Retail Plant for Business SWOT Analysis - Paper Example

Introduction

Business SWOT analysis is essential for our business to be very successful in a new market. The business owner needs to analyze the new perceived market by including all their risks in the analysis. It is paramount to identify all the business's strengths in the new market and capitalize on them to attract more benefits. Besides, the feasibility study also needs to focus on the business's weakness in the new market. The weakness needs to be strategized on and come up with all the possible solutions to stop them from interfering with the market's normal operation. During the feasibility study, it is also essential to identify all the opportunities and threats that might affect the market's effective operation. Therefore, it was essential to perform a ritual plan for analysis for the partners to identify the strengths and weaknesses that the business might encounter in its operation by systematically looking at each element of the SWOT analysis.

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Strength

It was identified that the retail plant had the advantage of operating the business on a partnership plan. According to Samuel (2020), the partnership business will be easier to establish a working relationship and monitor the shop since more than one partner manages the operation. Also, in partnership with business, it is easier to come up with various ideas that I'm at growing the profit margin for the business's investment. A partnership is also considered a strength because it operates all time with all partners managing the business proceedings.

Secondly, having a physical store for the products' storage will be a strength to consumers because they will be physically exposed to their company's products, which will be easily delivered to them when there is a need. Also, the physical store provides its customers with opportunities for checking for defects in the products and giving suggestions that the business should improve on certain products' features. It also allows customers to have various products to make a variety of choices. Furthermore, a physical store acts as an advertising tool for the customer's products is attracted to Greater visibility, which comes with convincing power to serve them, and then check for their product of preference. Thus, with such an advantage in the market, it is believed that the business will flourish and operate smoothly to the new customer base; however, some weaknesses were identified.

Weaknesses

The feasibility study identified that the main weakness would be that the customers' products from manufacturers will have a complex difficulty in meeting customer satisfaction. It is considered a weakness because a business will work to satisfy the needs of the customer. Still, to the manufacturing having the ability to come up with the whole product, a customer can be dissatisfied with the product made without their views. However, this business needed to identify opportunities that will cover the weaknesses.

Opportunities

The feasibility study elaborated that there were no reputation opportunities. Still, the identified target specific segment of the high demand for newly made goods like the jewelry was an opportunity to grow and expand it. For instance, with the rising of the LGBT campaign, it was an opportunity for the business to develop unisex products that will help the company get a more customer base.

Threats

Various threats are identified as the main obstacles that the business might encounter in its operation. Firstly, the accessory market is already saturated in most places; thus, the business needs to be more creative in coming up with solutions to attract more customers. Also, the negative economic impact in the pandemic there is an expected reduction of the number of people willing to spend money to buy accessories from that market. According to the trading analysis, the location of the business has already established stiff competition.

That does need the business of coming up with various ways of managing the threats from interfering with the operating system. The solutions need to be divided into a functional classification that will work for the investing parties' preference. Therefore, the SWOT analysis established that the business was viable and brought more profit to the investors, meaning they could move on with the project.

Bibliography

Gürel, Emet, and Merba Tat. "SWOT analysis: a theoretical review." Journal of International Social Research 10, no. 51, (2017). http://sosyalarastirmalar.com/cilt10/sayi51_pdf/6iksisat_kamu_isletme/gurel_emet.pdf

Hill, Terry, and Roy Westbrook. "SWOT analysis: it's time for a product recall." Long-range planning 30, no. 1 (1997): 46-52.https://d1wqtxts1xzle7.cloudfront.net/50941766/SWOT-product-recall.pdf?1482022426=&response-content-disposition=inline%3B+filename%3DSWOT_analysis_Its_time_for_a_product_rec.pdf&Expires=1600985047&Signature=gQyn7N~IzVb5-PO9JXUpYILJAgi4o07QoWdRcBXSunJVhV5HNEYRtNecR36RDplX0Jaw4RkrnK37Ailnk5AXdtkSjJ-jxA9tI8sjhDaNCyzrDV~nMmFEIj-p9lHOYNuHIQLbe4TuMoyzWwNPn43AmoHag210AHq2QbXRAYPAMefAr-f~aRGE2RoFhuBr-Dcb5rn9O42HME0sBDlfyKZ53OO1PUyNQM9AK7HEth74LPZuj-ssKWddPkIHJyobaLIv4e8P0NQ5RHgyOll1H3LRstlBPY7oLLt4gchn-gyJztdZG5WzuiMas94MyVPclaMQDn8u1lnJu-Mwhton-UdJng__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA