HAL’S WOODWORKING
SWOT ANALYSIS
Table of Contents
SWOT Diagram…...………………………………………………….......3
Introduction…………….………………………………………………. ..4
Strengths...………………………………………………………………..4
Weaknesses……………………………………………………………….5
Opportunities……………………………………………………………..5
Threats….………………………………………………………………...5
Conclusions and Recommendations..……………………………………6
References…..……………………………………………………………7
| | Strengths | | | | | Weaknesses | | | | | | | | | | | | | • | Family owned business | | | • | Local presence | | | • | Local community presence | | | • | Limited Internet website | | • | Service oriented tradition. | | | • | Small online selection | | • | Established tradition | | | • | No
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The current website includes information about the company and some store information, such as locations and hours. Management is considering expanding the web site to include online shopping. Through the analysis of the strengths, weaknesses, opportunities, and threats I have determined that expanding Hal’s Woodworking is good idea since it has many strengths that will overcome its weaknesses. Expanding will be necessary for the company to stay in business for the long term. But Hal’s Woodworking also needs to focus on their weaknesses and threats to avoid being run out of business by large chain retailers such as Home Depot and Amazon.
Strengths
Hal’s Woodworking has various strengths that could make the expansion of selling products on a website successful. Hal’s Woodworking has strong local community presence that through the expansion of the website will allow the company to reach customers who they can’t reach now by moving from local to worldwide.
Opportunities that Menards have are they have been revamping its old stores to better compete with its rivals. The company is increasing its average store size to more than 220,000 square feet. It opened its largest store in Minnesota and is expanding from 30 to 40 stores in this region. This is larger than an average Home Depot store, which has 102,000 square feet of space. The company has also built two new distribution centers (Howell, 2004). Expansion and remodeling initiatives would improve the company’s competitive position in the home improvement market. Another opportunity for Menards is their testing of an online store for three special order categories: kitchen and bath; lighting and fans; and window treatments. According to CNN Money, online retail spending is up 4.7% from last year. Furthermore, in 2010 71% of online users are likely to shop over the internet as compared to 65% in 2005. Total retail sales will be largely influenced by the internet. The company’s online store would boost revenue growth. (Ellis, 2010)
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