Swot Analysis Proof Reading Services

Swot Analysis Proof Reading Services

Introduction

This assignment is based on analyzing the assessment of risk, the competitors along with strength, weaknesses, opportunities, and threats of the business plan. In addition, this assignment has focused on making a business plan, within which all the component of marketing analysis has been done. Furthermore, the aim of this assignment is for obtaining an ashtray for dumping the ash easily without making any mess and sells the perfect of Bbq for the outdoor patients.

Risk management

Risk	Likelihood	Impact	Strategy
Identifyingand characterizing the threats	Highly likely	High: It can stop the effect spread by the threats	Involving the risk assessment team
Analyzingthe vulnerability of the critical assets to the specific threat (McNeil, Frey & Embrechts, 2015)	Likely	Medium: It helps to the system including the files, reports and storage system for getting affected by the threats	Developing the strategy involving the principles of risk assessment
Assessingthe risks	Highly likely	High: It can stop occurring of new threats in future because the symptoms can be recognized	The team of risk management needs to be the part of decision-making process
Controllingthe ways of reducing the risks	Highly Likely	High: It can help the team in implementing the ways in the future threats	Adopting the ways such as reviewing an existing system of the internal control
Reducingand Prioritizing the measures for reducing the risk	Likely	Medium: Owner of business needs to take the control of every company, assessing the risks, which are inherent in both the industries and firms.	Employing the services based on consultants associated with internal control (Hull, 2012)

Competitor analysis

In the viewpoint ofBarney (2014), acompetitor analysis is one of the most crucial elements of a business plan. After the evaluation of a competitor analysis, a business product can be generated and their extent of uniqueness is evaluated. In the formulation of a marketing plan, it also helps in attaining an understanding about the strategic management, which is required for the effective formulation practice of a business product.

Market research

When a business product is being launched, it is important to do a proper market research before the launching of the product. As per commented byMcGivern(2013), this is because, a proper market research facilitates the idea of the extent to which the product will gain an optimistic result. By the use of survey or questionnaire, it will be easier to conduct proper market research.

Market targets

A market targeting helps to understand the target of the business products by the proper analysis of the business product. The business plan, which is to be implemented, must include the target market of the product. A target market helps to analyse the types of consumers it will attract.

Environmental analysis

After the attainment of the market research, it is also important to do an environmental analysis for the purpose of business plan implementation, which helps in the convenience of attaining information regarding the business product and the future prospect of the business process.

Market Size

The size of market is another important aspect, which needs to be taken into consideration. This is because, market size matters when it comes to the launching of a business product. Furthermore, it can also be speculated that, if the market size is small, then the business product, which is of an elevated value will not be able to prosper properly.

SWOT analysis

Strength

Weaknesses

Capital Stock:The company needs to establish and maintain the strong base for capital
Marketing:Marketing campaign that needs to be focused and aggressive having a clear strategy and goals
Management Team:The management team together has a wide range of experienced products along with the business (Yuan, 2013).
The industry needs to know the areas within which they can thrive along with the positive threats they can inhabit their real estate.
Consistently quality, they can consistently produce a high qualitative product. Moreover, the location needs to be unique for attracting the customers (Hollensen, 2015).

New:This industry does not have a good reputation including money for having new breweries.
Quick Expansion:There is a lot of new recruitment or hiring process for training and learning the structure of the organization
Not too much practical understanding about technology:The industry needs to establish a good market reputation over the internet that can be a challenge for the given industry.
This industry needs to understand the limitations on the job along with areas in which they can improve (Bohari, Hin & Fuad, 2017).

Opportunity

Uniqueness:the uniqueness of a new business product will easily attract the attention of the customers. as commented by Wheelen & Hunger (2017), the product will be new and its attributes are unique, it is likely to happen that, it will facilitate the satisfactionof the customers.
Media interest:with the advancement of technology, promoting new business products become quite easier to implement. This is because, with the media campaign, the other people gets notified about the launch of the new business product (Hair, 2015).

Threats

Competitors:the first and foremost threat that a company might face with their new business product is the aspect of competitors.it is likely to happen that, the new business product will face tough competition among the competitors of the market.
Threat of substitutes:threat of substitutes is another aspect,which needs to be taken into consideration. Furthermore, it can also be stated that. There are certain companies, which tends to preach the same doctrines as is preached by the concerned company.

Conclusion

After analyzing the given situation, it can be stated that making a business plan requires an effective marketing strategy, which includes SWOT analysis and competitor analysis. In addition, the outcome can be achieved if the marketing department of an industry can work and control the weakness of that company, this can contribute to growth and success of the industry.

References

1. Barney, J. B. (2014). Gaining and sustaining competitive advantage. Pearson Higher Ed.

2. Bohari, A. M., Hin, C. W., & Fuad, N. (2017). The competitiveness of halal food industry in Malaysia: A SWOT-ICT analysis. Geografia-Malaysian Journal of Society and Space, 9(1).

3. Hair, J. F. (2015). Essentials of business research methods. ME Sharpe.

4. Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.

5. Hull, J. (2012). Risk management and financial institutions,+ Web Site (Vol. 733). John Wiley & Sons.

6. McGivern, Y. (2013). The practice of market research: an introduction. Pearson Higher Ed.

7. McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.

8. Wheelen, T. L., & Hunger, J. D. (2017). Strategic management and business policy. pearson.

9. Yuan, H. (2013). A SWOT analysis of successful construction waste management. Journal of Cleaner Production, 39, 1-8.

Swot Analysis Proof Reading Services