The One Stop Therapy shop Strategic Plan: SWOTT Analysis Essay
The One Stop Therapy shop Strategic Plan: SWOTT Analysis
The One Stop Therapy shop is the perfect place for individuals in search of total relaxation after a hard stressful day. One Stop Therapy shop is a therapy store that offers different therapies the assist in relaxation and a healthier life. The company’s main focus offer products, various tools, and techniques, such as aroma therapy products, perfumes, candles, and reflexology. These products, various tools, and techniques will help balance an individual physically, mentally, and spiritually. One Stop Therapy shop’s internal/external analysis associated with the company’s forces and trends are; Economic, Technological, Legal/Regulatory, Innovation, Structure, Strategy, Culture, and Resources. This paper will consist of One Stop Therapy shop’s forces and trends through a SWOTT analysis.
For One Stop Therapy shop to create SWOTT analysis the company must first answer questions associated with the company’s strengths, resources, and pro’s and con’s, position, and strength in the market. The company must also assess factors that may cause the company the loss of sales and profit in addition to paying attention to the concerns of internal and external perspectives of consumers. To recognize On Stop Therapy shop’s future opportunities the company must first discover the company’s strengths and weaknesses. Assessing the opportunities of the company consist of questions associated with the forms of consumer purchasing and market trends, and technological changes, and the company’s plans for to allocate with these issues. Assessing the strengths of One Stop Therapy shops can help the company opening the door to different opportunities. Accomplishing ideas and opportunities are possible; however, One Stop Therapy must first eliminate the weaknesses within the organization.
One Stop Therapy must determine the locations of threats the company has or may have in the future. To determine the locations of the threats the company identify the threats regarding market trends, technological changes, marketing competition, the company’s financial situation or difficulties that may change in the current marketing standards. A properly planned SWOTT Analysis can help the company prevent these particular treats from occurring.
The economic environment of One Stop Theory shop consists of information pertaining to the company’s products, tools, services, and techniques. The company must offer products and services that will attract and preferred by individuals from every race and culture. The company should also take the opportunity of introducing and offering new product lines and services that for customers to use in the comfort of his or her own home. It is highly recommended that One Stop Therapy monitors economic weaknesses and threats that may affect the company’s success. The current condition of the current economy is one of the major weaknesses the shop will have to acknowledge and take care of.
In today’s society customers have a tight budget that does not include joining a local spa or going to a message theorist. Customers opt to attend the free workshop or use online tips for relieving stress and tension. This can cause a threat to the company without creating new ideas and ways to satisfy the customers need. The demand for an alternative healing products is increasing to use in the comfort of the home is increasing; therefore One Stop Therapy must create a sense of loyalty with the company’s customers. Loyalty to customers will help in increasing the sales and the reputation of the store.
The bank is One Stop Therapy’s current stakeholder; therefore the bank is the company’s Sole Proprietorship. The company is not required to purchase a special license for selling items, such as lottery tickets and fire arm; however, the company must obtain a sales tax license for the sale of products, a health inspection certificate, and a state business license to conduct free workshops. One Stop Therapy’s must also register at state Department of Revenue or Treasury Department to obtain an employer identification number. Another opportunity in strength is the ability to purchase insurance for the company’s employees, customers, and store. This ensures protection along with the initial investment in case of injury to employees or customer in the store or from using company products.
Leasing the building is both an opportunity and threat for the store. If the store is financially stable in the future it opts to purchase the building; however, leasing a building will make it impossible for One Stop Therapy’s to ensure the company has 100% protection. This could also cause a risk in protecting the company’s initial investment because of the possibility the store has not met required legal and regulatory obligations.
One Stop Therapy’s must also maintain technological requests for the free workshops to have the ability for customers to purchase the products. This is the technological strengths of the store. It will also keep the company up-to-date with new advancements and information about hiring individuals with skilled in relaxation therapy and health-care. Limited funding in the company’s initial stages can cause weakness; however, renting equipment, such as computers and massage tables reduce the threat. Another treat to the company is the competition of other products; however, using advanced technologies can keep the company up-to-date with competitors so company products and services continue to stay on top.
In regard to innovation, One Stop Therapy’s strengths and opportunities is to focus on offering a various ranges products and services. The company must provide the customers who belong to different races and cultures with what he or she needs and in require. One Stop Therapy’s must also make every effort to expand the operations. The company must attract different companies and customers to participate in the company’s relaxation therapy and techniques workshops. Attracting different companies and customers will assist the company in becoming strong and well-known in the community. One Stop Therapy’s may face challenges is marketing products and services for individual. This will occur if the company fails to adapt a unique quality of products and services that meet and exceed the expectations of the customers.
For the company to grow and expand One Stop Therapy’s strategy plan must offer those products and services that customers could not obtain for other competitors. Sectioning the highest populated and easily approachable location in the downtown area is an opportunities for the company to expand quickly. This location will not only obtain customers from local colleges and universities, it will also obtain business for government offices and retail stores. In today’s society companies are experiencing weakness and threats because of the declining economy. One Stop Therapy’s must survive this pressure and overcome the pressure by working hard to overcome successfully.
One Stop Therapy’s major strength regarding structure is the use of and already existing building. The buildings location is in the center of the downtown area and easy to access. The company will offer different workshops and massages in the store as well as a variety tools and techniques for relation in the comfort of the customer’s home. The company’s strength may convert into weakness because leasing an existing building may not permit the company to expand or making changes to the buildings floor plan. The company does have the opportunity to purchase a building appropriate for need requirements; however, making new rooms and addition in an existing building has risks. If the company does not own the building a natural disaster may cause a threat to the business finances because of the lack of controlling the timeframe for rebuilding.
One Stop Therapy’s resources are the company’s strength that includes the knowledge of the relaxation therapist, products, equipment, and available funding from the bank. The company’s skillfully trained relaxation therapist also can resources convert into weakness. For One Stop Therapy to continue to provide the best services the company must hire fully trained and skilled employees. Another opportunity to the company’s resources is the capability of supplying different products to the company’s targeted market. A possible threat to the company is the buying behavior of the customer who may consider using an alternative healing therapy.
One Stop Therapy’s ability to attract customers from different backgrounds will help the company develop a large mixture of consumers form different cultures. The company must however ensure integrity and honesty are in company’s code of ethics standards. To reduce the negative influences on the environment the company must prove it is socially responsible. One Stop Therapy’s may have a limitation to the company’s finances for meeting the needs of different cultures and customs; however, offering reduced prices can avoid the company of becoming a risk. Accepting cultures and spiritual customs may cause the company some weakness; however, the company must implement these issues with the proper training of company employees.
External forces and trends considerations:
No required special licensing
Building rental insurance
Purchasing rental buildings
Community sponsored events and programs
Customers sue in case of serious problems caused by the products
Difficulties may occur in meeting regulations
Variety of products and services
Decreased purchasing power of the customers
Developing a new products and services.
Poor economy means customers spend less.
Hiring employees advanced relaxation therapy.
Teach new techniques, tools, and workshops for the customers Rental equipment because of limited funding
Compliance to new technology implemented into the company
Competing with the competitors offering more advanced products, services, and workshops
Demand for differentiated customer’s
Products to meet every customers’ needs
Marketing of the products to the diversified customers
Expansion by giving free massages, and workshops related to new products & techniques Practicing in individuality in regard to the company products and services
Internal forces and trends considerations
Appropriate location for the store
Easily accessible and approachable
Products and services for every ones needs
Best product at lowest prices
Successfully grow and expand by offering more than the competition Better facilities at low prices for the customers at home,
The company’s products and services are a critical advantage Updated and appropriate training to use the techniques and tool to employees Efforts to find better quality products, suppliers & value-added products & services Changes in the customers buying habits
Attractive to customers from different cultures
New line of products, tools, and techniques
Expand in culture
Cultural needed hard to accomplish