Running head: SWOTT SYNOPSIS 1

Transcription

1 Running head: SWOTT SYNOPSIS 1 SWOTT Synopsis Shannon Harness BUS/475 4/14/2013 Kasey Patterson

2 SWOTT SYNOPSIS 2 SWOTT Synopsis Many factors affect the way a business is ran and affect the success or failure of that business. Understanding how external and internal factors will affect a business will provide useful information that helps companies make good decisions and develop strategies and objectives. A SWOTT analysis is an excellent way to assess the effects of external and internal factors. SWOTT stands for: strengths, weaknesses, opportunities, threats, and trends. The following Synopsis will explain several of the factors that affect TNW Firearms, Inc (TNW). SWOTT Table External forces and trends consideration Strength Weakness Opportunity Threat Trend Legal and Regulatory Protection of firearms rights Constant changes To develop new products that are sole property of the company Bans on firearms Generates panic and changes consumer demand Global The ability to increase the market Political beliefs can have an effect on business Trade Global economy and politics Introducing new products to Canada Economic Generates Revenue Changes or determines value of products Development of products that will succeed in current economy Loss of revenue Consistent changes Technological Increases productivity of suppliers Available to everyone Design new products Can decrease production while in training of new software Online sales and smart phone apps. Innovation Gives the company a Lack of innovation To be ahead of the Bad ideas Making an existing products more

3 SWOTT SYNOPSIS 3 Social competitive edge Positive publicity Negative publicity market Word of mount advertising Not properly utilized innovative Social media sites Environmental The company is environmentally sound. Not knowing much about the environmental situation of suppliers To develop a positive image Any suppliers that are not environmentally conscious Leaving a low carbon footprint. Competitive Analysis Product is easier to assemble than current competition Product is newer than competitions To make sure that we do not make the same mistakes as our competition (learn by example) New competition Style and functionality of rifles. Internal forces and trends considerations Strategy Strength Weakness Opportunity Threat Trends Motivated to develop proper strategy Business strategy needs to be properly developed To start a new plan based on current situation. Growing and moving forward prior to the development of plan Meetings and objectives Structures Working on structure and involving employees Habits Opportunity to create an organized workplace Lack of cooperation. Meetings and discussions Processes and systems Open to new processes and systems Adjustment time needed Organization and efficiency Lack of follow through Employee involvement Culture The type of culture company wants Leadership and communication To make changes and create a positive work environment Negative attitudes Developing positive interactions and communication

4 SWOTT SYNOPSIS 4 Technology New equipment is allowing our manufactures to make products quickly Availability Ability to generate new designs Using the wrong technology Development of technology that increases efficiency Innovations Development of the ASR Not enough time spent on R&D Development of new products Not using or implementing new ideas Creating better products and making products better Intellectual property The owners ability to develop new products and the skills of employees Lack of time to foster skills To collaborate and develop skills and products Not protecting intellectual property in a timely manner Developing patents and creating contracts/agreements Leadership Support the company Communication and direction Proper leadership will develop a strong team Poor leadership skills Training and directives Resources Quality manufacturers Current market and lead time on parts To develop of strong relationships Lack of suppliers ability, break in supply chain Creating efficient supply chins Goals Increasing development of goals Not setting enough goals Create opportunities to achieve objectives Not setting proper goals Training on goal setting. Strategic capabilities Many people with knowledge of business Communication Increasing company success Poor planning Developing strategic marketing and business plans. External Factors Economic, political, and social factors are examples of external forces that affect TNW on a continual basis. The products developed and generated by TNW are in constant demand

5 SWOTT SYNOPSIS 5 and continually maintain a steady source of revenue. The recent economic situation had created a demand for firearms because many people fear an increase in burglaries and want to protect their families and possessions. Along with economic factors, political factors are also causing an increase in firearms sales as people are worried that they may lose the ability to purchase firearms. In November of 2009 a reported 1,529, 635 background checks were done by licensed firearms dealers (Gregory, 2009). The actual number of firearms sold in 2012 is undetermined; however, over 16 million background checks were performed that year (Huffington Post, 2012). The recently proposed and passed federal and state gun laws generated a large amount of sales for TNW. Customers stated that they wanted to purchase rifles before any bans take effect Bans and restrictions created a demand for design changes and modifications to TNW products in order to allow products to remain available for customers. The firearms industry is not only under the scrutiny of political parties, it is also a topic of debate among the general public. Groups such as the NRA support the right to bear arms and encourage education and firearms training (NRA, 2013). The Brady Campaign is social network of people who work on passing federal and state gun laws and reform of the gun industry, as well as educate society about gun violence (Brady Campaign, 2013). Organizations such as the Brady Campaign and legislation often pose a threat to TNW and the firearms industry. Proposed gun laws and bans can render products obsolete or unusable and cause the company to lose money and the ability to keep personnel employed. Understanding the economic, political, and social factors that affect the firearms industry is important to TNW s success. Competitive Analysis TNW has developed a competitive advantage in the production and service of several historic firearms, such as the.50 caliber M2HB and.30 caliber With years of experience

6 SWOTT SYNOPSIS 6 and design the company has created quality semi-automatic conversions of fully automatic rifles. As one of the remaining companies in this market TNW does not need to focus on marketing and sales. TNW has developed a new product called the Areo Survival Rifle (ASR). This product is a carbine rifle with the ability to change calibers from 9mm to.40 and.45 caliber. Just Right Carbines (JR Carbines) has been in business since 2009 and also produces a rifle with the ability to change calibers. The process of changing calibers on a JR Carbine takes approximately twelve minutes, requires tools, and has over 20 steps to complete the process (Just Right Carbines, 2013). Although the products produced by the two companies are similar in concept each company has different advantages. JR Carbines advantages are length of time producing and performing R&D on the product. TNW s advantage is in the design of the ASR and the length of time the company has been in business. The Design of the ASR allows the owner to change calibers in eight steps, without the need for tools. Continued R&D, quality assurance, customer service, and marketing will be detrimental to the success of TNW in the carbine rifle market. Internal Factors TNW is currently restructuring the company and making many changes regarding processes, systems, strategy, and culture. The company has several strengths that include flexibility, innovation, collaboration, and motivation. The restructuring is based on the need for structure, organization, and to streamline operations. Flexibility is needed in order to adjust and incorporate new procedures. It is also important to understand that goals and objectives will need to change as the company evolves. Tim Bero, owner and president of TNW, is known for innovative thinking and designs. In addition to Mr. Bero s skills TNW has several employees that posses the skills and knowledge necessary to keep the company moving forward.

7 SWOTT SYNOPSIS 7 Collaboration between the owner, employees, customers, and suppliers is an advantage. TNW understands the importance of communication in the effectiveness and efficiency of the supply chain. TNW has many strengths; however, the company will need to overcome several weaknesses in order achieve objectives. Development of a proper structure is the first obstacle that TNW must overcome. As the company grows it is important that it develops a structure that works well, such as a hierarchy structure. Until this has been firmly established employees will unclear of their roles and lack clear direction. The tasks required to run the company should be evaluated and a proper division of labor implemented. The second area that needs improvement is leadership. The current structure lacks defined leadership and creates a work environment that is unorganized and confusing to employees. This factor carries into the culture of the organization. TNW employs many motivated and skilled employees, creating the proper work environment will develop the type of culture that is conducive to the mission and vision of the organization. The final weakness of the company is strategy and planning. TNW has been successful and managed to grow without defined plans; however, the company would see higher levels of success by developing marketing plans and objectives. The company has a broad objective to make new products and increase revenue, but has not developed a proper business or marketing strategy. Hypothesis and Testing Issue or Opportunity Hypothesis Research Questions Opportunity 1: Developing new partnerships Developing new partnerships will increase revenue and capital. What types of partnerships does TNW need to develop? What are the benefits of each type of

8 SWOTT SYNOPSIS 8 partnership? What benefits will TNW provide? Can the company uphold obligations? Opportunity 2: Development of a new product Creating a new product will increase revenue and allow TNW to enter new markets. What products are in demand? Does TNW possess the capability to produce more goods? What is the cost of developing the new product? What strategy will TNW use to market the new product? Will suppliers be able to handle increased production? Issue 1: Need for a proper business plan Issue 2: The need for proper marketing and project planning Creating a business plan will give the company structure and objectives that will drive the employees. Developing proper project and marketing plans will keep What is TNW s mission? What is TNW s Vision? What are the top 3 objectives of the company? How do employees perceive the company? How does the company currently address planning? What are the priorities of each area?

9 SWOTT SYNOPSIS 9 production, R&D, and sales organized and increase success. Who is in charge of planning in each area? What suggestions would employees make regarding planning and organization? Conclusion Evaluating and understanding the internal and external factors that affect TNW is important. Developing proper business and marketing plans will allow the company to become organized and increase TNW s ability to meet objectives. Utilizing the hypothesis and research table will allow TNW to address the main issues and opportunities that the company faces. The company has many strengths and opportunities that indicate a high level of success; however, the weaknesses need to be addressed in order to ensure success.

10 SWOTT SYNOPSIS 10 References The Huffington Post (2103). Gun Sales in 2012 Set Record, FBI Data Indicates. Retrieved from NRA (2013). About NRA. Retrieved fromhttp://home.nra.org/home/document/about Brady Campaign to Prevent Gun Violence (2013). Mission. Retrieved from Gregory, S. (2013). Boom in Gun Sales Fueled By Politics and the Economy. Retrieved from Just Right Carbines (2013). About Us. Retrieved from