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The SWOT analysis is a method used to evaluate the attributes (of a particular company) that will support the firm's effort in achieving their goals as well as the attributes that will weaken the company.
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It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. Strengths: attributes of the organization that are helpful to achieving the objective. Weaknesses: attributes of the organization that are harmful to achieving the objective. Opportunities: external conditions that are helpful to achieving the objective. Threats: external conditions that are harmful to achieving the objective. Identification of SWOTs is essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs Internal factors The strengths and weaknesses internal to the organization External factors The opportunities and threats presented by the external environment. The internal factors may be viewed as strengths or weaknesses depending upon their impact on the organization's objectives. The external factors may include macroeconomic matters, technological change, legislation, and socio-cultural changes, as well as changes in the marketplace or competitive position (1)
The SWOT analysis provides a deeper insight to the strengths and weaknesses (internal and external factors) of a particular company. The SWOT analysis is , talk more about it.
Radioshack was started in 1921 in Boston, Massachusetts by Theodore and Milton Deutschmann. The company was originally established to provide amateur radio, but it later expanded into the high-fidelity music market and began selling its own private-label products before going bankrupt in the 1960s (Wikipedia.com, 1). Charles Tandy bought the company and transformed it into a leather goods corporation before experimenting in selling personal computers. A few years after, RadioShack began heavily marketing (and selling) their star product- the short-range walkie-talkie system. Wikipedia.com further explains RadioShack's transformation:
Since the mid-1990s, the company has attempted to move into the consumer small components markets, focusing on marketing wireless phones. In 1993, Len Roberts became president of Radio Shack. The move came as a radical career departure for Roberts, who spent more than 20 years in the food industry, beginning with Ralston-Purina, where he served in various management and marketing positions. In early summer 1995, it was elected that the name "Radio Shack" would be spelled in CamelCase as "RadioShack", and a new logo would be launched (2)
During this radical transformation, RadioShack began solidifying their position in the electronic goods market. Currently, RadioShack has more than 6,000 stores operating all over the world which include Europe, Central America and Africa. RadioShack generates $2.24 billion in operating revenues and net sales. They also carry a wide variety of electronic products that range from audio and video equipment to cell phones (Wikipedia.com, 1). The SWOT analysis can be used to not only evaluate RadioShack's current attributes, but also assess the factors that can support or impair RadioShack's survivability.
Radioshack has been in the electronic goods market for over 30 years providing quality service and fulfilling the consumer's desire for new and dependable technology. The image that RadioShack has developed and carefully processed has greatly served RadioShack's efforts. When consumers want or need any type of electronic accessory such as rechargeable batteries, consumers know that these items can be found at a nearby Radioshack. Due to the strong brand name and image that RadioShack has developed, consumers know that they will be purchasing high quality and dependable products.
Another attribute that strengthens RadioShack's position in the electronic market is their marketing and advertising. RadioShack works with a number of celebrities to advertise their products which is easily seen in RadioShack's television commercials. Furthermore- RadioShack sponsors a variety of different organizations and events such as the Rock and Roll Hall of Fame and Museum (bnet.com, 1). These marketing and advertising tactics not only expose the RadioShack name to the general public, but consumers develop a positive perception of RadioShack's products as well.
Training employees is a crucial process for any establishment and an efficient procedure is needed to decrease the amount of time needed for training; while at the same time- maximizing the learning process. At RadioShack, new employees must train for approximately three weeks before working the sales floor. During this period, employees need to read and watch videos of new technology in the market and how each of these technology work. An example of this is Wi-Fi and employees must learn the different frequencies of Wi-Fi and how the wavelengths travel from the source to equipment. Not only do new employees need to read on these technologies, but a quiz is administered at the end of each segment. But the quizzes and readings do not stop here, since the market is constantly coming out with new technology- all RadioShack employees must constantly update their knowledge base in-order to provide adequate service for their customers.
Once training has been completed, the new employee begins working on the sales floor. RadioShack's star product is the cell phone and cell phone accessories so selling these items is heavily emphasized. It is so emphasized that each RadioShack outlet must meet a certain quota (each month) of phones and accessories sold. In addition, each member of each store must also meet a particular quota. I was assigned to sell at least three cell phones each week for the RadioShack store that I was located at. But all this hard work come great rewards with bonuses and other benefits to the top three sellers in each district. The strict training and quota helps RadioShack produce the sales figure that is needed and ensures that every employee will be prepared and knowledgeable in and out of work.
RadioShack has many stores located all throughout the world especially in the United States. Consumers can rest assure that a RadioShack is just around the corner if any electronic problem arises or if a particular electronic product is needed. RadioShack uses the easily identifiable RadioShack logo on each store to promote awareness. The large number of stores greatly strengthens RadioShack's position in the electronic market because this not only welcomes new consumers (by diverting their direction away from RadioShack's immediate competitors), but increases brand loyalty as well.
The different attributes show how each process contributes in strengthening RadioShack's grip on the electronic goods industry. These attributes will not only provide leverage over their competitors, but will also ensure long-term growth. Furthermore- these traits will greatly supply RadioShack the necessary resources, skills and experience to achieve their overall goals.
Every business has its own weakness that has the potential to drag that particular business down to the pits. These weaknesses may not shut a business down, but it will undoubtedly hurt the business in fulfilling their objectives. RadioShack has a number of weaknesses that must be identified and assessed in-order for RadioShack to prosper and avoid being ruined. One of RadioShack's weakness is the size of their stores. Many, if not all of RadioShack stores are small compared to their competitors like Circuit City. These small stores will not only hold less inventory compared to competitors, but also the amount of time customers spend in these small stores are a lot less than the larger, more spacious stores of Circuit City. Customers tend to browse a lot longer in larger stores and the longer the customers stay in the store, the better. Many RadioShack stores are located inside shopping malls and these stores are usually smaller than a typical free-standing RadioShack store. Due to the larger stores of RadioShack's competitors, there is a decrease in profits.
Another weakness that RadioShack faces is their poor performance in wireless sales. In this day and age, wireless technology is everywhere. Wireless technology is available in all electronic goods store and it is easily accessible. Many electronic goods stores are partnered with cell phone companies to work hand-in-hand to help each other expand and gain more market share. Currently, RadioShack is partnered with the cell phone company Sprint, but this collaboration may soon come to a halt. Forbes.com gives further insight to RadioShack's weak attribute:
Standard & Poor's Equity Research reiterated a "buy" rating on Sprint but said shares of the telecommunications company may weaken on news that RadioShack won't meet the first-quarter earnings forecast due to weak wireless sales in stores. "Since RadioShack is a large agent for Sprint, we believe Sprint's direct net subscriber adds for the first quarter may be at risk," S&P Equity Research said. "Nonetheless, Sprint has broadened its wireless business by offering its network to Virgin Mobile and Qwest Communications International (RadioShack Wireless Weakness May Hurt Sprint, 1)
RadioShack's poor performance in wireless sales does not only decrease their profits, but puts their partners at risk as well. When collaborating with another business, both parties are required to meet certain expectations. RadioShack must fulfill their sales goal in-order to promote long-term growth and maintain a healthy relationship with their partners.