1. Chelsea Mattingly
Long lasting boots is a booming company that is capable of providing quality and durable boots to its esteemed customers. The company is also able to supply a variety of boots to all members of the family including a novelty pet line. The company is able provides boots ranging from work boots, recreation boots, as well as expensive cowboys boots for tourism trade. The company is known for providing quality boots with wide selection as well as excellent customer services. The company is known for even providing boots for people with medical problems as well as unusually oversized feet in conjunction with costumed designed boots. Although working class boots are considered expensive, the company proves it worth to purchase them since they are long lasting. The company is also able to anticipate the market and change the boot styles to fit the customerâ€™s needs.
At the moment the store is a success although the sales are very slow growing at the moment. In the past three years sales have remained constant but growth has waned. The use of loyalty reward cards and staying open later in the evening, revenue has not grown. The company has not experienced any form of growth in total sales yet the central City metropolitan areas including the suburbs have grown.
Due to their quality boots, the company has the ability to produce in bulk and distribute their quality boots to the market.
Stores that sell in volumes like Wal-Mart and Payless have boot sales that pull in three times the sales of LLB. The stores can also start designing new design to outdoor the company after they have taken the largest market share.
The strengths in the SWOT analysis were determined by the company ability to produce unique boots and to survive in the industry. The weaknesses were arrived at after reviewing why the company sales are not increasing hence there is no growth. Opportunities arose from the gap experienced in the market and threats came from its competitors.
2. Guy Wharton SWOT Analysis
Long-lasting Boot provides a broad inventory to its customers that are available for sale.
The business provides both long-lasting quality and strong customer service, including design flexibility.
LLB has a continued presence and strong reputation in the Southwestern region.
The company maintains â€˜consistentâ€™ sales, reacting quickly to changes in the market.
Long-lasting shows a commitment to development and further growth within the business.
The company is family-owned, with a more limited national presence.
LLBâ€™s product costs consistent of higher overhead and apply upward pressure to prices.
Scalability and volume do not measure up to that of market competitors.
The metropolitan region in which the store operates is growing.
The companyâ€™s mission can create national awareness and expand the customer base, presenting a growth opportunity.
Traditional-style family business, vulnerable to market.
LLB may not have the capacity to adjust to further technological advancements implemented by larger competitors.
Strengths and weaknesses for the Company are relative to internal factors and perspectives. The two both focus on customer base impact and apply metrics relatable to market competitors. Opportunities analyze LLBâ€™s region and use the concept of projection for potential growth. Company commitment to development within its mission opens opportunity as well as a currently limited national presence and chance to expand. External factors are considered such as market size and further technology that could be limiting factors for Long-lasting Boots (The Mind Tools Content Team, n.d.).
The Mind Tools Content Team (n.d.). SWOT Analysis: Discover New Opportunities, Manage and Eliminate Threats. MindTools. Retrieved from https://www.mindtools.com/pages/article/newTMC_05.htm
Learning Activity #2
SUBJECT: In the planning phase, managers create a detailed action plan aimed at the organizational goals. Strategic management, or what you will learn as strategizing, is what an organization will do or not do to achieve the goals and objectives that lead to meeting the stated mission and vision. Using the vision, mission, and SWOT analysis from learning activity 1, complete the following:
Create three long term goals and objectives (3 each) for the business (2 years forward); Create three medium term (operational) goals and objectives (3 each) for the business (usually accomplished within the year); Create three short term (day, week, month) goals and objectives (3 each)for the business; and Create at least three contingency goals in the event that the current strategy would fail.
(DO NOT RESPOND TO SUBJECT, RESPOND TO CLASSMATES BELOW) MUST GIVE A REFERENCE TO SUPPORT YOUR COMMENTS
1. Johnnita Richards-Redd
Long term goal 1: Have a fully functional website with international shipping capabilities
Long term objective 1: Design and build website layout, open necessary accounts to accept various payment methods to include Masterpass and PayPal
Medium term goal 1: Establish a presence on social media
Medium term objective 1: Create accounts and/or profiles on Facebook, Twitter, Instagram, Google+, Pinterest and Yelp
Short term goal 1: Incorporate use of technology
Short term objective 1: Purchase a computer and find an internet service provider
Long term goal 2: Reduce overall business costs by 3% to help increase bottom line.
Long term objective 2: Review operating costs and trim unnecessary expenses.
Medium term goal 2: Reduce production costs of boots.
Medium term objective 2: Research suppliers to find cheaper, high quality materials to reduce production costs.
Short term goal 2: Reduce upfront costs of boots to customers.
Short term objective 2: Start a customer payment/layaway plan.
Long term goal 3: Begin sale of new line.
Long term objective 3: Have full stock of the new line and be ready to sell them within 2 years.
Medium term goal 3: Be ready to start mass production of the new shoe styles within one year.
Medium term objective 3: Design and build prototypes of new designs in 6 months and build an inventory.
Short term goal 3: Build the top designs based on customer interest over the next 6 months.
Short term objective 3a: Develop 25 new designs (5 each for men, women, children, medical and tourism trade)
Short term objective 3b: Elicit customer feedback on new designs.
1. Partner with a similar business and share the revenue, such as western clothing store.
2. Expand to another area in which the product is in demand.
3. Transition to an online store completely.
2. Teddy Hughes
Create three long term goals and objectives
Goal: Grow the business
Objective: Establish online marketplace to include expanding special orders.
Goal: Improve Customer Service
Objective: Decrease shipping times with improve supply chain management.
Goal: Improve promotion of the rewards cards
Objective: Earn points, receive discounts
Create 3 medium operational goals
Goal: Online company presence
Objective: create a company Facebook, Twitter, Instagram accounts for daily, weekly, and monthly promotions.
Goal: Decrease material cost
Objective: Negotiate new supply contracts for lower price.
Goal increase Inventory
Objective: Expand warehouse for online store.
Create 3 short term (day, week, month) goals
Goal: Sell 4 pair of shoes a day
Objective: Serve customers to create sales
Goal: Sign up 2 reward card customers
Objective: Inform the customers of the benefit of using the card
Goal: Record accurate counts of inventory
Objective: Manually count the store inventory
Create 3 contingency goals
Goal: Sell the company, LBB products can be of use to a bigger retail chain.
Goal: Overseas manufacturing that could lead to lower labor cost, which the savings can be passed to the customer.
Goal: Licensing agreement, instead of selling the company, the company can sell their trademarks or company logos.
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