SWOT Analysis
“A SWOT analysis conducted in the process of developing a strategic plan constitutes a serious focus of a good plan” (Kotler, 2000).
This analysis will critically identify the strengths, weaknesses, opportunities, and threats in our line of business.
Core competencies
The name Dynamic Shots is and will in the coming five years maintain position as a unique brand name. It has been associated with superb quality in cameras and associated accessories and as such is considered one of the company’s greatest intangible assets.
The great relationship that the company has forged with suppliers has led to it developing an increased profit history owing to the reduced prices that suppliers are able to offer. Other alliances and ventures have helped the company have great access to technical know-how and valuable technologies.
The company Dynamic Shots has been able to constantly outdo the competition by the insistence on high-quality product development. All our cameras and related accessories are designed by top-of-the-league professionals and as such cannot be easily copied.
The other element of core competency that has helped the company secure and maintain a spot at the top of the business is employee dedication. Our staffs appreciate that the stronger the company is, the better working conditions they have and this has led them to fully apply themselves to seeing the success of the company Dynamic shots.
Strengths
Our main competitive strength comes from the fact that we have multi-store chains aside from owning a local shop. The establishment of online stores has also contributed to the company growing from strength to strength. This helped boost our sales throughout the region.
As a company engaged in the serious aspects of business, we appreciate the fact that advertising and marketing can help a company’s name make an impact out there. We, therefore, have a decent advertising budget and over time we have been able to prove that the company benefits immensely from the media campaigns we have set out on.
An already established camera selling history supported by the provision of high-quality cameras; a quality provider that has so far remained unchallenged in the product market. The company has been able to cut a niche as the best supplier of cameras and associated products throughout the region; a factor that has enabled it to secure a clientele base that has enabled the firm to command a decent share of the market.
A clear vision of the market needs has been one of our company’s major strengths. The proprietors appreciate the commitment and financial investment it has taken to build and sustain an upscale camera company. Customer satisfaction is what helps businesses get return clients.
Our other strength is the diversity in the types of products that we offer our clients. The different types of cameras, lenses, and maintenance products that we provide have made Dynamic Shots a one stop shop for all photography equipment. With the company having fully embraced Information and Communication Technology (ICT), we have been able to expand our markets through online marketing.
The establishment of superior brand equity is another of the company’s strengths. The firm has a well-established name which coupled with an impeccable business record has seen the company grow from strength to strength. Most of our new clients are from references by former or repeat clients and this can all be linked to the good name of the company. Over time, we have been able to expand our product and service delivery by capitalizing on available opportunities to outride our competition.
Like with any other business establishment, our greatest asset is the manpower. We have committed staffs that are willing to forge a merger in order to see the growth of our enterprises. Our employees fully apply themselves to their roles with some of them willing to put in extra hours in order to see our products doing well in the market. We, at Dynamic Shots, will go to great lengths to recruit workers who have the vision and mission of the company in mind. We ensure that members of our staff are at all times well equipped with the knowledge that the customer is our primary resource and needs to be treated as such.
Weaknesses
“Monitoring and evaluation constitute an important aspect of the strategic plan for a Company” (Peter, 2008). The monitoring process has been instrumental in helping the company identify its weaknesses and opportunities.
Our major weakness is that we had a weak credit rating. Consequently, the company had to invest a lot of resources in advertising to prove its competitive worthiness. This coupled with the fact that our entry-level price was on the higher has made the company lose some of the clients to online retailers. The lack of a proper budget for technical support has also contributed to the company not securing the confidence of some of our clients.
A weakened economy has impacted the growth of the company and this has been mainly due to the inadequacy of resources. This has led the company to struggle and at times calling for the senior management to make crucial sacrifices in order to enable the company to meets its key objectives.
The size of the company coupled with financial constraints has led to inadequate infrastructure development. This has been a major hindrance to development as the company urgently needs to establish a bigger exhibition center for our products.
Dynamic shots as a company have had to contend with the challenge of less than required staff members with some already packing their bags for fear of being laid off in the wake of the ongoing global financial crunch.
Opportunities
The greatest opportunity we have had is an engagement in a very good venture that does not have extreme competition levels. The industry has been less penetrated by manufacturers and suppliers of cameras and associated products and this has given us some measurable level of advantage. We essentially have a ready market for our products and this has seen us establish a good rapport with our clients.
The appreciation of photography, both as a profession and as a hobby couple with a population spurt has also seen more interest develop in our products. As the population of the region increases, so will the need for more cameras, lenses, and other related products, and this has been received by management as a credible business opportunity.
Attachment of customer’s too familiar shopping places has also been one opportunity upon which we have grounded our business. Individuals by the law of associations would like to identify and maintain loyalty to certain shops especially for given types of products. The establishment of Dynamic Shots into the region attracted those persons who wish to identify with new and personal shopping places and with time the business has been able to grow in such a way that it builds on customer loyalty.
Threats
Emerging competition and an ongoing market change lead companies to engage in strategic planning with the aim of sustaining themselves or tapping into new markets (Pahl and Richter, 2009).
The high expenses related to maintaining standards have been one of the company’s major threats. Dynamic shots have in recent days been forced to dedicate a lot of resources to ensure that above-average standards are maintained. This has ended up gradually eating into the company’s revenue and profits.
As this is a five-year plan, there is a likelihood that in this time customer preference and tastes may shift from the company’s products in favor of what competitors are offering. This is one threat that has to be adequately dealt with if the company is to maintain the high levels of success it currently holds.
The other threat to our business is the aspect of emerging local competitors. Competition has definitely been a challenge to deal with especially because other emerging businesses can easily choose to borrow our strategies and put it to their own benefits. Existing camera companies and shops may see us as a threat to their business and decide to reduce the costs of their products to ridiculous levels with an aim of kicking us out of operation.
Reference List
Kotler, P. (2000). Marketing Management. (10th Ed) New Jersey: Prentice-Hall International.
Pahl, N. & Richter, A. (2009). SWOT Analysis – Idea, methodology and a practical approach. Munich: GRIN Verlag.
Peter, P. J. (2008). Marketing Management. Toronto: McGraw-Hill Irwin.