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Spare Time Equipment
Strengths
Weaknesses
Opportunities
Threats
pare Time Equipment' is a newly started business located on the edge of Minneapolis in Minnesota, offers small pleasure boats, snowmobiles, jet-skies, line of trailer and pickup truck campers manufactured by different companies. Mark Zimmerman, the owner of the business has been trying for two years to bring his sales level up in order to make the business profitable. His recent strategy in this regard is to include 'mountain bikes' in the line of products he offers in this area.
In order to reach the right decision regarding the new strategy of increased products line, Mark needs to have a SWOT (Strengths, Weaknesses, Threats, and Opportunities) analysis of the business. SWOT Analysis is an important business planning tool used to determine the Strengths, Weaknesses, Opportunities and Threats of a business firm (Pahl & Richter, 2009). With the help of SWOT analysis, information regarding company's internal and external environment can be obtained. Griffin (2011) also emphasizes the point that SWOT analysis is actually the evaluation of a company's internal strengths and weaknesses as well as its environmental opportunities and threats.
SWOT Analysis:
Strengths
Spare Time Equipment is the sole seller of pleasure boats, snowmobiles, and lawn equipment in the area. All of the brand lines are exclusive to the business and available at its store.
Mark, the owner of Spare Time Equipment, has an edge as the products offered are not available within five miles radius of this store. Hence, the customers loyal to brands that are carried by Mark will turn to his store for the equipment required.
The business not only offers the goods in the inventory but also provides the maintenance services to the customers.
Mark has tried to establish outstanding relationship with his customers. Mark's business terms have been established on the basis of friendship and personal services, ultimately making the customers loyal to this business. On the other hand, Mark's repeat sales will increase accordingly.
Mark's healthy relationship with the customers and suppliers will help him from both...
In the start of the chain, Mark is getting exclusive support from his suppliers. And in the end, customers have turned to be trustworthy and loyal.
The business gains an edge when the expenses like advertising and promotional schemes are supported by the suppliers. Mark has got local advertising and point-of-purchase type aids from the suppliers of the brands. Similarly, several other benefits have been obtained from the suppliers of the brands that Mark's business carries.
Mark's business approach has been highly appreciated by external stakeholders like suppliers. As an outcome, Mark can get benefits like loans for investment, purchase on credit etc. from his suppliers.
Weaknesses:
The location of the Mark's store is not favorable as it is in an older building along the side of a major highway with no close dwellings.
Owner, Mark, has neither previous experience of maintaining a business like this nor a strong financial support in order to backup for losses or debts.
The products that are being offered by Mark's business at 'Spare Time Equipment' are also available in different brands at other stores. This implies that competition among the brands is intense as large numbers of brand substitutes are available for the same product.
Mark's business faces a shortage of manpower during the peak seasons. Currently there are total two employees including the owner. The other employee is Ginny, Mark's friend, who collectively works with Mark on selling and maintenance services. During peak season the increased workload cannot be managed by these two workers.
Internal costs of the business increase to a great extent, if Mark hires the additional labor in order to manage the increased workload during peak seasons. Mark is not able to control the internal costs which also hinder the profits.
The advertising done by Mark resulted in higher number of enquiries but the actual sales made were less than expected. The local advertising strategy didn't produce the expected results.
Even after two years, Mark's business couldn't generate profits. There is no attraction to continue business as the results of the business operations seem unfavorable.…
Bibliography
Griffin, R.W. (2011). Fundamentals of Management. Mason: Cengage Learning.
Pahl, N., & Richter, A. (2009). SWOT Analysis - Idea, Methodology and a Practical Approach. Nordestedt: GRIN Verlag.
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