(Hines & Bruce 20)Additionally to the strengths, weaknesses, opportunities, and threats analysis, another SWOT analysis approach may be used.
Small shops usually easily adapt to change, due to the nature of the small business (as there is no huge organizational structure that is so hard to change).
Processes such as delivery schedule and supply chain are designed especially for a small fashion business.
Introduction‘Business plans are often the starting point for would-be entrepreneurs as they outline their business ideas and develop a plan to seek financing.
It is a formal document which describes a good opportunity and outlines a strategic approach to pursue the opportunity.’ (Becherer and Helms 80)Fashion industry is one of the most lucrative industries in the world amounting to billions of dollars in revenue.
I would like to present SWOTT analysis created for a small local boutique that specializes on clothing and décor trade. I will research these external factors that are of the real importance for a small fashion business.
These are economic, competitive analysis, regulatory and social.
In addition to strengths, weaknesses, opportunities, and threats, it includes trends as an additional element as well.
Advanced analysis of environment will ease the assessment of the competitive situation, new trends emergence, changes in customers’ or suppliers’ behaviors, etc. In order to learn more about them, the company could order special surveys on the fashion industry in general, on the local business, customer studies, product range performance, knowledge of this boutique’s brand, and also its current image and perception in the eyes of local people.
The major strategic goal of the fashion boutique is to become the favorite shopping point of the local community.
This boutique would like to attract the public by the great range of fashion and design items and by its cozy atmosphere and friendly staff.