SWOT Analysis :: Business, Administration, Analysis

SWOT Analysis   Ã‚  Ã‚  Ã‚  Ã‚  This type of analysis is designed to help identify several areas of a business that may need improvement and other areas where the company may be able to improve upon. SWOT is an acronym for; Strength, Weakness, Opportunities and Threats. A company should consider this analysis to be one of the most important steps to becoming one of the leading stores and schools of this nature in the area.   Ã‚  Ã‚  Ã‚  Ã‚  A business idea gets started by acquiring knowledge of a product, market or skill. In this case, the company’s idea got started from the skills gained from years of diving and love of water and marine life. These things inspired the owner to start his business. One of the most difficult things to identify as a business owner and as an entrepreneur is that area where the company or owner is lacking strength. When considering a business venture, normally one is not looking at the negative factors of the business itself. In most cases, the entrepreneur looks at the positive factors that can help his business get started. SWOT Analysis:   Ã‚  Ã‚  Ã‚  Ã‚  Strengths †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Highly Qualified Staff †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Reasonable Prices †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Over 20 years experience in the business †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Offers scuba gear, training, certifications & eco trips †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Good rapport with customers Weaknesses †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Lack of mission statement on the website †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Lack of competition †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Limited funds (Typical in small businesses) †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Over $200k in inventory (Too much capital invested in inventory) Opportunities †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Virtual store (Offering used equipment and possible equipment trade-in) †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  New retail store †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Proper advertisement (Direct mail, sponsorships, place mats, radio, television advertisement, travel and sports magazines, Verizon yellow book etc.