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Company Description and SWOT Analysis
In this first course assignment, you will create a description of your selected company and a SWOT matrix that includes trends, strategic positioning, distribution channels, and risks. You’ve already begun this assignment in your discussions.
In the Week 1 discussion, you chose a company (whether your own or the snack food company scenario) and created a description and mission statement for it. In this assignment, you will need to revise your selected company’s description and mission statement based on the feedback you received in the discussion thread. You will also include a brief narrative that provides the rationale for including each component of the mission statement.
Likewise, 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 3–5 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 company’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 72–73 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 the Strayer Library, industry associations, and reliable websites for recent data.
Select the strategic position from the course text (pages 146–147) 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 text for help in crafting this portion of your business plan.
Describe the company’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?
Revise your selected company’s SWOT matrix based on feedback from the Week 2 discussion thread and summarize the key learnings from your matrix.
Throughout this course, you will develop assignments that you will later combine into a complete business plan for your chosen company. That final assignment is due in Week 10. You have a choice between writing a business plan for: • • A snack food company. A startup company of your choice (instructor approval required). Read the guidelines for each option. Once you select an option, you will work on that company during this entire course. • • Snack Food Company Guidelines [DOCX]. Company of Your Choice Guidelines [DOCX]. All discussions and assignments in this class will focus on the company you select and describe in the Week 1 discussion. Your faculty member will approve your selection in a reply to your Week 1 discussion post. Week 1 Discussion Post For this week’s discussion, please respond to the following: 1. 2. o o o 3. o Create your company name and explain its significance. Describe the product or service you will produce or sell. If you are focusing on the snack food company, clarify the key ingredients and any flavors you plan to offer. If you choose your own company, and it is a service company, clarify the service options you plan to offer. If you choose your own company and product, specify the options (flavors, versions of the product, et cetera) you will offer to consumers. Develop your company’s mission statement. Enclose your mission statement within quotation marks. Reminder: After submitting your post, watch for your faculty member’s approval in a reply to your post. You must have this approval to proceed. Post at least one substantive comment to another student’s post. Notes • • • Use headings for each section of this posting. Textbook Chapter 5, “Company Description,” pages 67–86, provides additional detail about this topic. You will revise this week’s discussion posting as part of your Week 3 assignment, Company Description and SWOT Matrix. Me: RE: Company Description and Mission Statement Company Name: Kreative Kreations Company Description-Product/services: Kreative Kreations Provides various items but for the sake of this post Kreative kreations are the supplier of the 2K Mask. The 2k masks are reusable mask for public use. Company Mission Statement: Kreative Kreation strives to create and promote quality hand made products for living today Professor: Thank you for your response. Good start! Please explain the significance of the company name and why you chose this name for your company. You will also need this information in Assignment 1. Are you offering just masks or other products as well. Clarify if you sell different versions of this product. Be sure to provide more details in Assignment 1. Keep in mind you are to reach sales of over 1 million by the end of the second year and that you are operating in an area of 100 miles radius from your home address. The mission statement should be in quotation marks anywhere you use it in your discussions or assignments. Adjust the mission statement to include the components of “who you are, what you do, and why you are in business”. See the example and review the video posted in the discussion. Be sure to adjust for Assignment 1. You can proceed with this company but make sure you follow the guidelines provided in the discussions and assignments. You will focus on this company in all the assignments and discussions in this course. Keep up the good work! Dr. B Week 2 Discussion Post For this week’s discussion, please respond to the following: 1. Complete the SWOT Matrix [DOCX] to highlight the strengths, weaknesses, opportunities, and threats of the company (as approved by the instructor) you described in the Week 1 discussion. o 2. 3. o o o o o o o o o o o o o o o o o o o o Your selected company may be a startup company of your choosing or it may be based on the snack food company scenario provided to you. Include four items in each category. As you complete each quadrant of the SWOT Matrix, consider these questions: Strengths. What are your selected company’s likely strengths? Is your product or service in a growing industry and does it lack an entrenched competitor? Are you in a niche market with great potential? What strengths do you and other team members bring to the company? Weaknesses. What are your chosen company’s likely weaknesses? How entrenched is the competition in your industry segment? Is your management team inexperienced? How challenging will it be to produce the product or offer the service and maintain quality? Opportunities. What are your company’s opportunities? Does your segment have more demand than supply? Have larger corporations stopped serving smaller or niche markets that you could enter? Is a new market emerging because of demographics, immigration, changing tastes, et cetera? Threats. What are your company’s threats? Does a clear market leader exist that will be hard and expensive to displace? Are downward-pricing pressures in the segment making profit margins slim? Are there few or no barriers to entry for new competitors? Post at least one substantive comment to another student’s post. Notes • • Textbook Chapter 9, “Strategic Position & Risk Assessment,” pages 143–162, provides additional detail about this topic. You will revise this week’s discussion post as part of your on the Week 3 assignment, Company Description and SWOT Matrix. Important notes: 1. Complete the SWOT table in Word and then copy and paste it in the discussion window. 2. DO NOT attach the Word document to the discussion window. 3. Include your company name and a brief description of what business you are in as well as the product(s) and service(s) you offer for sale. Provide this information in your response for this week to remind everyone about your business. Kreative Kreations (K2’s) is a modern-day novelty shop that has the capabilities of adapting to the ever-changing trends. We specialize in personalized novelties that capture your precious travel memories from around the world. K2’s is also the makers of the K2Mask. The K2Mask are 100% cotton. The K2Mask are trendy, fashionable and washable. They come in a variety of sizes to fit 6months and up to adults. Strengths Weaknesses Customer Service limited funding Flexibility inexperienced employees Variety location Low Prices local supplies Opportunities Threats Personalization competition international limited supply chains Networking foreign products new projects & products Economy