Imagining a small business idea
The Company aims at producing electronics that have good quality and will serve the needs of the consumer. The most important electric appliance to be produced is the food processor, an appliance that can perform basic culinary tasks such as cutting, shredding, kneading and grinding (Harris, 2010). The vision is to make a business that will connect to the needs of its customers and help to make their living experience better at home through the usage of well-designed home appliances. Our mission is to open a new era in the industry by providing personal expertise, competitive pricing and excellent services by valuing the benefits of teamwork, reliability, speed and innovation.
SWOT analysis
Strength
The company will be offering a diversified product portfolio of electronics and appliances and henceforth enjoy the benefits accruing from economies of scale. The products will range from food processors, refrigerators, dishwashers, cooking items, dryers, water heaters and filtration systems, freezers and the air conditioners. This strength will allow the firm to grow the business through an increment of sales to customers as well as entering emerging markets (Harrison, 2010).
Weakness
Since the organization is still an infant in the industry, it has an inefficient marketing department that cannot develop and implement outstanding advertising and promotional strategies that align with the overall strategic goal. It means that the firm may face challenges in conducting extensive market research to determine the customer’s needs to achieve a substantial competitive advantage (Sawyer, 2014). Henceforth, there will be neither identification nor filling of existing gaps.
Opportunity
There is a chance of international expansion as the lifestyle of people is changing day in day out. By focusing on supplying and distributing well designed and high-quality products and services, there is a growth opportunity to enter into the foreign markets where the industry is not saturated (Sawyer, 2014).
Threats
Electronics and appliances industry is highly competitive and larger firms are already enjoying economies of scale to gain significant market share. Therefore, the company will take time to grow and gain a significant share both in the local, national and global market.
References
Harrison, J. (2010). Essentials of Strategic Planning in Healthcare: Strategic planning and SWOT analysis. Health Administration Press.
Sawyer, T. (2014). The Company Business Model: Envisioning and Realizing Your Future. Financial Modeling for Business Owners and Entrepreneurs, pp. 25-46.
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