Question One
“Strengths, weaknesses, opportunities, and threats (SWOT) analysis (Ommani, 2011, pg. 9448)” refers to a framework used by business management to assess the strengths, weaknesses, opportunities, and threats of any business organization. This analysis is important for a firm to gain insight of the past and potential future problems for a new venture or an existing business (Ommani, 2011). As such, SWOT analysis functions as an ideal model for assessing the capabilities of a firm by determining what it can or cannot do. Besides, SWOT analysis is important in synthesizing the internal issues (weaknesses and strengths) and external issues (threats and opportunities) (Helms & Nixon, n.d.). Upon a successful analysis of these issues, it becomes clear to the firm the appropriate actions to take in the attempt of meeting its objectives and effective strategies of overcoming the obstacles that may face the business; therefore, developing effective strategies for establishing a competitive advantage.
Question Two
Human resource
| Strengths i. Small number of employees ii. Easy to manage and motivate iii. Easy to involve the management with the workforce iv. Innovative minds from the employees | Weaknesses i. Employs a small number of people with maximum being 100. ii. Temporally job for its employees since during slower months the number of employees reduces to 20. iii. Dangers involved in working with the new machinery. |
| Opportunities i. Growth possibilities. ii. Increased innovation among its employees. iii. Selects a few best employees that will push the company to its goals. | Threats i. Increased external critics on its workforce. ii. Possibility of the employees lost during the slower months to move to the Boomf’s competitors. |
Accounting and Finance
| Strengths i. Conducting e-commerce by selling affordable bricks sold online for $ 15. v. Increasing turnover rate like that of 2015 that rose by six-fold. vi. Heavy investment on innovative machinery vii. Investment moves like $1.25m funding round | Weaknesses i. Making expensive investments that increase its expenditures such as the robot-cutting machine.
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| Opportunities i. Expanding businesses to the global market where their next target is Hong Kong. ii. Innovative advertisements that increase their turnover rate. iii. Expanding e-commerce market that will increase its sales. | Threats i. Increased external critics on its financial performance; thus affecting the investor’s decisions. ii. Urge for more improved innovative ideas and machinery that are cost especially when moving to the global market. |
Marketing
| Strengths i. Innovative marketing practices such as TV advertisement. ii. Wide range of market with current market composed of 150 countries. iii. Using social media platforms such as Instagram to get to expose its products to global market. | Weaknesses i. Depends on few peak days for its operation namely Mother’s Day, Father’s Day, and Christmas. ii. Expensive ad depending on the target market. |
| Opportunities i. Use of social media platforms poses a chance for capturing a wide market. ii. Innovative advertisement practices. | Threats i. Expensive cost for the developing ads for each culture group. ii. Yet to be legalized in carrying advertisement practices in some countries. |
Question Three
Boomf needs to take into account the number of the employees it is working with. The small number of employees for this company implies that the output level is not high compared to the high number of workforce. Moreover, the company should consider the employees that it terminates their employees during the slower months. This is an essential factor to consider for employee loyalty and retention, which is a significant factor that can lead Boomf to success. Another factor to take into consideration is the advertisement used to reach the global market. The company should extensively invest in the social media marketing by ensuring that they are available in all of these platforms, rather than majoring on a single platform. With such a move, it will be simple to reach a diversified market that will increase the number of their customers across the globe.
Question 4
Addressing the issues of workplace employees, Boomf Company should increase the number of the workplace. Consequentially, the company should create part time job for the employees that are terminated during the slower months. This is effective of achieving sustainability among employees. Lastly, the company should move use both social media advertisement and other forms of advertisement such as TV, radio, magazines, and outdoor advertisement to capture a wide range of customers.
References
Ommani, A.R., (2011). Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis for Farming System Businesses Management: Case Study of Wheat Farmers of Shadervan Disstrict, Shoushtar Township, Iran. African Journal of Business Management, 5(22), 9448-9454.
Helms, M.M., & Nixon, J., (n.d.). Exploring SWOT analysis – where are we now? A review of academic research from the last decade. Journal of Strategy and Management, 3(3), 215 – 251.
