Smith and Wesson Company
Based on the SWOT analysis, there are several strategies that Smith & Wesson can implement to reduce competitive disadvantages and gain a competitive advantage over the next five years.
1. Near-Term Action Plan:
a. Expand Long Gun Development: Smith & Wesson should invest in the development of long guns to diversify their product portfolio. This would allow them to compete with other manufacturers who offer a broader range of products (Shenhar et al., 2001). The company should focus on developing high-quality long guns that cater to the needs of hunters and sport shooters. This action should be completed within the next 12 months.
b. Increase Marketing Efforts: The company should increase its marketing efforts to reach a wider audience. They should use social media platforms and influencers to target younger demographics. In addition, they should collaborate with shooting ranges and hunting clubs to create brand awareness. This action should be completed within the next 12 months.
c. Secure Government Contracts: Smith & Wesson should work on securing government contracts with the military, police, and federal agencies (Withey, 2011). They...
This will help them gain market share and increase revenue. This action should be completed within the next 12-24 months.
d. Develop New Technology: Smith & Wesson should focus on developing new firearm technologies that improve the performance and safety of their...
…ahead of the curve, Smith & Wesson should focus on research and development of sustainable materials to incorporate into their firearms, such as recycled materials or materials with a lower carbon footprint (Zheng & Suh, 2019).
d. Expand Global Market Reach: While Smith & Wesson is a well-known name in the United States, there is a significant opportunity for growth in the global market. To expand their reach, the company should invest in marketing efforts to promote their brand and products in other countries and consider partnerships with international distributors.
e. Focus on Optics and Accessories: With the rise of technology and the demand for accessories, Smith & Wesson should focus on R&D in optics, lasers, suppressors, and other accessories…
