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A SWOT analysis is also an important aspect of the strategic plan as it helps management anticipate challenges, take advantage of opportunities and mitigate risk (Balanced Scorecard Institute, 2014). These are key elements that

Defining an industry can be described as drawing a line between the established competitor and the substitute products offered by competitors outside the industry (Porter 1998). “Porter’s five forces provide a framework for an industry and business strategy development to drive the five forces that determine the competitive intensity and attractiveness of a market. The Porter’s Five Forces model helps identify where improvement can be made regarding competitive forces, threat of potential entrants, bargaining power of buyers, and bargaining power of suppliers and threats of substitute products.

Next, we will perform a SWOT analysis (strengths, weakness, opportunities, and threats) for the company.

A SWOT analysis is an analysis based on the strengths, weaknesses, opportunities, and threats of a company. SWOT analysis is the first phase in gathering information for strategic planning (Wheelen, Hunger, Hoffman, & Bamford, 2015). A SWOT analysis plays a significant role in strategic planning because it is the discovery phase of what the company needs to succeed. It is a tool used to examine a company’s state of health and improve on its opportunities. It gives a detailed understanding on areas that need attention as well as areas that are striving. It also gives companies a clear view of the advantages and disadvantages they have over their competitors. A SWOT analysis was created for The Home Depot to get a better understanding of the company and its strategic planning.

A SWOT analysis is a distinguished instrument for examination of a company’s strategic situation and environment. Its objective is to recognize the schemes that will best support a business’ assets and competencies to the desires of the market. It is the basis for assessing the core abilities and restrictions and the prospects and dangers from the external environment. SWOT stands for: strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are deemed internal influences where there is some level of control; while opportunities and threats are deemed external influences where there is essentially no control.

An assessment of the mission statement indicates a focus on the different stakeholders’ concerns in the business and the quality of service the company can provide to its customers and the community.

It is important for a company to routinely evaluate its’ image and purpose. Failure to do so may result in decreased revenue and clientele. An

Vision and mission statement- The company vision statement “To help customers feel better about themselves through a great appearance”. The mission statement “To provide quality services while successfully satisfying the needs of our customers”.

“We ride with our customers and apply this deep connection in every market we serve to create superior value for all of our stakeholders.”

Vision Statement: We want to create value for our customers so as to enable them achieve their vision.

SWOT analysis is a popular analysis tool used in different situations that include not just business and marketing but also project planning and personal career development (Chapman 1995-2012). As for the strategic planning, Kenneth Andrews popularized his idea that good strategy means keeping a fit between the external situations a firm faces and the internal capabilities (Hill and Westbrook, 1997). The format the SWOT analysis presented is a 2x2 'internal/external' matrix, in which questions and relative answers can be listed for analysis (chapman 1995-2012). And according to Hill and Westbrook (1997), the output of SWOT analysis comes from meetings facilitated by consultants or managers to contribute the final analysis. Brainstorming can be used for filling in the sections to answer the questions. In addition, similar arguments should be concluded and ranked according to their answers in meetings (Rauch, 2007). As for the newly developed analysis, the TOWS matrix matching the various factors enables companies to stimulate new strategic initiative (Dyson, 2004).

(4) “Victorian England” is a book informing the reader on how Victoria became the queen of Great Britain on June 20, 1837 following the death of her uncle, King William IV. She was only eighteen years old. Nobody suspected her to ever become Queen because her grandfather, King George III had fifteen children in which had all died by this time. The idea of a teenage girl ruling one of the most powerful nations startled everybody in Britain, but she seemed to have great confidence in her age and in her ability to take on most all of the nation’s difficult problems. Victoria was the first monarch to personally commit herself to do well by the people for her empire.

* If you switch to another supplier, will it affect the cost and differentiation of your product?

Our mission statement identifies our service and is what makes us unique. The goal of this

A SWOT analysis is a structured approach to evaluating the strategic position of a business by