Long Term Recommendations for Growth for Gun Company

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 should focus on improving their products to meet the specific needs of these organizations. 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 products. They should invest in R&D to create innovative solutions that set them apart from the competition. This action should be completed within the next 12-24 months.

e. Strengthen Partnerships: Smith & Wesson should strengthen its partnerships with its subsidiaries, including GEMTECH, Battenfield, and Crimson Trace. This can help the company leverage their expertise and innovation to develop new products and improve its existing product line.

2. Longer-Term Action Plan:

a. Secure Military, Police, and Federal Agency Contracts: One of the most significant weaknesses of Smith & Wesson is its failure to acquire contracts with military, police, and federal agencies. This is a major missed opportunity for the company as these contracts would bring in large-scale orders and create brand recognition. To address this, the company should invest in marketing efforts and research and development to create firearms that meet the unique needs of these agencies and work towards securing contracts (McAlister, 2007).

b. Diversify Product Line: While Smith & Wesson has a proven record of quality handguns and revolvers, the company's lack of development in long guns and firearms outside of handguns creates a lack of diversity. To address this, the company should invest in research and development to create quality long guns and other firearms to expand their product line and attract new customers.

c. Develop Sustainable Materials: As the world is becoming more environmentally conscious, the demand for sustainable materials is on the rise (Fiksel, 2006). To stay 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.