ENT588 Business Plan

Introduction

The purpose of the report is to analyse the current position of Acme Corporation in the industry with the help of strategic tool that is SWOT analysis. SWOT analysis offer analysing the business practice and performance for their strengths, weakness, opportunities and threats. The upcoming challenges would be analyse for the company in near future (researchgate, 2015).

Swot analysis

Strengths 

The strength of the company identified from the research is low cost structure. The low cost structure has helped the company to offered products and services in lower prices. This has eventually gained the competitive advantage for the company.

Automation

Automation has been acknowledged for various stages of production that has eventually increased the operations work of the organisation. Increase in efficiency has been identified and reduction of the cost (Bull & Sitas, 2016).

Well Established IT System

IT system of the company is well established improving the efficiency of external and internal operations.

Weakness

Research and Development

Investment of the company in research and development is lower as compared to competitors in the industry.  The spending is quite higher but innovation when compared to competitors is important.

Quality Control

The investment of the company for quality control constraint is lower. The lower budget leads to possibly damaged to quality and lack of consistency in product and service offered (Hunt & Bicen, 2017).

Opportunities

Social media presence

One of the opportunities for the company to increase the customer base is gaining social media presence. This includes working with social media marketing, reaching out customer to social media platforms like Facebook, YouTube, and Instagram.

Technological Development

Innovation and technological advancement is essential in this industry, thus working with technologic development is one of the opportunity that must be consider. Automation and updating the technology will be responsible for sustaining in the industry and gain competitive advantage.

Entering in International Market

Another opportunity to expand business in international market that is looking for emerging market like Asian countries for growth of the company in near future (Bruns, 2013).

Threats

Rise of Prices of Raw Materials

Raw material prices are largely responsible for low cost structure of the company that has led to low cost structure of the company. The increasing prices of the raw material like fuel would lead to change in prices and profit margin of the company.

Security and Privacy

Security and privacy is playing important role in today’s scenario. It is also associated with legal abidance for the company’s. Thus, the challenges related to privacy concern and cyber security is one of the major threats.  

Change Management

Since the technology is developing regularly, this lead of major changes in the organisation, which may come with the challenge of employee turnover, poor change management, and employee resistance to change. The skilled workforce or providing training to the human resource is one of the challenges to retain and acquire for Acme (Bruns, 2013).

Proposed and Recommended Solution

The recommended solution for acme to acknowledge right opportunity is to enter an emerging market. The growth opportunity for the company include either to invest in new product or to invest in new market (Aksoy, 2018). The recommended solution for Acme Corporation is to enter in Asian market like India in order to gain larger customer base to target. This will also be helpful for the company to overcome the saturated domestic market and increase global presence (Betton, 2017).

Conclusion 

From the report it can be highlighted that Acme Corporation could lead to face challenges related to increase in employee turnover due to rapid change in organisation, challenges related to security and privacy, and challenges to sustain cost leadership strategy of the company. The recommend solution for Acme Corporation is to enter in new market that is Indian market to target large customer segment.

References 

Aksoy, S. (2018). Applying Ansoff’S Growth Strategy Matrix To Innovation Classification. International Journal of Innovation Management, 1850039.

Betton, P. (2017). Competitive Strategy: Creating and Sustaining Superior Performance. Macat Library.

Bruns, P. (2013). Corporate Entrepreneurship: Innovation and Strategy in large organisations (3rd ed.). london: Palgrave MacMillan.

Bull, J., & Sitas, N. (2016). Strengths, Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services framework. Ecosystem Services, 17(1), 99.

Hunt, D., & Bicen, P. (2017). The FREE (Firm Resources and External Environment) Framework as an Alternative to SWOT: An Abstract. In Academy of Marketing Science Annual Conference, 49.

researchgate. (2015). SWOT_Analysis. Retrieved from https://www.researchgate.net/publication/272353031_SWOT_Analysis

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