Strategic Plan Part II SWOT Analysis

Strategic Plan Tiffany Functions Inc.

Tiffany Functions Inc.

Tiffany Functions is an event management organization located in Johannesburg, South Africa. In last decade, special attention has been paid to this particular area of management. Many new concerns emerge everyday in the pursuit of becoming the market leader however in order to be fairly successful, every organization needs to exploit the opportunities it has and build up its strengths. On the same time, minimizing threats and eliminating weaknesses, is also another way of surviving the competition. Tiffany Functions is also no different than any other organizations; it has its own set of opportunities, threats, strengths and weakness however in order to excel in their respective field, Tiffany needs to act smartly.

In order to have a clear understanding of the environment in which Tiffany is operating, the external and internal determinants are required to be considered. The external factors entail the opportunities that Tiffany has in hand and may utilize in order to excel and also the threats which may endanger its growth and going concern. Tiffany is not an end-to-end service provider and is solely limited to corporate functions and weddings as compared to its other competitors who have multifaceted services in event management and cover a bigger range of functions. With an experience of over seven years, Tiffany has a potential of increasing its service line. There huge portfolio of event planning will help them in identifying business lead in public and private sector as well as local consumers and communities.

In Johannesburg, there are no regulatory organizations which may provide the guidelines for event management / planning companies. Hence, Tiffany follows the business model as defined by the other registered companies operating in the same industry and follows the business model as defined by companies' ordinance for private companies. Furthermore, Tiffany itself has minimum operating cost as it prefers to keep its team small and efficient with minimum head counts. Also, it prefers not to make capital investments in buying furniture's, drapes and other decorative material and also incurring procurement, warehouse and logistics' cost. Rather it prefers on renting its required material as required by the client. It has access to a rather small but diverse range of suppliers which enables it to strengthen supply base. However, there is always a threat that if these suppliers decide not to serve Tiffany, it has chances of collapse. As far as technological interventions go, considering their design models of the functions, there is a considerable room for innovation. Where its experienced team is its strength, adding new talent into its team or opting for new designs and themes, is also a pre-requisite for further success and growth.

Tiffany usually uses its existing customer base and business referrals for further business development with a limited workforce working as client representatives. After examination of its online existence, it can be established that Tiffany has a greater potential of business development if social media is exploited to its fullest. It does have a website and profiles on other social networking websites and business directories but they are maintained poorly (Weddingpages, 2012). Also, discrepancies in company's information (about how old it is), raises question marks about its credibility. Tiffany enjoys an edge over its competition because of its access into corporate world and MICE industry along with seasoned team but lack of innovation and utilization of social media has a tendency of hampering its operations.

Considering the internal environment of the company, Tiffany's small team and efficient work mechanism acts as its basic strength. Its business model is based on personal interactions with its clients which allow it to pay personal and maximum attention to client's demand. Since it prefers not to keep an in-store inventory, therefore no extra cost is incurred in terms of operating cost. However, one needs to understand that the very same factor also acts as a threat for its growth. Small numbers of working heads makes its contact only a limited corporate client if the given team doesn't working efficiently. Similarly, in case of numerous clients, client management can turn out to be a hassle. Also, it has been found to apply similar themes on more than one occasion. Hence, lack of innovation can affect the efficiency of their work.