Strategic Analysis for Businesses

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In comparison to everyday operating activities, the strategic analysis of a company or organization focuses on the intense appraisal of priorities, strategies and visions. The assessment aims to allow the organization to use strategies that optimize profitability and prosperity (Aaker, 2001). Managers create unique mechanisms that target competition, market expansion and the everyday tasks of managing account books and debt analysis.
Strategic planning starts with the study of priorities. Both departmental and overall organizational priorities are evaluated thoroughly and strategies are formulated to help achieve these objectives. For instance, a goal to increase productivity by increasing employee morale is an example of a strategic move. The SWOT analysis seeks to determine organization strengths while assessing its weaknesses and opportunities and defining the measures to curb the threats. Many institutions apply SWOT analysis to re-invent and expand its activities and area of operation. Understanding SWOT analysis requires a review of each word separately.
Strengths refer to internal environmental conditions which include motivated staff, satisfactory market share and good reputation. Wellness and fitness center indicate the stability of the business and a continued referral of clients and customers. Furthermore, if the location of the Wellness and fitness center is in a serene and quiet environment, then that would be its strength (Houben, Vanhoof, 1999). An organization can also determine its strengths by identifying its competitive edge and adopting strategies that will maintain or even improve them. A company should always build and enhance its capabilities.
Weaknesses are adverse internal conditions in the environment such as inept technology, poor public image, and small market shares. Deficiencies affect success and prosperity of the organization adversely. After a company has identified its gaps, it should establish the reasons behind them, then adopt a series of measures to curb the situation especially at the departmental level (Houben, Vanhoof, 1999). A company need to strive to resolve and reduce its weaknesses.
Opportunities are actual external conditions which occur when political, economic, social, and technological factors are in favor of the company. For instance, favorable legislation, the improved balance of trade and identification of new markets offer opportunities (Houben & Vanhoof, 1999). The firm should scrutinize the market to establish the needs that are unmet and the effects of using different distribution channels. It should explore the benefits of using various advertising and promotional activities. Opportunities should be exploited and expanded.
Threats are unfavorable external conditions in the environment like stiff competition, improper legislation, and unstable political situation among many other factors that could hurt the business. The organization should prepare itself for the worst-case scenarios and have alternatives ways to prevent the impact of the threats to the establishment. A firm should have proper mechanisms in place to avoid and thwart the threats that face it.
There are several Strategies that Triomph fitness and Wellness Centre need to adopt to succeed. The company offers services that aim to achieve physical, mental and spiritual transformation. It does so through sharing of knowledge about health with its clients and having individualized work- out sessions for different clients (Triomph, 2017). There is also a Gym facility and Yoga present at the same firm. The organization boasts of having the best personal training and fitness classes in Brooklyn. However, its fitness center exists in an environment with stiff competition; there are numerous wellness and fitness centers in Brooklyn. Customer reviews about their experiences at this fitness center speak volumes of the exceptional services offered.
The following SWOT matrix can steer Triomph Wellness and Fitness center to unrivaled prosperity and growth.

  Strengths Weaknesses
Opportunities S-O strategies W-O strategies
Threats S-T strategies W-T strategies

The first quadrant (S-O Strategies) shows that the company is in an advantageous position with both strengths and opportunities (Houben, Vanhoof, 1999). For instance, in Brooklyn, there is a growing number of people who need wellness and fitness services. At the same time, this firm has a supportive environment whereby the staff and clients are friendly. If properly utilized, this strength will steer the company to capture the new market.
In the second Quadrant (W-O strategies) the company has the advantage of opportunities but a disadvantage of weakness. A company that finds itself in such a situation should adopt policies aimed at exploiting the opportunities even if it means merging with other companies that have the required strengths (Houben, Vanhoof, 1999). In the case of this wellness and fitness center, the weakness is in its location. The environment is not perfect for proper meditation due to distractions. Therefore, through the opportunity of renting out a new serene place, the company should consider relocation as a strategy to employ.
For the third quadrant (S-T Strategies), the strengths of the firm are affected by threats. The wellness and fitness center face stiff competition from similar companies which offer the same services like the Planet fitness, Elite Gym, and Harbor fitness. All these wellness and fitness centers are in Brooklyn. However, the Centre has exceptional services which include individualized fitness guidance and the best fitness classes. It should use these strengths to maintain its competitive edge. It could also adopt a unique marketing strategy that would enable it to surpass the competitors.
The other scenario is fourth Quadrant (W-T Strategies). At this point, the firm is plagued by both weaknesses and threats. It is a very precarious situation for a company to find itself. In this Quadrant, the institution is vulnerable and cannot get out of the Quagmire. The best thing to do for a company that finds itself in such a situation is to formulate strategies that will prevent these weaknesses from rendering it susceptible and vulnerable to threats (Houben & Vanhoof, 1999). The scenario does not exist in Triomph wellness and fitness center. The firm should, therefore, adopt strategies that will prevent it from getting to this position by maintaining the competitive edge through continued excellence in service delivery. It would also consider diversification of its products to attract new customers.
The strategic analysis also involves the review of the four Ps of a company which is the product, prices, places of sales and the promotional activities (Sharrief, 2017). These four aspects of an association are very critical in the formulation of strategies. In light of stiff competition that the wellness and fitness center faces, it may consider choosing a pricing strategy that is favorable and one that beats the rivals.
The following matrix known as the Ansoff Matrix will enable Triomph wellness and fitness center to adopt strategies that will assist it to compete favorably with rivals.

  Existing product New product
Existing Market Market penetration Market development
New Market Market development Diversification

The company should diversify its products and come up with new products that address the emerging needs of the customer. The institution should install Massage services and Product development of the already existing products and services. The gym facility should be expanded to include gym centers for young children. The company also needs to carry out market development strategies through searching for new markets.It could do this through expansion and opening of branches across the state of New York and the United States at large where such facilities are few or do not exist at all.
Triomph fitness and wellness center can tailor its promotional activities such that they are the most aggressive and attractive to clients (Triomph, 2017). The company will penetrate the market and increase its market share in the competitive industry. Achieving deep market penetration is possible if the products offered by the company are the best around. Customer referrals and reviews are the best forms of marketing due to their authenticity and non- commercial interest. Therefore, having services that satisfy customers is crucial for further market penetration.
The strategy is crucial for any business that wants to succeed. Strategic analysis requires leadership and high sense of vision. The top management should consider the environment in which the business operates both internal and external. Furthermore, review of company goals, mission and vision will result in the business growth. The SWOT analysis is an activity that the company needs to undertake often and in a proper manner (Aaker, 2001). After considering all these factors, the top management should then adopt a winning strategy that utilizes the strength, and exploits opportunities to remain competitive consequently, increasing the revenue earnings. Policies adopted by firms should aim at beating the increasing competition and maintaining some of its excellent products and reputation.

References

Aaker, D. (2001). Developing Business Strategies. John Wiley &Sons, Inc.
Houben, G & Vanhoof, K. (1999). A knowledge-based SWOT-analysis system as an instrument for strategic planning in small and medium sized enterprises. Decision support systems. Volume 26(2). Pp 125-135. Retrieved from https://doi.org/10.1016/S0167-9236(99)00024-x
Sharrief, M. (2017). How to Write a Strategic Analysis for Business Organizations. Chron. Retrieved from www.smallbusiness.chron.com/write-strategic-analysis-business-organisations-89.html
Triomph. (2017). Fitness Health Wellness. Triomph. Retrieved from www.triomph.us

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