Strategic Plan, Part II: SWOTT Analysis
BUS 475/Integrated Business
Novel Java is a laid back coffee shop combined with a bookstore that allows customers to relax, drink their favorite brew and catch up on a good book or two. The store provides a large range of different books, coffee and teas. The focus of the store is to provide customers with the ability to drink coffee and enjoy a nice read in a downtown atmosphere. With the applying of these aspects of the shop, consumers who experience the feeling of being stressed from everyday life, including their busy jobs, and personal activities find the healthy and relaxing balance and attain complete relaxation.
For Novel Java to perform a SWOTT Analysis, the company has to answer the following questions about the company’s strengths; the advantages, resources, strengths in the market, and what does the organization do better than the competition. When the organization reviews its strengths this should be done from an internal and external perspective, assessing the customer’s views and incorporating the competitions. Once the strengths are found for the organization the next step is to classify any weaknesses that the organization may have. When obtaining a weakness assessment the organization should ask what can be improved, and what others see as chief weaknesses. The company should assess what factors contribute to losses in sales and revenue. Again, this should be considered from an internal and external viewpoint paying close attention to the customer’s feelings.
Once Novel Java establishes the strengths and weaknesses, the company needs to verify opportunities for the future. When assessing opportunities the company should ask the following questions; what are the trend patterns of the customers, what opportunities facing in the future, and what changes in technology and the markets. Other areas for Novel Java to look for opportunities are assessing strengths to see new opportunities. An alternative way the company may find opportunities is to look weaknesses assess opportunities that can be created by eliminating weaknesses.
The final method in carrying out a SWOTT Analysis is to verify threats facing the company. Threats are found by finding obstacles the company faces in the future, in technology that may threaten the position of the company in the present market, changes, competition product and services, financial standing or problems and if any of the weaknesses that have already been defined have an effect on the company. Companies can find weaknesses have been overlooked can damage the company and could have been avoided if a proper SWOTT Analysis had been conducted.
Novel Java’ economic environment includes information from various related income levels and products, techniques, tools, services being offered. Novel Java is an affordable place that consumers can gain from. Novel Java will be stocked with products that are appealing to all cultures, and races, and preferences.
Novel Java may face a various economical weaknesses and threats having to continuously be monitored that they will not affect the stores success. A weakness that Novel Java would have to deal with on a daily basis is the present economy. Since the economy is in a decline, the store will need to find new ways of helping customers find value for their dollar. A threat facing the store is that customers will be on a budget causing a decrease in spending and store profits.
Technology has a grave impact on marketing decisions. Novel Java’s technological strengths are a store where customers will have the ability to purchase products and may take part in group readings. Employing students that major in hospitality management provides the store with a constant understanding of new techniques. One weakness the company will face is a limitation of funding at start up, the company may have to rent equipment such as coffee...