Swot Analysis For Management
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Throughout my college career, I have been involved in a wide variety of organizations and internships that not only refined my business skills, but also provided me the realistic experience in the business realm. I have experienced a wide-range of activities and work that span from selling automobile parts to providing services to patients recovering from substance abuse and mental illness. Throughout this journey, I was given an opportunity to not only develop my business marketing skills, but allowed a glimpse of the industry (and the systematic process of that particular field) as well. One particular occupation that sticks out is the sales position at RadioShack. During my freshman year in college, I began working at RadioShack to obtain a relatively stable cash-flow (enough to keep me going for a whole year). During my stay at RadioShack, I quickly learned the proper methods of interacting with customers, selling products and keeping updated on new electronic technologies. Futhermore- working at RadioShack allowed me to gain a deeper insight in the electronic retail industry and the business process in which RadioShack conducts. By applying the SWOT Analysis, I can gain an overall view of different attributes that RadioShack excels in as well as the attributes that delay the company in achieving their objectives. The SWOT analysis will also display Radioshacks ability to compete with competitors as well as the ability to survive in the electronic retail industry.
The SWOT analysis is a method used to evaluate the attributes (of a particular company) that will support the firms effort in achieving their goals as well as the attributes that will weaken the company. Wikipedia.com (change to different source) further explains the idea of the SWOT Analysis and its application in the planning process:
It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. Strengths: attributes of the organization that are helpful to achieving the objective. Weaknesses: attributes of the organization that are harmful to achieving the objective. Opportunities: external conditions that are helpful to achieving the objective. Threats: external conditions that are harmful to achieving the objective. Identification of SWOTs is essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTsInternal factors – The strengths and weaknesses internal to the organization…External factors – The opportunities and threats presented by the external environment. The internal factors may be viewed as strengths or weaknesses depending upon their impact on the organizations objectives. The external factors may include macroeconomic matters, technological change, legislation, and socio-cultural changes, as well as changes in the marketplace or competitive position (1)
The SWOT analysis provides a deeper insight to the strengths and weaknesses (internal and external factors) of a particular company. The SWOT analysis is ,… talk more about it.
Radioshack was started in 1921 in Boston, Massachusetts by Theodore and Milton Deutschmann. The company was originally established to provide amateur radio, but it later expanded into the high-fidelity music market and began selling its own private-label products before going bankrupt in the 1960s (Wikipedia.com, 1). Charles Tandy bought the company and transformed it into a leather goods corporation before experimenting in selling personal computers. A few years after, RadioShack began heavily marketing (and selling) their star product- the short-range walkie-talkie system. Wikipedia.com further explains RadioShacks transformation:
Since the mid-1990s, the company has attempted to move into the consumer small components markets, focusing on marketing wireless phones. In 1993, Len Roberts became president of Radio Shack. The move came as a radical career departure for Roberts, who spent more than 20 years in the food industry, beginning with Ralston-Purina, where he served in various management and marketing positions. In early summer 1995, it was elected that the name “Radio Shack” would be spelled in CamelCase as “RadioShack”, and a new logo would be launched (2)
During this radical transformation, RadioShack began solidifying their position in the electronic goods market. Currently, RadioShack has more than 6,000 stores operating all over the world which include Europe, Central America and Africa. RadioShack generates $2.24 billion in operating revenues and net sales. They also carry a wide variety of electronic products that range from audio and video equipment to cell phones (Wikipedia.com, 1). The SWOT analysis can be used to not only evaluate RadioShacks current attributes, but also assess the factors that can support or impair RadioShacks survivability.
Strength
Radioshack has been in the electronic goods market for over 30 years providing quality service and fulfilling the consumers desire for new and dependable technology. The image that RadioShack has developed and carefully processed has greatly served RadioShacks efforts. When consumers want or need any type of electronic accessory such as rechargeable batteries, consumers know that these items can be found at a nearby Radioshack. Due to the strong brand name and image that RadioShack has developed, consumers know that they will be purchasing high quality and dependable products.
Another attribute that strengthens RadioShacks position in the electronic market is their marketing and advertising. RadioShack works with a number of celebrities to advertise their products which is easily seen in RadioShacks television commercials. Furthermore- RadioShack sponsors a variety of different organizations and events such as the Rock and Roll Hall of Fame and Museum (bnet.com, 1). These marketing and advertising tactics not only expose the RadioShack name to the general public, but consumers develop a positive perception of RadioShacks products as well.
Training employees is a crucial process for any establishment and an efficient procedure is needed to decrease the amount of time needed for training; while at the same time- maximizing the learning process. At RadioShack, new employees must train for approximately three weeks before working the sales floor. During this period, employees need to read and watch videos of new technology in the market and how each of these technology work. An example of this is Wi-Fi and employees must learn the different frequencies of Wi-Fi and how the wavelengths travel from the source to equipment. Not only do new employees need to read on these