Goals Review: Group Activity
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Get into groups of 4-5 ( A total of 5 groups) Your group will be given a business scenario Come up with 5 Short-Term and 5 Long-
Term goals for your given scenario We will discuss in 10 minutes
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Strategic Planning Method for businesses◦ Tells the businesses where they need to focus
their efforts to improve sales/market share
Businesses look at themselves (internal)◦ Strengths – things that the business does better
than the competition Ex – customer service, research & development
◦ Weaknesses – things that could be improved on within the business Poor Reputation, too few sales outlets
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The business will then look to the outside world (external environment)◦ Another acronym – PEST
Politics, Economy, Social, Technology◦ Competition
Are there things that the competition is doing that could a positive or negative effect on our business
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Opportunities◦ external factors that could help a business
achieve its objectives Examples: Loosening advertising restrictions, new
technologies (Youtube a few years ago)
Threats◦ External factors that could damage or hinder a
businesses’ performance Examples: A competitors release of a new product,
societal trends (healthy food)
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Strengths Very competitive company – a healthy
dislike for their competition Research & Technology – are often first to
market with new athletic gear technology Eg. Nike Shocks, Dry fit, etc
Global Brand – recognized world wide Association with the world’s best atheletes
Michael Jordan, Tiger Woods, Derek Jeter, Ronaldino, Sydney Crosby, LeBron James, Roger Federer
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Weaknesses Majority of the companies revenues come
from shoes◦ Company would take a large hit if the industry
went into decline Retail stores try to force a lower price of
products◦ Nike has a lack of its own stores
Reputation◦ Nike still is experiencing an effect of child labour
rumours from the 90’s
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Threats Exposed to the risks that go with international
trade◦ The American Dollar, tariffs, etc
Athletic brands (especially shoes) are increasing as the years go on – competition is fierce
Recession◦ Consumers are searching for the lowest price possible◦ Nike is a premium brand – so consumers will start
shifting towards lower priced brands
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Opportunities Nike a fashion brand?
◦ Thus far, Nike has concentrated on purely athletics◦ Social trends have shown that owning Nike
products is making a fashion statement Emerging Markets
◦ Nike can take advantage of its global brand awareness in growing economies i.e. China
The health conscious consumer◦ Can market to consumers – advertise the benefit of
exercise
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S
W
O
T
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Must be realistic with yourself Use it for planning – not day to day
operations Make it as specific as possible Always in relation to your competition
◦ Not other industries Keep it simple Be aware: IT`S SUBJECTIVE!
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You are going to do a SWOT analysis for yourself
Think about yourself as an enterprising person◦ What do you do well? What are your weaknesses?
What chances do you have to be unique? What obsticles do you face in becoming an entrepreneur?
List 2 of each and write 2-3 sentences explaining your choices◦ (this will help you with your assignment tomorrow)