Take Five Sports Bar and Grill is a popular sports bar located in Anytown. Joseph A. Smith, the principal owner, would like to expand his current foothold of Take Five Sports Bar and Grill to several places within or near Anytown. Take Five Sports Bar and Grill has been open since 1995, catering to the market with cutting edge technology, good food, and creative tie-ins with various sports teams, celebrities, and radio hosts. While Mr. Smith has been successful with his current venture, Mr. Smith should still analyze his strengths, weaknesses, opportunities, and weaknesses before he chooses to open up further stores. The following is a SWOT analysis of his current and future businesses.
Any business will only be good as its current leader. Mr. Joseph Smith has shown himself to be a tremendous leader. Not only was he able to turn a profit on a restaurant his first year, but he is well educated as he has a MBA from Anytown University. He shows his business knowledge by picking locations around Anytown that have high traffic but do not have competition from other sports bars. When he expands he his marketing his product to a diverse demographic, instead of choosing to market to the sports enthusiast, he is also marketing towards late night crowds, business entertainment, travelers, and the most important demographic, families. Mr. Smith does this by providing a fun, welcoming atmosphere by having large screen televisions, cutting edge electronics, and audio equipment. In addition to all of technology, Mr. Smith also employs the best service and culinary personnel available.
While Mr. Joseph Smith has the ideal education, ideal real estate, and ideal demographic, his business plan does have some weaknesses that would benefit from some extra attention. Some may applaud Mr. Joseph Smith for having such an aggressive goal of opening five stores in under a year, some may say that this goal to too aggressive. Take Five Sports Bar and Grill has only been open for 10 months (as of this business plan dated 1996). In business years, this business is still an infant. On the Sales Strategy section (4.2), Mr. Smith states that a store must hit a goal of $4.2 million dollars to become mature. Mr. Smith’s flagship store has fallen short of this goal by obtaining only $634,900 in sales during the first 10 months of service.
The SWOT analysis: The study of the firm's Strengths, Weaknesses, Opportunities and Threats called SWOT analysis, a key step in flushing out known performance issues that are important to the growth of the organization addressed in the corporation strategic plan. The issues identified in the SWOT analysis help leadership to come up with a plan and strategy to achieve the overall mission of the company (Strategic Planning, n, d). Target Corporation is one of the largest public retailing company in the US having more than 1700 stores serving guests nationwide. Target group and its brand position are evaluated in the market using SWOT analysis.--
In this scholarly activity, I will create and then analyze a SWOT Analysis of Wal-Mart making recommendations for the management team for future growth. I will ensure that the marketing and management teams understand how to use the SWOT Analysis to solve current problems and prevent future issues. Also as a tool for helping, understand the external environment and internal environment of the company as a whole through understanding the individual needs of stores based on location.
Lombardi, D. (1994, June). Chain-restaurant strategic planning. The Cornell Hotel and Restaurant Administration Quarterly, 35(3), 38-40.
It is not possible to research the accuracy of their assumption of their target market due to the fact that they do not clarify the exact details of their target market. It is not clearly documented where the market size of “two million potential customers” is derived from, therefore, cannot be tested.
Open new stores in China and start new branches in India (second largest population in the world).
Mr. Joseph Dunn has been in the ski business for twenty five years. His business offers ski equipment as well as repairs. Furthermore, the business hourly turnaround on repairs has allow Mr. Dunn’s business to be a recognized name in the industry and has built a clientele of loyal customers. Nonetheless, Mr. Dunn wishes to expand his business and purchase a nearby dely. However, Mr. Dunn has no experience in that area, but knows that acquiring the deli would help him achieve a greater market share. Thus, Mr. Dunn now faces the dilemma of how to proceed on with his new endeavor. The following analysis will employ the leadership techniques to propose possible solutions to Mr. Dunn’s new business endeavor.
With all the opportunity available, it is reasonable to believe that within two years of opening a franchise in Paris, that location would earn a steady profit and be seen positively through the eyes of consumers. This cannot be achieved without taking many things into consideration and incorporating several strategies to lead to that type of success.
Running a business or organization can be challenging, however, if there is strategic planning in place then the task seems less daunting. Strategic planning consists of carefully thinking about strengths and weaknesses and carefully comparing one business to another (Bateman & Snell, 2013). SWOT Analysis is step number 4 out of 6 steps that some businesses utilize in order to examine their business and some to get back on their feet (Bateman & Snell, 2013). This writer will be discussing in greater detail strategic planning, SWOT Analysis and will be exemplifying via a corporation of choice, with is McDonalds. This writer will be reflecting on a worksheet outlined in Bateman & Snell (2013) textbook to help the reader better understand such
The SWOT analysis (abbreviation for Strengths, Weaknesses, Opportunities and Threats) is an essential tool in marketing for understanding and supporting decision-making in all kinds of situations in business and organisations. In brief, it provides an accurate context for studying strategies, positions and directions of a company proposition. It is used mainly for business planning, competitor evaluation, marketing, business and product development and research reports. SWOT analysis is also a widely recognised method for gathering, structuring, presenting and reviewing extensive planning data within a larger business or project planning process. (Chapman, 2014)
Fourth problem- Demographic data on the two stores, Cotati, and Santa Rosa are closely related. A decision needs to be made on which store to purchase, or to purchase both stores. Can Oliver Market make a profit with these stores is the question. Also Steve and Tom need to think about their competitor best and weak strategy and who are entering in the demographic markets as well as which rivals are strong candidates to expand their product offering and enter new product segments where they do not currently have a presence.
Contains a study of the major internal and external factors affecting PwC in the form of a SWOT analysis as well as its corporate culture.
Senior Management of PepsiCo is evaluating the potential acquisition of two companies – Carts of Colorado and California Pizza Kitchen – in order to expand the company’s restaurant business. If indeed PepsiCo decides to pursue the acquisition of one or both, they must decide how to align each of these business units in its historically decentralized management approach and how to forge relationships between the acquired business units and existing business units. In their evaluation, Senior Management is faced with the question of whether the necessary capital investment in order to purchase one or both of the businesses can be profitable for each of the acquired business units, but must also take into consideration that the additional business units will not hinder the profitability of the existing business units.
Not having to answer to a corporate boss is the dream of many and the flexibility that owning a business franchise creates provides this option. Success is not reached by simply creating a business, however. The level of success is measured by the size and efficiency of the business. Business growth is the driving force of the economy. The additional jobs and revenues created when a business expands allow the economy to grow at exponential rates. One of the fastest and most popular ways to increase the size of a business is to turn it into a franchise, which can then be purchased by individuals. Franchising provides opportunities that are beneficial to both the parent company and the purchaser. The company that owns the business can expand without having to pay such a large initial cost to open a new store since the franchise purchaser pays a cost to open the business. As well, the company can regulate many of the business activities so that there is a sense of consistency throughout all of the locations. The purchaser is allowed to use the trademarks and goods of the franchise which already have a large market presence. As well, they are provided with training and work standards by the company to help their business run smoothly (Kalnins & Lafontaine, 2004, p.761). Looking at the business model of the world’s largest food retailer, McDonald’s, provides great insight into franchising and business growth in general as well a better understanding of a global business that utilizes the franchising technique.
Needs assessments are imperative to the success of a project. They are an essential part of the planning process. A need assessment guides the administrators as they define the terms of the project. A needs assessment is defined as, “a systematic approach to studying the state of knowledge, ability, interest, or attitude of a defined audience or group involving a particular subject” (McCawley, 2009, p. 3). An effective needs assessment provides insight, information, is objective, and assists in identifying gaps in services.
Dynamic strategic management encompasses the approaches, tools and activities organizations utilize to determine direction, increasing the likelihood of organizational goal attainment. It is an approach that suggests organizations operating in uncertain environments require a flexible plan to minimize risk and take advantage of opportunity As a tool developed to analyze a firm’s position within its operating environment, a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis provides insight into how internal and external factors are inhibiting or facilitating advancement toward reaching organizational objectives within a dynamic environment. This paper aims to understand how a SWOT analysis assisted the Calgary International Airport Authority create a competitive business plan for their future in an uncertain environment.