified personnel to carry out the improvement. It is necessary strategies towards making the business attain global standards other than just having domestic control. The revenue should also be doubled at the end of current fiscal period so as to act as an indicator to the competitors of the business power and influence. Another long term objective is increasing the levels of advertisement revenue by half so as to use other methods other than the face to face to attract new customers and make the product known in the market. That will also promote sales and revenue of the company.Short term goals include increase of revenue in the first three months of operations by 25%. That will also promote the chances of the business to achieve 75% increase in the revenue in long term. Another one involves use of the website service as a way of advertising the business to customers globally. Then finally the business can increase the web hosting capacity by 25% in the first four months. These objectives will reinforce the long term go...