SWOT Analysis for a New Business Opportunity - Management Assignment Help

Assignment Task:

Task:

Assignment 1 – SWOT Analysis (20%)
This assignment relates to the following Course Learning Requirements: CLR 1, CLR 2, and CLR 3
Objective of this Assignment:
Complete and submit a SWOT analysis for a new business opportunity.
Background:
Business planning requires the use of key analytical tools. Among the most important of these is a robust SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. This assignment is designed to give you practice using this analytical tool. As you may recall from the course material, however, a strong SWOT analysis is often premised on completing and integrating other important related analyses, too. These might include a 5Cs analysis or a Porter’s Five Forces Analysis.
SWOT analyses are used in businesses of all sizes – from very small, privately-held start-ups to large, well- established, publicly traded companies. The key learning objective is that SWOT analysis is a decision support tool. To be effective it must be crafted in such a way that it can support a decision.

ASSIGNMENT SCENARIO: In this scenario (which will also form the basis for future course assignments), a friend has approached you with a business idea and wants your help in planning it out.
Your friend (who loves doing woodworking) tells you the following background information:
 They have read multiple articles stating that home improvement and woodworking projects are now more popular than ever – people love building things so much that hardware stores are struggling to keep up with demand for wood and supplies.

 Your friend tells you that although the average person could afford to buy woodworking supplies (such as lumber and hand tools), they don’t imagine that the average person would be able to afford their own good quality wood working machines (such as professional table saws, lathes, sanders, routers, drill presses, etc.)
The friend’s business idea is inspired from their high school woodworking class experience. They are proposing:
1) Renting a vacant storefront in a mall somewhere;
2) Purchasing about $70,000 worth of high-end wood working machines; and
3) Charging people a fee to use this equipment for their own projects.
4) The idea is that customers would buy their own wood and supplies, and bring these to the store where they would pay an hourly rate (or an annual rate) for access to the equipment.
5) A true ‘win-win’! Customers get to build more interesting projects and your friend now has their own business.
Your friend states that they have never heard of this type of business, but they love woodworking and think it might work. They would like your help in determining if this idea is feasible or not. You figure that a SWOT analysis should be done to support the decision: “Could this idea potentially lead to a successful business for your friend?”

Assignment Tasks:
Please complete and submit a SWOT table and accompanying analysis on the above-mentioned scenario. Draw upon the material in the textbook, internet research (if needed), and of course rely upon critical thinking to complete this assignment.
While there is no single right answer for this SWOT analysis, it is quite possible to produce a vague and high-level SWOT analysis that would be effectively useless (please try to avoid that).

Keep in mind that:
 Your analysis needs to support the question: “Could this idea potentially lead to a successful business for your friend?”
 Provide analysis with each point you include in the SWOT table. It is insight that you are going for – simply placing points in a table (such as ‘unemployment rate’) is not helpful unless some supporting information is supplied that provides interpretation or guidance for the reader.
 Business writing is often 20% content and 80% effective editing – it is important that you give yourself the time to clearly and accurately articulate your ideas. Lots of text does not always equate to useful content.

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