Situational Analysis (Swot and two)
Fashionable for men’s wear is the website that draws my interest. This site can provide different fashions of the means to wear that include all types of clothes and other techniques that include shoes and socks. When majoring 0in the swot analysis, remember that we will focus on strengths, weaknesses, opportunities and, more so, the threats involved in this business. The fashionable business provides most commoners’ clothes and other basics. In the moments of operation of the company, there are many strengths that the business can attain (Papadopoulou, 2017). This business can operate the extra hours. This forms the main point of its strength because many customers will be handled within a day in a brief period. Increased operating hours also increase the number of customers the business operates with within a given day. This activity makes the company handle a significant number of customers who are coming to buy men’s wear fashions which makes the business make a profit per given time.
The earned profit keeps the business moving and expanding, forming its strength. On the other hand, this business also has some weaknesses at any given time. Defects, in this case, include the fundamental challenges that the company is facing at any given time. When the business individuals have bought various men’s wear at any given time, some of the products being supplied to the business are actually of low quality. When customers buy this product, they tend to pay attention to the low quality products. The company ends up making losses on the products that have yet to be bought by the customers at any given time. This, therefore, forms the main point of weakness of the business at any given time. Also, this business of selling men’s wear, as dictated by the site, has many opportunities. For example, the business is expanding at any given time (Korper, 2020). When one talks of the expansion in this case, he or she means that one is actually in a position to talk of the addition of the stock of the products being sold from the business. In our business, the men’s wear stock is added from where the business management team has actually decided to add more stock. In this case, the addition of the stock has made the business secure several opportunities that are being found in the global market.
The addition of the stock by the business will make the business supply more men’s wear to most of the places of the global world. This will therefore make the business increase more on the sales it makes per day because there is an increased customer rate in the business setting—last, a number of the threats faced by the business at any given time. One of the most common threats that are faced by this business is competition (Sims, 2018). Competition arises for example when there is a business that is producing products that are similar to our business. We have a fashionable men’s wear website that sells men’s clothes and other wear. Other websites are also providing similar products to the global market. This raises a state of competition between the two businesses. Therefore, our business has been facing several competition in the global market. This reduces the number of sales made by the business every day at any given time.
Smart Objectives
In every business setting, set goals act as the main driving agents for the business. In every business setting, some of the objectives or the main driving motives drive the business to its success. In this case, the fashionable website is the business site that deals with selling men’s wear across the global world. The central set vision of this business is to ensure that there is future expansion of the goods and services mainly supplied to various customers worldwide. The mission also accompanies this. This business’s primary mission is to ensure a continuous supply of men’s wear to all men across the world. This is one of the most common objectives or goals that drive the activities carried out in this business. The other goal set by this business is to change the product quality at any given time. This includes increasing the quality of men’s wear at any given time.
Increased quality will ensure a continuous supply of the products to the potential markets because there will be an increased customer rate in the global market. Achieving this goal is one of the critical roles that the business should play at any given time. There are, therefore, ways through which this goal can be archived in this business. This includes funding most of the activities that are carried out in the business. This will ensure that there is continuity of the production process in the business. This will ensure that all customers in the diverse world can buy some of the products supplied and sold by the site. This helps the business to achieve its vision and, more so, its mission.
On the other hand, the objective of the business to improve the quality of the products at any given time can be achieved through the idea of the company being able to hire high-quality products from the dealers (Yoon, 2018). This will be achieved through the fact that the business will add more amount of cash from the amount that it is transacting with at any given time. High-quality products will allow the business to attract customers at any given time. When the fashionable men’s wear site improves the quality of the products it sells at any given time, there will be an increased number of customers buying from the business at any given time.
Content plan
For the success of any given business, there must be plans that are mainly included and form the business’s basic unit. On the fashionable website, these business dealers mainly sell men’s wear worldwide. This means there are the set plans that the business or the site has planned concerning the content of its products. For example, for every shopping carried out on the site when the stock level goes down, a planned amount of money is being set. This amount is not fixed at any given time but changes with the stock rate change. The management team in the business offers the analysis of the amount of money that should be spent in the business to carry out all the activities required in the business setting (Pastor, 2021). This helps the business to make a profit at any given time. When they are planning, they try to create a state of balance between the amount that is spent and the amount that is being earned at any given time after the sales. Planning is one of the essential aspects of the business because this forms the kick-off of the way forward at any given time.
5 PS of the marketing plan
In every business setting, there is a marketing technique process that takes place at any given time. Marketing is the activity that leads to the final exposure of the product that the business is producing at any given time. Derivation of the marketing plan is one of the critical preparations the business should make when dealing with the marketing process activity. For example, the fashionable men’s wear website is a business that deals with selling men’s wear in the global world. Before selling these products at any given time, the business is involved in deriving the marketing plan. The marketing plan involves five elements, mainly referred to as the 5 PS of the marketing plan. In our business, the 5ps of the business plan includes; people who form the individuals who are found within the business, including the employers and the employee together with the business owners, have the individuals who stay outside the business who, including the customers who are found in the potential market, we have the products. In our case, the products form men’s clothes and other wear—prices, which actually include the prices attached to various commodities in the business setting. We also place which forms the target audience for the products under sale. In our business setting, the place can be within the market. It can also be indoors. Promotion is the last element. This includes product promotion at any given time. This can be done by marketing the products at any given time. The picture below shows some of the PS of the marketing plan.
(Manzoor, 2021)
Social media strategy
Strategy is the laid objectives that any given business has towards the products it is dealing with. In this case, we have a website that deals with the sales of men’s wear at any given time. For the success of this business, we have to develop a basic strategy that will offer its success. Since this business is a website at any given time, customers from all parts of the global world can be able to actually access the information and also buy the products online (Pålsson, 2017). This means that the primary strategy that should be laid down in this business is to ensure that all the products sold in this business setting are being fed the social media. This helps the business very much since there will be a full advertisement of the products that the business is selling. The business has laid down a strategy of feeding all the social media devices with all the products being sold at any given time.
Tactics
In order to fully achieve the primary set strategy, various ways should be considered. Remember, achieving the strategy is one of the primary roles of the business at any given time. For our business to fully achieve the strategy of feeding social media services and devices with the essential products produced from the business setting, the business should consider setting aside a large amount of capital. This will make it possible to fund all the activities being carried out in the business fulfilling its laid strategy.
Business value canvas
In our business setting, some of the building blocks form the basics of the point of view for the beginning of our business. This forms the availability of the customers. Before our website trade business began, there was an adventure of the customer rate at any given time. This includes the individuals who could access the site at any given time. Because there is improved technology at any given time, individuals can access the business online, making it possible for the business to contain a number of customers at any given time. Also, we have the idea of the business focusing on the primary source of income (Zhang, 2016). This act as the primary source of the funds that will be used to drive all the activities found within the business setting. Also, we have the idea of accessing the products the business sells. This forms the origin of the products sold. In our case, the site relies on the industries and, more so, the companies selling the clothes and other men’s wear from where the business buys them.
Trend analysis
The fashionable website men’s wear business has been one of the most successful businesses globally. Because there is improved technology at any given time, individuals can buy most of the products sold by the site globally. Due to this fact, the business has been able to trend worldwide. Also, we have the market trends for the business. This business has been able to supply customers with the most quality products at any given time. This idea has increased the customer rate of the business from where the majority of the individuals in the gross market have been able to buy most of the products from the business. This makes the business to be known for supplying high-quality products.
Gap analysis
In most parts of the world, there are a high number of youths who are well addicted to the current fashions of clothes. This forms the market gaps from where this business can be set. Because a limited number of online businesses are selling specialised men’s wear across the global world, this business can be in a position to thrive since there is also the market gap being set in this case. Also, some specified offices must be built in most of the drier parts of the countries. In this part, a limited number of businesses are being carried out. This fact forms a significant gap from where our business can thrive. The fashionable website has got several market gaps in the global world.
Market target and segmentation
Fashionable website men’s wear business has a target market or the individuals who act as the potential buyers of the products being sold by the business at any given time. When it comes to the idea that the busies sell g the products, the primary target audience in this case is, misremembers that the business is dealing with the sales of men’s wear. This means that the main target customers for the business are men. For the more straightforward operation of the business at any given time, the idea of segmentation comes in. This involves breaking the business into dealing units (Papadopoulou, 2021). On our site, we have online traders who can buy the products the business supplies online and branches that provide a layout from which customers can access the products at any given time.
References
Korper, S. and Ellis, J., 2020. The E-commerce Book: Building the E-empire. Elsevier.
Manzoor, A. (2020). E-commerce: an introduction. Amir Manzoor.
Pålsson, H., Pettersson, F. and Hiselius, L.W., 2017. Energy consumption in e-commerce versus conventional trade channels-Insights into packaging, the last mile, unsold products and product returns. Journal of cleaner production, 164, pp.765-778.
Papadopoulou, P., (2017). Applying virtual Reality for trust-building e-commerce environments. Virtual Reality, 11, pp.107–127.
Papadopoulou, P., Andreou, A., Kanellis, P. and Martakos, D. (2021). Trust and relationship building in electronic commerce. Internet research, 11(4), 322–332.
Pastor, O., Abrahão, S. and Fons, J., 2021. We are building E-commerce applications from object-oriented conceptual models. ACM SIGecom Exchanges, 2(2), pp.28-36.
Sims, L. (2018). Building Your Online Store With WordPress and WooCommerce: Learn to Leverage the Critical Role E-commerce Plays in Today’s Competitive Marketplace. Apress.
Yoon, D., Choi, S.M. & Sohn, D. (2018). Building customer relationships in an electronic age: The role of interactivity of E‐commerce Web sites. Psychology & Marketing, 25(7), 602–618.
Zhang, D., Zhu, P. and Ye, Y., (2016). The effects of E-commerce on demand for commercial real estate. Cities, 51, pp.106–120.
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