Running Head: Strategic Planning ✓ Solved

Running Head Strategic Planning1strategic Planning5strategic Plan

Strategic Planning 5 Strategic Planning Melissa Blair Rasmussen College Author Note This paper is being submitted on February 25, 2018, for Glen Philbrick’s B280 Business Capstone course. Strategic Planning Every business should have a strategic plan on how to carry out its operations, regardless of whether it is a real business in existence or a conceptualized business idea that is yet to be started. In the strategic planning of business, we use a SWOT analysis as a useful tool that helps the proprietor of a business to identify the strengths and weaknesses as well as the opportunities and the threats that could exist in the business. The company has various weaknesses as outlined in the table.

Lack of a proper strategic plan is a significant problem since it makes it difficult at times for the company to sell its products and there are thus small profits at times. The management system is also weak. As seen from the business problem which has been under discussion, the company suffers issues with integrity which starts with some of the management staff. The delicate supply chain can result in the decrease in profit and income as they may lose some of the clients (Code 7 Entertainment, 2012). Below is a tabularized detail of a SWOT analysis of the MovieFlix business.

Strengths Weaknesses

• A good reputation
• Good customer relation-MovieFlix has a reputable relationship with its customers.
• Experience- the business has a half a decade experience in dealing with movies.
• Location- MovieFlix has branches all over the regions.
• Ease of access- MovieFlix has a wide tendency of online advertisement that enables a wider spread of the business.

Opportunities Threats

• MovieFlix is working to access wider market
• The increasing use of social media platforms to carry out advertisement. Maximize technology.
• Cinema halls are increasing everywhere hence utilizing our movie products.

Weak management

• Insufficient working staff- has limited employees
• Time consumed in advertisement-online advertisement is both time and money consuming
• Improvement in the policies of the business-the policies is a little bit stricter in the works.
• Inadequate capital to expand the business.

Threats

• Increasing business selling the same products-movies.
• High tax rates by revenue authorities.
• High inflation in the economy was making people opt for basic needs like food.
• Competitors were subsidizing their prices, halving the price of movies.

The table above comprises the list of strengths, weaknesses, Opportunities, and threats of MovieFlix. Firstly, having the strengths alone is not a direct translation of the goals objectives into realization (Speth & Probert, 2015). The business should endeavor to maximize its relationship with the customers. Customers an integral part of the entire success of the business, as such the customers should be served with due requirements and should be engaged in getting their opinions concerning the project.

These will pave the way to determining the interest of these targeted customers (Sarsby, 2016). Also, half a decade is not more of a business, but good reputation of the business will establish its existence many more years to come. As outlined in the above table under the strengths of the business, ease of access will enable the business reach its targeted audiences and capture more people similar to its audience. The business, for this matter, should outspread its branches all over for enhance more ease of access. On the other hand, the business equally has opportunities on which it should endeavor to work smart to sieve them all (Sarsby, 2016).

Because of ease of access through the internet, the business is bound to access a wider market hence expand and realize its mission which is to maximize profit. Notably, MovieFlix has an opportunity to work in handy with the multiple cinema halls which demand a lot of its movie products. These are strengths because they positively contribute to the success of the business (Speth & Probert, 2015). With them, the business can attain its goals and objectives of maximizing profits while giving adequate service to its consumers. For every strength there exist weaknesses, MovieFlix is bound to have certain weaknesses including lack of enough employees.

To realize its objectives, it has to increase the labor force to meet its mission. An advertisement is equally expensive and time-consuming. An increased number of employees will save time. The issue of capital to run the business can be solved by reaching out for financial aid from financial institutions (Speth & Probert, 2015). These are weaknesses since they drag the business hampering its way to achieving its success. The competitor can as well use the shortcomings to pin down the business and thrive the expense of the rival business. Besides, MovieFlix has its prevalent threats. The threat of competition is brought out by the presence of other competitors in the market. There are competitors with the same idea who have even subsidized the prices of their products.Cost volatile is also a threat, it should be checked into to avoid falling off the company. Eliminating them from the field is impossible but working towards giving your best will be a viable option (Sarsby, 2016).

As a consultant that wants all the best for MovieFlix, the following would be a suitable recommendation for the business. First, is the capital acquisition (Speth & Probert, 2015). The business should reach out to all relevant sources to have a considerable amount of money to cater for the employees to be added and for advertisement purposes. Secondly, I would recommend nominating new recruitment since the current one has failed. MovieFlix should not fear its competitors but instead, learn from their weaknesses to elevate.

As such, the business will have the proper reason to serve its targeted customers (Pahl, Richter & University of Applied Science Berlin, 2007). Lastly, is including the value of integrity in the company’s co-values after everything else is done by being supportive of other team members, being loyal with one another, acting with honesty and integrity by not compromising truth within the company. Being open to communication and allowing others to share their opinions and views along with respecting each other as a whole including the contributors. Alongside these moves, the management team should assign the employees suitable tasks especially to workers who feel confident in their areas of duty. This will surely enable the business reach its mission positively attain the solution.

References

• Sarsby, A. (2016). SWOT analysis.
• Pahl, N., Richter, A., & University of Applied Science Berlin. (2007). SWOT analysis: Idea, methodology and a practical approach. Munich: GRIN Verlag.
• Speth, C., & Probert, C. (2015). The SWOT analysis: Develop strengths to decrease the weaknesses of your business.
• Code 7 Entertainment, Inc. (2012). Movieflix.com. Los Angeles: Code 7 Entertainment, Inc.