In order to reach the right decision regarding this new strategy of increased products line. Ben Huang needs to conduct a SWOT analysis of the business. SWOT Analysis is an important business planning tool used to determine the Strengths, Weaknesses, Opportunities and Threats of a business firm (Pahl & Richter, 2009). With the help of SWOT analysis, information regarding company’s internal and external environment can be obtained. Once these factors have been identified , Leisure World can create an action plan to ensure that the company does more than just break even.The first step in conducting a SWOT Analysis is to evaluate the strengths of the company.
Leisure World has several strengths that gives them a competitive advantage and differentiation over their competitors. For instance, as a retailer they carry an exclusive brand line which gives them exclusive distribution rights. The products offered are not available within a 10 miles radius of the store which set them apart from competitor rival. Another advantage is that Huang and Larry both have experience in sales and maintenance. Their experience ...
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...eness. Adding the mountain bikes to the inventory could be risky due there is a current presence of distributors in the area and it also categorizes the company in scrambled merchandising.
Currently Leisure World has no online presence. Most successful businesses current use of multichannel advertising helps them reach their targeted markets. By implementing a company website or using social media the company will be able reach a variety of people all at once; therefore, creating an opportunity for expansion and growth. As consumers, we can all appreciate the possibilities that come to life with a higher level of personalization. The data from our online profiles, shopping preferences and browsing habits, as well as other personal data we choose to share, makes way for a future where advertisers anticipate our needs before we even realize them. (Anderson, 2015)
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