Busn226 Business Analysis And Business Assessment Answers
Questions:
2.Conduct a SWOT analysis of SecretSales.com, based on the information in the case study. Structure your SWOT according to the three business functions: Human Resources Management, Accounting and Finance, and Marketing. Present your analysis in the form of a SWOT table
3.Based on your SWOT analysis, which are the most important issues that you think SecretSales.com need to address? Explain the reasons for your answer.
4.How do you think SecretSales.com should respond to the most important issues arising from the SWOT analysis? Explain your recommendation.
Answers:
- What is the SWOT analysis and how can it be useful for organizations?
SWOT analysis is an abbreviation for strengths, weaknesses, opportunities, and threats and it is a structured method of planning used in organizations to estimate the four elements of a business venture or project. It is a useful tool which helps the managers to identify and understand the key issues and situations which are affecting the business. The managers are able to analyze the environmental information and data for both external factors mostly the threats and opportunities and internal factors which are the strengths and weaknesses (Mapulanga, 2013, pg. 88). This knowledge helps to minimize the effects of business weaknesses and maximize the strengths of the business. It helps the organization to predict the changes in the market trends and help them make firm decisions. The managers are able to take care of their strengths and identify the weaknesses and get an opportunity to converse or deal with them. SWOT analysis helps to identify available opportunities and take advantage of them to maximize profits. The potential threats are well-addressed by finding a feasible solution to avoid losses. It also helps in the strategic planning process and in matching the company’s resources and capabilities against the competitive business environment surrounding its operations. The managers are able to analyze the past, present and the future so that the information can be used to improve the organization’s future productivity (Idahosa 2016, pg 98).
- Conduct a SWOT analysis of SecretSales.com, based on the information in the case study. Structure your SWOT according to the three business functions: Human Resources Management, Accounting and Finance, and Marketing. Present your analysis in the form of a SWOT table.
|
|
Human Resource Management |
Accounting and Finance |
Marketing |
|
Strengths |
The company has spent a lot to gather data whereby it analyses the decisions of the customers. This has enhanced the ways for choosing stock and how they are presented to the customers. |
Partnering with Bose and Dyson brands has helped SecretSales to drive the gadgets’ sales up by 177pc. The three venture capital funds helped to raise $6.3m which boosted the marketing of the products. |
The company focuses on advertising the products mostly on TVs which guarantees high coverage. Employees have smartphones hence able to respond to ads quickly. |
|
Weaknesses |
It has taken too long to make profits. |
Selling the excess stock at a high discount plays a role in drawing down the business. |
Depending on TVs only for advertisements limits the market reach for the business. |
|
Opportunities |
The need to boost membership numbers gives an opportunity to bring in new investment. This will increase the number of customers and brands. Light entertainment channels provide a good basis to fetch customers and the use of dual screening is helpful as a customer can watch an ad and register for the site immediately. |
The flash sales sector is worth $3bn in the UK alone which provides a good chance for further development. The business focuses to start fundraising in order to raise capital. |
The company has rolled out a “click and collect” service which will enable the customers to pick up their items any time they want. The company is also opting for texting the customers to alert them of new flash sales come online. |
|
Threats |
The evolution of the high street and the unresolved customer service by the multichannel retailers have posed a threat to SecretSales. This has been a threat to the company. |
Spending a lot to a tune of 70 pc on TV advertisement poses a threat |
Adding alternative categories on the already known brands may challenge the trust of the customers. |
3. Based on your SWOT analysis, which are the most important issues that you think SecretSales.com need to address? Explain the reasons for your answer.
SecretSales disposes off its surplus at a discount of around 30pc to 70pc and this is considered too high. I recommend that the business considers offering a relatively lower discount on the surplus sales since the costs of production remain the same and the high discounts offered risks the business incurring losses. The business has taken almost a decade before making profits and this has dragged it behind. The management team should be keen to assess the progress of the business and identify any form of stagnation or loss-making and come up with strategies to address them and avoid wasting time and grow the business (De Miranda, 2016, pg 81). The marketing team should use various means of advertising to ensure that there is flexibility and that they reach as many customers as possible.
- How do you think SecretSales.com should respond to the most important issues arising from the SWOT analysis? Explain your recommendation.
As the business introduces new products in the market, there should be a thorough investigation on the market demand and the effectiveness of the new products being introduced thereof. The products should be designed in a way that they will serve better than the previous ones and aim at improving the customer experience taking into consideration the need to maintain the customer trust (Paton & Johnston, 2017, pg 90). The managers should be aware of the existing competitors and identify their weaknesses so that they grab the opportunity to fill the gap.
References
Mapulanga, P., 2013. SWOT analysis in the planning of information services and systems in university libraries: The case of the University of Malawi strategic plans. The Bottom Line, 26(2), pp.70-84.
Paton, D. and Johnston, D., 2017. Disaster resilience: an integrated approach. Charles C Thomas Publisher.
Thirlway, F., 2016. Everyday tactics in local moral worlds: E-cigarette practices in a working-class area of the UK. Social Science & Medicine, 170, pp.106-113.
Robinson, J., 2016. What's the category got to do with it: investigation of retailer performance at the category level in the UK market.
Idahosa, I., 2016. Creating Social Value in Societies. In Incorporating Business Models and Strategies into Social Entrepreneurship (pp. 21-38). IGI Global.
De Miranda, A., 2016. The Economic Power of the Olympic Brand and the Legacy of London 2012. Mega-event Cities: Urban Legacies of Global Sports Events, p.47.
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