Creating an effective strategic management plan relies heavily on analysis of both your existing company and factors in the business environment that impact decision making. This is an essential part of the business process because it allows management to keep informed on changes and the information gathered is used to set goals and determine the future for the company. This assignment will require you to analyze the internal and external environment of your company and then use the information you’ve gathered to set strategic goals for the business.

For the Part 1 of this week’s assignment’s this week, write a paper that’s at least two pages in length and completes the following:

• Create      a SWOT analysis for you company that is specific and explains choices      thoroughly. Avoid being generic with your choices. Relate them directly to      the industry and business that you’ve chosen. A minimum of four points      should be present under each heading. 
  • The       internal portion of the SWOT could include quality of human capital,       product lines, employee relations, and current internal business       processes. Outside research is recommended.
  • The       external portion of the SWOT could consider sociocultural factors,       competitors, technology trends, suppliers’ potential legal issues, and       even changes in the economy. Again, outside research is recommended.
• Based      off of the information that you’ve gathered, create three strategic goals      for your chosen company.

The strategic goals that you create here will set the stage for all of the course project assignments ahead. It’s extremely important to choose long-term goals that fit with where you think the company should be headed and make use of the information you’ve gathered. Feel free to reach out to your instructor for guidance about creating the strategic goals, since they’re essential to the ongoing course project. 

The material this week reiterated what a market analysis is and how it can be used by companies. Market analysis is essential for a business looking to make decisions about their industry and potential customers. This assignment will be the creation of a miniature market analysis for your course project company. It’s important that your choices reflect the strategic goals set in your previous course project assignment. None of these assignments are created in a vacuum. All decisions should be related as this is really one large strategic management plan document.

For Part 2 of this week’s assignments you’ll need to write a market analysis for your company that’s at least two pages in length and completes the following:

• Industry      Description Create a general industry description. If your business      operates in multiple industries then choose the one you’d like to focus      on. 
  • Is       the industry shrinking or growing and how much money is spent in that       industry annually?
  • What       stage is your company’s product at in the product life cycle? Explain       your answer.
  • What       are three possible target markets for your business in this industry and       what reasons did you have for choosing each?
• Target      Market Choose one target market from the three you identified in the      industry description and define it.
  • What       are the basics characteristics of your target market?
  • What       features and benefits is this target market looking for from your       business? Explain your answers.
  • Is       this target market a niche or more of a main topic for companies in your       industry? Explain your answers.
• Competitive      Analysis Identify the most successful business that you’ll be      competing against.
  • What       are two strengths and weakness of your competitor?
  • Who       is the target market that they pursue and what do you see to support this       opinion?
  • How       is your strategy and target market the same or different than theirs?       Defend your choices. 
• Regulations      Research at least one legal trend or specific law that will impact the way      you do business in this industry. It can be something that already exists      or something that may be coming in the near future. Discuss the law and      why/how it impacts the way that you do business.