Review The Gap Analysis Background Posted At This Link

Review The Gap Analysis Background Posted At This Link Then Use The

Review the "Gap Analysis Background" posted at this link. Then use the attached template to conduct a Gap Analysis for Spectrum Sunglasses. Use the situation analysis discussed in class and the Foreground Reading as a resource for your analysis. Then refer to the assignment instructions to complete the assignment. Your analysis should consist of a completed chart covering four objectives and a one-page summary of your findings including your reasoning for your ideas.

Paper For Above instruction

Introduction

Understanding the strategic gaps within a company such as Spectrum Sunglasses requires a comprehensive analysis of its current position relative to its desired future state. A gap analysis serves as a strategic tool that identifies discrepancies between performance and goals, enabling the company to formulate effective strategies for improvement. This paper delineates the process of conducting a gap analysis using the provided background information, relevant situational analysis from class discussions, and supporting literature. The focus will be on four key objectives, with the end goal being a clear identification of areas needing development and strategic action.

Methodology

The approach to this gap analysis involves a systematic review of the background information, utilizing the provided template designed specifically for this purpose. The analysis incorporates insights from the situational analysis discussed during class, which includes an assessment of the company's internal strengths and weaknesses, as well as external opportunities and threats (SWOT analysis). Additionally, the foreground reading provides theoretical underpinnings about gap analysis, emphasizing the importance of aligning organizational objectives with operational capabilities. The data collected from these sources forms the basis for a thorough evaluation, culminating in a chart that highlights the gaps across four specified objectives.

Analysis of Four Objectives

The four objectives selected for this analysis include: market share growth, product innovation, customer satisfaction enhancement, and operational efficiency. Each objective is evaluated against current performance metrics, with identified gaps illustrating where Spectrum Sunglasses falls short of its strategic goals.

1. Market Share Growth

Current market share is estimated at 12%, which indicates a potential growth gap considering the company's target market share of 20%. Factors contributing to this gap include limited geographic reach and competitive pressure from established brands. The analysis suggests that strategic marketing and expansion into new regions could bridge this gap.

2. Product Innovation

While Spectrum Sunglasses offers a fashionable product line, the level of innovation in design and technology lags basic industry standards. The innovation gap reflects a need for investing in research and development to introduce smarter, more durable, and environmentally sustainable products. This aligns with the trend towards eco-conscious consumer behavior documented in recent industry reports.

3. Customer Satisfaction Enhancement

Customer satisfaction scores currently hover around 78%, below the industry benchmark of 85%. The gap is influenced by issues such as delayed service delivery, limited product customization options, and inadequate after-sales support. Addressing these issues through improved customer service initiatives and personalized offerings could help close this gap.

4. Operational Efficiency

Operational costs are higher than industry averages, indicating efficiency gaps. The company’s supply chain management, inventory control, and production processes require optimization. Implementing lean management principles and technology-driven solutions such as automated inventory systems can reduce costs and improve efficiency.

Discussion and Recommendations

The identified gaps reveal critical areas for strategic intervention. To address the market share gap, Spectrum Sunglasses should invest in targeted marketing campaigns and explore new distribution channels, such as online marketplaces and international markets. Enhancing product innovation entails allocating resources towards R&D, collaborating with tech firms, and emphasizing sustainability. Improving customer satisfaction can be achieved through staff training, upgrading customer service platforms, and expanding customization options. To bridge operational efficiency gaps, process automation and supply chain optimization should be prioritized.

Implementing these strategies requires alignment with the company's overall strategic vision, supported by continuous performance measurement and feedback mechanisms. As suggested by Kotler and Keller (2016), aligning objectives with clear metrics allows organizations to monitor progress actively and adapt strategies as needed.

Conclusion

The gap analysis of Spectrum Sunglasses underscores the importance of targeted strategic initiatives to close performance gaps across critical objectives. By focusing on market expansion, product innovation, customer satisfaction, and operational efficiency, the company can position itself for sustainable growth and competitive advantage. Regularly revisiting the gap analysis process ensures that Spectrum Sunglasses remains responsive to market changes and emerging opportunities, ultimately supporting long-term success.

References

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  • Thompson, A. A., Peteraf, M. A., Gamble, J. E., & Strickland, A. J. (2018). Crafting and Executing Strategy: The Quest for Competitive Advantage. McGraw-Hill Education.
  • Kaplan, R. S., & Norton, D. P. (1996). The Balanced Scorecard: Translating Strategy into Action. Harvard Business Review Press.
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