Question

Imagine you own a small gift shop in a popular but remote tourist location. You want to develop an effective marketing strategy to expand your business during the next two years, and have decided to conduct a SWOT analysis. Consider the situation factors listed below, and "drag & drop" (highlight to select, and then cut and paste) them into the appropriate section of the SWOT analysis grid:

Strengths Weaknesses

Opportunities Threats

· You have especially good relationships with many suppliers due to your years in business and your success.

· Your business is in a location that is easy to get into and out of.

· It is difficult to hire workers with retail experience in the area.

· Wal-Mart moves into a town a few miles away.

· The price of gas goes up.

· The highway that they have been talking about for years is finally being built.

· The Post Office decides to cut deliveries on Saturday.

· You are dependent upon a few artists to keep you in stock.

· You have developed a software system that makes online orders extremely easy.

· Another gift shop may open next door.

· Two new hotels are scheduled for opening next year.

Then, examining the entire SWOT analysis, recommend at least 3 marketing actions you could take to ensure the success of your shop and explain why you believe they will work.

Answer 1

Situational actions on SWOT of a business

Step-by-step explanation:

Strengths

• You have especially good relationships with many suppliers due to your years in business and your success.

• You have developed a software system that makes online orders extremely easy.

Weaknesses

You are dependent upon a few artists to keep you in stock.

Opportunities

Your business is in a location that is easy to get into and out of.

The highway that they have been talking about for years is finally being built.

Two new hotels are scheduled for opening next year.

Threats

It is difficult to hire workers with retail experience in the area.

The price of gas goes up.

Wal-Mart moves into a town a few miles away.

The Post Office decides to cut deliveries on Saturday.

Another gift shop may open next door.

Three marketing actions to ensure the success of the shop and why it will work include:

1. Expand your advertisement outreach for experienced retail workers beyond your location, with motivational packages and incentives. Alternatively, get workers around your location and train them to acquire the required retail experience for the job

2. With increase in the price of gas which affects your profit margin, and taking into cognizance your strength in cusstomer relationship, endeavour to increase your product and service outreach and turnover to mitigate for the addition expenses.

3. With the arrival of Wal-Mart as competitor, you will need to maintain consistency in products and services, as well as offer promotional packages