in the Week 2 discussion, you began work on your SWOT (strength, weakness, opportunity, threat) matrix. Your task in this assignment is to revise your SWOT matrix based on the feedback you received in the discussion thread. You will also summarize the key learnings from your SWOT matrix.
Reminders and Notes
- Before beginning this assignment, you may find it helpful to review textbook Chapter 3, “Making Your Plan Compelling.” This chapter provides useful information about how to organize the information in your business plan.
- Your chosen company will operate in a 100-mile radius from your home address. Your goal is to reach $1 million in sales by the end of the second year.
- Be sure to follow the guidelines, whether you are using the snack food company or the company of your choice.
The specific requirements for this assignment are to write a 3â€“5 page paper in which you:
- Describe the product or service on which the company is focusing, including the company’s name and its significance.
- Revise the companyâ€™s mission statement based on feedback received in the Week 1 discussion thread, including the rationale for each component of the mission statement.
- Place the mission statement within quotation marks.
- Use the Mission Statement Worksheet on pages 72â€“73 of your textbook as a guide.
- Describe the trends in your specific industry, focusing on your particular type of product or service.
- Research and outline industry trends. Be sure to consider the size and growth rate for the overall industry and for the specific product or service on which you are focusing.
- Search theÂ Strayer Library, industry associations, and reliable websites for recent data.
- Select the strategic position from the course textbook (pages 146â€“147) that you believe is the best one for your chosen company and explain how you will implement it to distinguish your product or service from the competition.
- Consult Chapter 9, “Strategic Position & Risk Assessment” of your textbook for help in crafting this portion of your business plan.
- Describe the companyâ€™s distribution channels and provide the rationale for your selection.
- Sample questions to ask when choosing distribution channels:
- Will you sell your product in grocery stores, restaurants, or sports venues?
- Will you sell your product online or as a subscription?
- Where will the service be offered?
- Sample questions to ask when choosing distribution channels:
- Revise your selected companyâ€™s SWOT matrix based on feedback from the Week 2 discussion thread and summarize the key learnings from your matrix.
- Be sure to use theÂ SWOT Matrix [DOCX]Â (table) when revising your SWOT matrix.
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