The Strengths- Weaknesses-opportunities-Threats (SOOT) Analysis is a Matching Stage strategic management tool that affords analysts the opportunity to match internal and external factors for strategy development. The idea is that positive advances can be made by taking advantages of internal factors and having proper responses to external ones.
The SOOT Matrix matches Strengths and Weaknesses with Opportunities or Threats. Thus four possible types of strategies are possible: Strength-opportunities Strategies (SO Strategies), Weaknesses-opportunity Strategies (WOW Strategies), Strength-Threats (SST Strategies), and lastly Weakness- Threats Strategies (WET Strategies). Like the SOOT Matrix, The Strategic Position and Action Evaluation (SPACE) Matrix is another Matching Stage (Stage #2) strategic management tool.
The SPACE Matrix is a four-quadrant graphical axis that indicates whether an organization should pursue conservative, aggressive, defensive, or 13 competitive strategic strategies. The graph is charted based on the average scores of eating given to four types positions, namely, the Organizations Financial Position (UP), Stability Position (SP), Competitive Position (CUP), and Industry Position (P). Short-Term Goals Short-term goals are considered goals achievable within a year’s time.
After completing and analyzing the several strategic management tools and matrices contained within this analysis, the following short term goals have been recommended for the Retail Computer Store: Create a website: website to include on- line and in-store promotions. This goal is one that could without question be employed in a year’s time. Too, this goal is a “cash cow’ for the company. The products are already produced and completed so that a marketing push would be the only serious movement by the company to get this cheap option underway and a success.
Boost customer service: Cross-train employees in the check-out area and spruce up the store and bathroom as a way of besting competition without increasing expenses. The great thing about exceptional service is that it is no more expensive than adequate service. Already in place is a series of managers that privies the computer store and employees who have direct contact with guests. This goal is as simple as developing a new standard for the check-out process and ensure that managers implement them to perfection.
This new (and almost free) goal is a sure way to maintain and increase vacationing experiences with all of the company’s guests. Long-Term Goals Long-term goals are goals considered unachievable within a year’s time. After contained within this analysis, the following long term goals have been recommended for the Computer Store: Plant signs in newer markets and emerging economies: Although the Computer Store has done a fantastic Job of placing advertisements inside and out of their masses..
Advertisement will inform potential Soot Case Study By regulator 23 goal suggests that the company will continue to compete with similar companies in an effort to retain its valued customers and gain new ones. Place increasing focus on radio channels and programming: As a follow up to the above listed long term goal, the Computer Store will look for every outlet to feature their “item of the week,” and hat better way to manage that than to own radio channels and control the programming on those channels.
Incorporate a Fantastic Friday: In an effort to increase software sales, a coupon will be given to in-store customers at their check- out for a percentage off on the featured software of the month. This will keep customers engaged as well as increase software sales on items one may not have purchased at full price. Reference: David, F. (2010). Strategic management: Concepts and Cases. Boston: Prentice Hall