Week 2 DQ #2 Ian Hosein MGT 521 / MANAGEMENT 12/13/2012 Samuel Cunningham Week 2 DQ #2
What are some potential strengths, weaknesses, opportunities, and threats a business should consider in a strengths, weaknesses, opportunities, and threats analysis? How can a business benefit from gathering this information? A business should consider capital gains since we live in a strong capitalistic society. Strengths should be everything stated from successful business men examples stated in Chapter 8 of Robbins and Coulter. There should be strong planning to deal with different situations therefore when something unexpected happens the company has fallback or in other words a strong plan to suit everyone’s needs. Lost Weekend needs to examine products and what is the next step in selling a product. Designer Sunglasses was recently a new addition and they are selling at half the price of Saturday’s Surf NYC yet they have the same quality. The extra research a company does is crucial. The next product will be hats. High Quality Twill hats with logos on them and we are currently examining how other companies sell these consumers. I know for a fact strong strategic planning even one event such as a company holiday party can increase revenue for those involved. Weaknesses can be poor planning, lack of communication, and failed service providing. Chapter 8 does a great analysis of how businesses function on different levels and how the possibility of celebrity and even presidential endorsements can come from this. A business can benefit from gathering information because its market research on the consumer they’ll know not to buy cheap and sell high. Lost Weekend NYC takes the extra time to buy high quality and sell it at a fraction of the price of the nearest competitors.
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