Buy essay on Strategic Plan and SWOTT Analysis

In the process of strategic planning a few major tasks should be considered by a manager, and strategic analysis is among them. Strategic analysis means “a review of the organization’s environment, both internal and external.” (Garner, 2005)
In order to determine where an organization is going to be in the future, its current position should be thoroughly assessed. SWOT analysis was originally designed to help in “assessment of organizational strengths, weaknesses, opportunities, and threats. It constitutes one of the most important aspects in the overall strategic planning process.” (Garner, 2005)
Advanced version of this method which is called SWOTT analysis will be used in this paper. In addition to strengths, weaknesses, opportunities, and threats, it includes trends as an additional element as well. Advanced analysis of environment will ease an assessment of the competitive situation, new trends appearance, changes in customers’ or suppliers’ behaviors, etc.
Trends should be studied carefully. In order to learn more about them, the company may order special surveys on the fashion industry in general, on the local business, customer studies, product range performance, knowledge of this boutique’s brand, and also its current image and perception in the eyes of local people. (Hines & Bruce, 2007)
Additionally to the strengths, weaknesses, opportunities, and threats analysis, another SWOT analysis approach may be used. It divides environmental forces into two categories: internal and external forces.
SWOTT analysis of the small fashion and design business
In this paper I would like to present SWOTT analysis created for a small local boutique that specializes on clothing and décor trade.
Let’s start our analysis with external forces. I will research these external factors that are of the real importance for a small fashion business. These are economic, competitive analysis, regulatory and social. Other factors do not have a substantial influence on this business.
The first one and the most influential factor is a competitive analysis. Among competitive analysis strengths the major one is a low level of competition. There are only a few competitors that operate in the same area, and their product ranges are not alike.
It’s critical to define the possible areas where boutique’s strengths were not fully used. Competitive opportunities are combined with internal factors such as strategic goals and innovations. It is both external and internal environment combination. Company’s opportunities include:
• Online access to the shop’s products and delivery of ordered items to the neighboring towns and villages will make this small fashion business even more profitable;
• There is an opportunity to suggest shop’s client another services – for instance, a café or a salon. It will make their visits more pleasant, they will last longer and these additional services will help to increase customers’ loyalty;
• Advertising in local media is advisable in order to increase boutique’s popularity and its brand knowledge among the local community.
Threats mean the possible damages for the business. Among the possible threats of a small local boutique are:
• The rise of existing competitors;
• Appearance of new competitors on the local market;
Legal, domestic economic and social factors are important for this fashion shop. The threats include, for instance, a high level of unemployment, which decreases demand for fashion and design items and changes people’s life style. Among the economic factors, there are such variables as rate of inflation and the level of domestic interest rates that may influence the success of the small local business. Among the possible threats of a small local boutique the possible financial troubles could be named as well (for instance, these threats may be caused by tax policy changes or credit rate increasing).
Among the social and cultural elements that should be considered for a fashion business I can mention the differences in ethnic and social groups. These groups usually have different tastes in fashion and design; therefore shop’s owner should define local customer demand in style and design and follow it.
Obviously, internal factors that have an impact on the small fashion business are: strategy, strategic capabilities, processes, and resources.
The major strategic goal for this fashion boutique is to become the favorite shopping point for the local community. This boutique would like to attract the public by the great range of fashion and design items and by its cozy atmosphere and friendly staff.
Small shops usually easily adapt to change, due to the nature of the small business (as there is no huge organizational structure that is so hard to change).
Processes such as delivery schedule and supply chain are designed especially for a small fashion business. This shop has only a few reliable suppliers of the cloths and design items.
Strategic capabilities for our small fashion boutique include the following strengths:
• Availability of clothes and décor items ranges;
• Affordability of products;
• Good choice of vintage items (it is impossible or hard to find the same items in the other shops)
• Comfy atmosphere and pleasant staff;
• Special discounts for students and retired people are offered by our shop (it helps shops’ administration to demonstrate its respect to local community).
To sum up, the strengths and opportunities for the type of small local business that I reviewed in this paper in general prevail over possible weaknesses and threats. Company’s competitive and strategic capabilities are quite strong, but there also some elements of it that need to be improved.

References
Hines, T. & Bruce, M. (2007), Fashion Marketing: Contemporary Issues, Butterworth-Heinemann. Boston.
Garner, R. (Nov. 2005), “Swot” Tactics: Basics for Strategic Planning. FBI Law Enforcement Bulletin 74 (11)