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Introduction
Evaluation and assessment of a prospective businesss strengths, weaknesses, and the surrounding environment are paramount to predicting the success or failure of the enterprise. When planning a successful business strategy and development, many companies implement SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats ( SWOT analysis, n.d.). The purpose of this paper is to analyze three possible business extensions, formulate their vision and mission statements ( Mission and vision statements, 2015), underline the business financial and strategic goals ( Strategic goals, n.d.), and perform a SWOT analysis, in order to estimate potential internal and external issues that may arise during different stages of the project.
Hypermarket
Vision and Mission Statements
Mission: The goal of our hypermarket is to provide quality products at affordable prices. Its revenue will come from high turnover rates of products rather than exorbitant prices, thus making it available to all customers, rich or poor. Finding a balance between stakeholder profits and customer care is the way to healthy capitalism.
Vision: To become the leader in the retail industry and set up standards of quality and customer care for others. To promote health and quality of life through the distribution of high-quality and affordable goods.
Strategic and Financial Goals
Strategic Goals: Establish a dominant position in the immediate vicinity around the hypermarket. Gain a loyal customer base. Promote the hypermarket as a brand through events, sales, contests, and other activities to get potential customers invested in the hypermarket and build up a reputation. Establish a reliable supply chain.
Financial Goals: Reach a positive income in three months. Stabilize the return rates and form a security fund in case of emergencies. Invest in brand promotion through sponsorship of local sports and events. Anything to get a banner exposed to large groups of people.
Strengths
One of the major strengths of this project is the financial backing of the sponsors and access to banking loans. As hypermarkets are extremely lucrative and profitable businesses, they ought to return interest in a relatively short amount of time. Other possible strengths could be involved with choosing the right location for the market the absence of direct competition of similar size ought to transform the hypermarket into a major commerce center (Suttle, 2017).
Weaknesses
One of the major weaknesses associated with opening a new hypermarket is the lack of a brand name and identity. This is especially true for companies that open their stores for the first time. Most customers are familiar with certain chains of hypermarkets and would be suspicious of a store that they have never visited or heard of before.
Opportunities
Opportunities are usually identified during thorough market research. The major opportunity for a hypermarket is fulfilling the customers unmet needs. Being the only hypermarket in a particular area may do just that.
Threats
Standard threats for a hypermarket business include competition from other retailers, a fall in customer demand, the overall economic situation in the country, and weak supply chains.
Tourism Agency
Vision and Mission Statements
Mission Statement: To provide tours, tickets, guides, expert advice, merchandise, and all other tourism-related services to customers, at affordable prices. Protect and safeguard them from unsavory deals, danger, and unreliable services.
Vision Statement: Our agency promotes tourism and empowers families and individuals to see the world and experience the wonders that the world has to offer. We strive to offer the best possible deals at the lowest prices possible, set up standards of service, and expand our network to other countries.
Strategic and Financial Goals
Strategic Goals: Build up a loyal customer base in order to ensure a stable and healthy level of income. Promote the company name and establish a reputation of a reliable and low-cost agency, while keeping the levels of service comparable to or exceeding to those of our competitors.
Financial Goals: Establish a positive return rate, facilitate company growth, gather enough resources to start a large advertising campaign for the next tourist season.
Strengths
Tourism agencies bring value to the customer by offering expert advice and assistance in setting up a tour or a trip to another country. They can offer a one-stop-shop, where the only thing a customer needs to do is pay, while the agency does the rest, thus saving time on convenience ( SWOT on travel agencies, 2016).
Weaknesses
In the age of technology, most customers are capable and willing to book tickets and plan their tours on their own. Finding special services to offer to the customer may be tricky. The inability to adapt to changes may lead the company to ruin.
Opportunities
After the economic crisis of 2012, there are fewer agencies out in the field, meaning that there is a potential market share to be claimed by newer tourism companies. Some customers may purchase your services for the sake of security, as dealing with a company is more certain than dealing with many different retailers.
Threats
Wars, natural disasters, terrorist attacks, and other emergencies may kill off important tourist routes. Poverty may reduce the number of traveling customers.
Insurance Company
Vision and Mission Statements
Mission Statement: Our Insurance Company provides a wide spectrum of insurance services, from medical to car and real estate insurance, as well as professional consulting in all legal and financial matters related to the subject.
Vision Statement: To improve the safety of our clients health, physical assets, and material possessions through professional and honest insurance services. Our goal is to establish new standards of professionalism, quality, and honesty, and to improve the entire industry by serving as an example of excellent service.
Strategic and Financial Goals
Strategic Goals: To establish a loyal customer base. This is more important than in any other business proposal, as insurance companies operate in smaller numbers of clients. Hire employees from other insurance companies who have their own customer databases. Build up the reputation of a reliable and trustworthy insurance company. Do not let customers abuse our novelty to the market by offering us uncertain deals and prospects.
Financial Goals: Obtain a positive income by the end of the fiscal year. Prepare for potential growth and expansion, gather a safety fund for employee salaries during low activity seasons.
Strengths
Offering many insurance options instead of focusing on just one or two ought to attract customers interested in different kinds of insurances. Maintaining strong relationships with the customer base would ensure a steady income (Wagner, 2017).
Weaknesses
Lack of effective accounting, management, and routine operation schedules may cause a loss of profit for the company. Lack of effort to expand the existing customer base may pose a serious danger in the long run.
Opportunities
The company can provide insurance consultation in order to increase trust and understanding with clients. Having a referral program may increase the number of customers. Having a proactive marketing policy will ensure a healthy customer rotation.
Weaknesses
Competitors, the growth of insurance rates, and changes in insurance policies may hurt your business.
Recommendations
Out of these three possible business extensions, I would recommend opening a tourism agency. Tourism is a major industry in the UAE that brings steady cash flow into the Emirates. As such, the government of the UAE is putting effort into tourism development by decreasing fees for business registration, tax refunds, startup promotions, and easy credit for any companies wishing to get themselves involved in tourism enterprises (Isaac, 2016).
The main attraction of the UAE for tourists involves shopping and sightseeing. The countrys cities, such as Dubai, El-Riyadh, and others, are beautiful cities of stone and glass, which offer a variety of experiences for tourists. In addition, the UAE possesses a number of ancient ruins and monuments of past civilizations, which attract tourists interested in history and archeology. Our tourist company could focus on accommodating these tourists by providing the best possible experience within the borders of the UAE, organize tours, and entertain the guests by introducing them to Arab history and culture.
At the same time, the UAE possesses a lucrative inner tourism market (Isaac, 2016). Many UAE citizens are wealthy and can afford tours to other countries. In addition, many Arabs travel abroad with the purpose of education, relaxation, and sightseeing. The company could provide information, consultation, book flights, tickets, and hotels for them.
The tourism business in the UAE suffered a fall in 2012, as that year was associated with an oil price crisis, world economic crisis, and military conflicts along the countrys borders. Between 2012-2016, the industry lost several tourism companies, though the smaller ones suffered the most from the general drop in income among the middle-class UAE citizens. However, the situation is improving since 2017, and it is the best time to invest in the tourism business and claim a decent market share (Isaac, 2016).
All these factors, together, point out that expanding business via opening a tourism company is the best investment out of all three.
References
Isaac, J. (2016). UAE Tourism sector to hit Dh237b. Web.
Mission and vision statements. (2015). Web.
Strategic goals. (n.d.). Web.
Suttle, R. (2017). SWOT analysis for retail. Web.
SWOT analysis. (n.d.). Web.
SWOT on travel agencies in 2016. (2016). Web.
Wagner, N. (2017). SWOT analysis for insurance brokers. Web.
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