This is a strategic planning approach utilized in the evaluation of a company’s strengths, weaknesses, opportunities, trends and threats through the examination of internal and external environments. However, a business must have a clear objective before it can conduct a SWOTT analysis (Caldwell, n.d.). This paper shall evaluate internal and external factors of a new business, Elemob Enterprises.
External Environmental Analysis
Numerous external issues would influence the capacity Elemob Enterprises to attain its goals and objectives. Therefore, the business will have to develop an effective business strategy to achieve its desired success.
Abraham (2012), states that the strategic planning process should start with the identification of economic issues that concern a business. However, a business should only focus on specific issues that affect its business processes because different industries face different economic issues. Elemob Enterprises has electronic devices and mobile phones that target students in local institutions, tourists visiting downtown Phoenix and mall shoppers in its store as well as online shoppers in Arizona. The different target markets calls for a combination of approaches to ensure customer satisfaction from all levels. For instance, the business will target the students and local residents with low-priced and fast moving products. Conversely, it will target the high spending tourists with the better quality brands where it can charge premium prices.
Legal and Regulatory Issues:
There are federal requirements that control safety and health standards at a majoriy of workplaces. Therefore, the business must learn the requirements that are relevant to its industry and incorporate them in the formulation of its strategic plan. This is because commitment to safety and health of workers makes respectable business sense. Elemob should commit to a safety and health program to avois financial problems that arise from workplace accidents and instead focus on growing the business.
Technology has introduced significant changes to the operations of retailers. Although many shoppers still enjoy shopping in stores, the developments in information technology platforms has made it easy for modern shoppers to order and purchase products from online platforms. The business wishes to provide an online store for Arizona residents. Therefore, in its formulation of the strategic plan, it must offer platforms that effectively engages consumers so as to maximize profits. For instance, personal computers are not the online gadgets through which consumers can access online stores. Thus the business must provide suitable platforms such applications that are compatible with smart phones and tablets to widen access to their products. There are also a variety of payment options and delivery services that may make it easy to receive and process customer orders within reasonable timeframes....