What are the opportunities in the environment that the company can benefit from?

Added on 06.11.2015 18:32
Opportunities and Threats Outline
The success of the Wawa store will depend on how it deals with the opportunities and threats. Opportunities and threats are external factors and cannot be controlled by an organization. Thus, an organization has to come up with ways of dealing with the external factors. The first step in dealing with the factors is making sure that one identifies them. The opportunities available help one to improve productivity and growth (Boone 24). For instance, Wawa store may aim at supplying fast foods. The presence of a learning institution such as a college provides a ready market that may be viewed as a strength. On the other hand, threats are conditions that may damage the performance of a business. They include competitors.
Opportunities
Wawa store is supposed to identify the opportunities that it can improve upon. In highlighting the opportunities that Wawa store enjoys, the paper will consider the factors listed below. For instance
Customer service This will delve in to our clients are served in the store.
Training this is skills offered to staff and their advantages to service provision.
Special Markets the target market the store focuses on is an outstanding opportunity
Local marketing how the stores reaches out to local market is an opportunity
Website this will be of advantages as it a digital way of marketing
Database ability to keep information in a secure way.
Threats
The threats are beyond the companys direct control or influence. Wawa store has to look for ways of dealing with the threats for it to achieve its objectives. In providing the entire work, the paper will focus on factors like
Technology spontaneous growth in technology is a threat to the business
Direct competition availability of same service providers is a threat
Indirect competition other substitute service providers
Economic climate that hinders ability to serve clients every time
Local roadwork incapacitating infrastructure
In order to identify the threats and opportunities in Wawa store, the managers must have a visit to the place where it will be situated. As result, the managers will gain full understanding of the business, which will help polish of the opportunities and look out for ways to curb the threats. The factors below will help in compiling the paper on how to better and solve existing issues;
Prepare questions: a list of questions based on the opportunities and threats is required. Visiting a store that is related to the goods and services that Wawa store will supply. The questions must be clear to avoid follow-ups.
Carry out research on the market: the research should be based on the aims and objectives of the business. Research will enable the managers to identify the threats and opportunities within their sector.
Planning times: Managers in Wawa store must set dates to visit a store that is related to the goods or services they will be supplying. (Faarup 183).
In preparing the paper, the following questions will help when identifying the opportunities and threats:
Opportunities
They represent the reason as to why a business is supposed to prosper. The questions below will help the managers identify the opportunities:
What is the perception of the business?
What are the opportunities in the environment that the company can benefit from?
Is there a possibility for market growth which can increase opportunities?
How long will the company take to come up with a new opportunity? What are the chances of growth?
Is there an opportunity that is ongoing? How critical is the companys timing?
Threats
These are the negative external factors that can influence the functionality of the business (Lussier 132).The company has no control over the threats but it can benefit from them by having a contingency plan. Contingency plan helps the company to address the threats if they occur at some point. Here are some questions that can act as your guideline:
What are the factors that are beyond the companys control that could place Wawa store at risk?
What are the potential or existing competitors?
Does the company have any challenges that can create unfavorable trend or development that can result in deteriorating the companys profits or revenues?
What are some of the situations that may threaten Wawa store marketing efforts?
Can there be a significant change in the availability of the materials or the prices of the supplier?
What about the shifts in government regulations, consumer behavior or the economy that can reduce companys sales?
What are some of the new product or technology that can be introduced and make companys products or services obsolete?
Developing the strategies
When the managers identify the companys opportunities and threats they can come up with a short-term or a long-term strategy for the business. Identifying the opportunities and threats offers additional insights into the potential and the condition of the business. The company is also in a position to deal with issues that can affect the functionality and the well-being of the business. In the strategy, managers are supposed to identify the strengths that are the internal factors that can be used to maximize the opportunities that the managers have identified (Fleming 40). Additionally, managers can also use the companys strengths to minimize the threats. Additionally, the companys weaknesses are also supposed to be used to minimize the threats from outside. The opportunities can be used to minimize the companys weaknesses.
Conclusion
Swot analysis is of great substance in every enterprise. It helps in bringing order and structure in a firm. It is through Swot analysis that managers are able to have an internal and external overview of their business. The information that managers collect after conducting the analysis helps them to drive their strategy. As such, Wawa store management is able to check on where to improve and where to perfect in order to compete effectively. It is possible, after the analysis to turn weakness in to strength and help match strengths with opportunities hence maximize of productivity and service provision.