The Vermont Teddy Co. Inc
Essay Preview: The Vermont Teddy Co. Inc
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External Factor Analysis Summary: The Vermont Teddy Co., Inc
External Factors
Weight
Rating
Weight Score
Comments
Opportunities
Forecasting for Growth
At a rate of revenues
Radio market
Continue and expand
Catalog sales
At a slow rate
Promotional market
Continue and expand
Threats
Retail stores
Have what really need
Rapid expansion
At a slow rate
Competitors
Think ahead
Declined radio adver.
Continue and expand
Total Scores
Internal Factor Analysis Summary: The Vermont Teddy Co., Inc
Internal Factors
Weight
Rating
Weight Score
Comments
Strengths
Radio advertisement
Continue and expand
Good board of directors
Good quality
Employee satisfaction
Good and improve
Weakness
Financial problems
0.875
Try to cut in 1/2
Increase in interest
Pay more as often
Multiple buying
Decrease
Totals
3.875
As you develop a strategic vision for your business, there are five different criteria that you should focus on.
Organization. The organization of your business involves the people you will have working for you, the organizational structure of your business, and the resources necessary to make it all work. What will your organization look like? What type of structure will support your vision? How will you combine people, resources, and structure together to achieve your ideal outcome?
Observation. When you are looking down at the world from an airplane, you can see much more than when you are on the ground. Strategic thinking is much the same in that it allows you to see things from “higher up.” By increasing your powers of observation, you will begin to become more aware of what motivates people, how to solve problems more effectively, and how to distinguish between alternatives.
Views. Views are simply different ways of thinking about something. In strategic thinking, there are four viewpoints to take into consideration when forming your business strategy: the environmental view; the marketplace view; the project view; and the measurement view. Views can be used as tools to help you think about outcomes, identify critical elements and adjust your actions to achieve your ideal position.
Driving Forces. What are the driving forces that will make your ideal outcome a reality? What is your companys vision and mission? Driving forces usually lay the foundation for what you want people to focus on in your business (i.e., what you will use to motivate others to perform). Examples of driving forces might include: individual and organizational incentives; empowerment and alignment; qualitative factors such as a defined vision, values, and goals; productive factors like a mission or function; quantitative factors such as results or experience; and others such as commitment, coherent action, effectiveness, productivity, and value.
Ideal Position. After working through the first four phases of the strategic thinking process, you should be able to define your ideal position. Your ideal position outline should include: the conditions you have found to be necessary if your business is to be productive; the niche in the marketplace that your business will fill; any opportunities that may exist either currently or in the future for your business; the core competencies or skills required in your business; and the strategies and tactics you will use to pull it all together. (SBA)
Marketing activities and strategies result in making products available that satisfy customers while making profits for the companies that offer those products. Thats it in a nutshell!
Marketing