How to Do Retail Company SWOT Analysis

Why do SWOT Analysis

As a retail owner or a manager you need to learn more about your company. There is a powerful tool called SWOT (Strengths; Weaknesses; Opportunities; Threats) Analysis that will help you to do this research. What are your company's strengths and weaknesses? Are there opportunities in the future? Is the company facing any external threats?

Why is it good to do? Because all successful businesses build on their Strengths, need to improve their Weaknesses, use Opportunities and be aware about Treats. You can use SWOT analysis for business planning or strategic planning, competitor evaluation, marketing, business and product development, etc.

How to Do Retail Company SWOT Analysis

You can be more specific and evaluate only one area:
1. Product (what are we selling?)
2. Process (how are we selling it?)
3. Customer (to whom are we selling it?)
4. Distribution (how does it reach them?)
5. Finance (what are the prices, costs and investments?)
6. Administration (and how do we manage all this?)

SWOT Analysis Advantage - free and fast!

The great advantage of using SWOT Analysis that it is free! You and your team could also generate new ideas about how your company (store) could use strengths to defend against threats in the market in a very short period of time. You will analyze how you could maximize strengths and minimize weaknesses, use internal and external opportunities and overcome threats. It is also a great team building activity.

How to use this technique

You will need to organize a brainstorming (40 min to 1 hour) meeting with your team. If you have a large team, you can divide it into groups of 5-6 people. Explain to your team the purpose of the meeting and the rules of brainstorming activity. They are: do not no criticize or judge, welcome any ideas, respect others point of view, focus on quantity not quality, and record ideas and thoughts.

Provide the details of the SWOT Analysis. Give each group a prepared flipchart. In order to make it, just draw two lines to make 4 squares. Write the titles for each square. A square on the top left will be Company Strengths; the square below it will be Opportunities, the square on the right - Weakness, and the last one - Threats. Let your team brainstorm and write down all the ideas they have.

You will be very surprised about how active and creative your employees will be during this meeting. I recommend that at the end of this meeting each group makes a presentation and has an opportunity to ask questions and have a discussion.

Strengths

Strengths are resources and capabilities that can be used as a basis for developing a competitive advantage. Think about what do your company (store) does well. Use your customers' point of view - how do your clients see and describe your strengths?

Examples

• Good reputation among customers

• Excellent customer service

• Superior product performance vs. competitors

• Cost advantages

• Direct delivery capability

Weaknesses

The absence of certain strengths may be viewed as a weakness. Is it anything you could improve? What are the areas for improvement? List the areas that are a struggle. What do your customers complain about? What do your customers see as your weaknesses?

Examples

• Poor reputation among customers

• Customer service staff needs training

• Large administration component

• Lack of following-up procedures

• Small market presence

Opportunities

Try to uncover areas where your strengths are not being fully utilized. Are there new opportunities that will arise soon for your company? How can you turn your strengths into opportunities? Is there a product/service area that you could do well in but are not yet competing?

Examples

• New technologies

• New market niche

• Loosening of regulations

• Removal of international trade barriers

• Local competitors have worse products

Threats

Look both inside and outside of your company for things that could damage your business. Can your weaknesses become threats? Internally, do you have financial, development, or other problems? Externally, are your competitors becoming stronger, are there new trends?

Examples

• Shifts in consumer tastes

• Change in market demand

• Emergence of substitute products

• Environmental effects

• New regulations

How to Do Retail Company SWOT Analysis
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Nina Telpoukhovskaia is a President of Be Best Professional Development Centre, bestselling author of 5 books in Russia and Canada, including Retail Sales. 6 Steps to Double Your Profit. She is an inspiring workshop leader, sales coach and consultant, dynamic and knowledgeable public speaker with 22 years of unique international teaching experience.

[http://www.best-retail-training.com]

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Top Ten Biggest International Marketing Mistakes of All Time

1. When Parker Pen marketed a ballpoint pen in Mexico, its ads were supposed to have read, "It won't leak in your pocket and embarrass you." Instead, the company thought that the word "embarazar" (to impregnate) meant to embarrass, so the ad read: "It won't leak in your pocket and make you pregnant

2. In Spain, when Coors Brewing Company put its slogan, "Turn it loose" into Spanish; it was read as "Suffer from diarrhea".

3. When Braniff International Airways translated a slogan touting its upholstery, "Fly in leather", it came out in Spanish as "Fly naked".

Top Ten Biggest International Marketing Mistakes of All Time

4. When Pepsi started marketing its products in China a few years back, they translated their slogan, "Pepsi Brings You Back to Life" pretty literally. The slogan in Chinese really meant, "Pepsi Brings Your Ancestors Back from the Grave."

5. Chicken magnate Frank Perdue's line, "It takes a tough man to make a tender chicken," sounds much more interesting in Spanish: "It takes a sexually stimulated man to make a chicken affectionate."

6. Scandinavian vacuum manufacturer Electrolux used the following in an American campaign: "Nothing sucks like an Electrolux".

7. A hair products company, Clairol, introduced the "Mist Stick", a curling iron, into Germany only to find out that mist is slang for manure. Not too many people had use for the manure stick.

8. The American slogan for Salem cigarettes, "Salem-Feeling Free", was translated into the Japanese market as "When smoking Salem, you will feel so refreshed that your mind seems to be free and empty."

9. PepsiCola lost it dominant market share to Coke in South East Asia when Pepsi changed the color of its vending machines and coolers from deep "Regal" blue to light "Ice" blue as Light blue is associated with death and mourning in SE Asia.

10. We can't forget Chevrolet's attempt to launch the Nova -- Spanish translation, "Doesn't Go" -- in Mexico (turns out this one appears to be an urban legend and cannot be verified). Many sources on the internet allege this is untrue.

Top Ten Biggest International Marketing Mistakes of All Time
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Brian Henderson oversees internal and external marketing for Prezza Technologies. Prior to joining Prezza Technologies, Brian has held senior-level marketing positions in successful New England-based companies, including Perseus Development Corporation, Equallogic Corporation, and EMC Corporation.

Brian received his degree in marketing from the University of Massachusetts at Amherst’s Isenberg School of Management.

Survey Software from Prezza Technologies

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International Franchise Business Opportunity

What exactly is an international business opportunity? Definitions vary among different scholars, but boiled down to the bare essentials, a business opportunity exists when: 1) the buyer purchases goods or services that enable him or her to begin a business, 2) the purchase price is more than a certain amount, usually 0, and 3) the seller makes one of several defined representations about the opportunity, such as guaranteeing the program will be profitable; offering to provide assistance in locating accounts, vending machines or other display devices; promising to buy back products that have been assembled or produced by the buyer; or providing a sales program or marketing plan.

No matter the type, size, or location, franchises are one of the very popular international business opportunities. But figuring out which ones are hot and which ones are not can be a challenge. The major benefit of starting a franchised business is that the business model has already been proven. As a result, only 5% of franchises fail in a year compared to the 30% to 35% of non-franchise small businesses. This means that franchises are the most successful way to set up your own business.

Working from home is another most alluring international Business Opportunity of recent times. The power of the Internet lets you conduct international business because your website is available all over the world. The Internet has become the way people do business and has led to many people having their own very successful home business Many people dream about having their own home business in order to escape the hassle of commuting, friction with overbearing bosses and the stress of the corporate workplace. In the good old days, the ideal home business was some kind of mail-order business. However, in today's world an Internet based business offers the best way to gain flexibility and economic independence. One of the best international business opportunities from working from home is by Medical Transcription.

International Franchise Business Opportunity

Medical transcription is the act of translating from oral to written form (on paper or electronically) the record of a person's medical history, diagnosis, prognosis, and outcome. Transcriptionists transfer medical voice recordings made by doctors and health professionals into documentation including: operating room reports, autopsy reports, and physical examination documentation. Currently, over 20% of people working in the profession are self-employed. The medical transcription business requires careful execution of health record confidentiality requirements. Any changes in the laws and regulations can affect business profitability. An additional risk is the occupational hazards of computer keyboard work resulting in eyestrain, carpal tunnel syndrome, and wrist or back problems

Fashionable clothing is also one of the most successful international business opportunities available in the business scenario. Smart clothing conjures up images of space age Jetson style apparel. Smarter apparel encompasses the customization of clothing to special markets ranging from performance apparel, sun protection, and aging-friendly clothing. The challenge of entering the smart clothing market is selecting a niche that is not too mainstream allowing bigger competitors to swallow market share before you get established. Conversely, a market too narrow can present problems with attaining break even points and profitability. Success in the smart clothing industry will require the ability to outmaneuver large retailers who influence the apparel business. Selling to select markets (i.e. skateboard shops) and outsourcing the manufacturing process overseas can help to maintain profit margins.

The language translation market has given new avenues in international business opportunities. It is a whole new concept that has been projected to reach .7 US billion by the end of 2005 in US alone, according to a report by Allied Business Intelligence. Translation services can cover various areas including: legal translation, commercial translation, technical translation, editing services, language interpretation, and website localization. Becoming a translator can be simple for someone who fluently speaks a foreign tongue. To succeed in this international business opportunity requires business skills of marketing and operations. Also, look to add a level of professionalism by gaining certification. Several potential risks exist in the market. Computerized translation services and voice recognition technology can fill some simple language translation needs. Translators who understand local cultural differences can provide critical insight that a computer cannot. Another risk can be a slow down in global trade. But with the power of the Internet and its high content production demands, the overall risks for translators remains low.

International Franchise Business Opportunity
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The Franchise Guide writes about Franchises, Franchising and Franchise Opportunities.

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Do Not Trust Strong Future International Or SFI

The intention of this article is to give people interested to joining a MLM program like SFI, a fair picture or "both sides of the coin" about what they can expect from similar programs.

Don't get me wrong when I say: do not trust Strong Future International or SFI Marketing Group (a.k.a Six Figure Income). I have my reasons. But you do not need to agree or disagree with my statement, because what I say it is 100% true fact. Let me explain:

My relationship with SFI Marketing Group began almost 5 years ago, hopeful to building a self-sustainable and profitable home based business, on January 24 of 2003. Six months later I saw my first commission check of .50. A little more than a year later, in February of 2004, I was still earning a monthly commission check of around .00.

Do Not Trust Strong Future International Or SFI

Due to a more diligent marketing effort, after March of 2004 my SFI commission check was gradually increasing up to the point when on July of that year I got a 3.29 payment; effectively covering my IAHBE membership (.95) and check (.00) fees, so the actual earning was 4.24.

During 2005, 2006 and two months into 2007 payments increased even further up to a point where I was earning around 0 in commissions. Before that time I was achieved a Team Leader status with more than two thousands referral members on my downline.

On January of 2007, SFI owner Mr. Gery Carson unilaterally decided to change the compensation plan of the company. That's when the trouble began. For two consecutive months (February and March of 2007), my commission payment amount drop to around , which is not enough to even cover the IAHBE membership fee. So on March of 2007, I decided to cancel my SFI account and forget about the whole SFI/MLM scheme.

Before the new compensation plan became effective, I consistently kept my Team Leader status and was generating an average of 4 new affiliates daily until the day I canceled my account. No to mention that I used to follow up every referral that signed up below me after they achieve Executive Affiliate status and beyond.

They still keep promising residual income:

"income that keeps coming in month after month, year after year, from work you do just once. It's like a royalty; you write a book or record a song and get paid forever on it."

I don't think it is fair that after 5 years doing business with SFI; been able to generated thousands of affiliates, earning almost three hundred each month in commissions; all of the sudden my earning was reduced to a level that was not enough to even pay for the membership fees, just because a change in the compensation plan. It is like starting all over again. The home based business dream felt like a sand castle hit by the waves on the beach.

I'm sure that this change affected many other SFI members, no just me. Even many others admit that were touched by this arbitrary plan change.

My question (which you don't have to answer) is: Where is the "residual income" promise?

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Javier A. Garcia is a successful internet marketing expert and editor in chief of more than half a dozen websites targeted to anyone interested to start a home based business. With many years of experience in online marketing, website optimization and promotion.

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Role of Banks in International Trade

It is impossible to be in international trade without involving your bank for all the services they provide such as advice on financial issues and the potential risks involved. It is true that one critical hurdle for SMEs is the lack of information on international trade processes, documentation and banking procedures necessary to carry on with business abroad. For result oriented and cost effective international trade, you will very definitely need access to accurate and timely information and a sound knowledge of banking.

Payment Options in International Trade

Quite obviously all payments in an international trade are made through bank either by way of wire transfer or check with the latter not being preferred for not being the quickest. The following are some of the common ways of payment modes in international trade.

Role of Banks in International Trade

1. Banker's Draft is a cheaper option and easier to obtain but there is a risk of loss in transit. The only advantage it has against check is quicker credit that the exporter gets.

2. Letter of Credit. This international trade instrument is mutually convenient for both the parties. The exporter gets paid once he produces the copy of BoL (bill of lading) which he receives from the shipping company and the LoC, to the bank, regardless of whether the consignment as arrived at destination or not.

3. Wire transfer is by far the fastest and the cheapest option in which the importer will instruct his bank to transfer the amount to the exporter's bank account. The first time, the transfer happens in about 10-15 days depending on the destination country and the routing bank. International wire transfers are made through intermediary banks/correspondent banks.

4. Although not in a big way, some China manufacturers accept Paypal for smaller amounts such as US,000 but require 3% extra to compensate for the charges. Paypal is the quickest and easiest mode of payment in international trade.

Banks that are serving international trade, understand the crucial role they are required to play. Many large banks maintain worldwide correspondents to provide quick delivery of actual currency, wired money or drafts. You may choose your bank for international trade account on the basis of whether the bank can extend advances against the account receivables. Bank may, however, require your account secured through export credit insurance provided by Export Import Bank of United States. Banks also let you enter into forward exchange contract with your bank and fix the amount of the foreign exchange you receive when you are dealing in convertible currencies. You need your bank to be with you as long as you are in international trade.

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Role of Banks in International Trade
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Expanding Your Business Internationally - 8 Points To Consider Before Going Global

After recently celebrating my company's record breaking hot streak here at home, my new international business was quickly turning cold.

It looks like my American success formula wasn't working with my foreign partners who kept telling me to think differently in order to compete on their turf. If I only knew then what I know now; I could have saved countless hours, endless headaches and a bundle of money. I guess I should have done a little more homework first.

Before you plan on expanding your business and going global, consider these 8 vital points:

Expanding Your Business Internationally - 8 Points To Consider Before Going Global

1. Are you a national player at home? The demand for your business in foreign lands will correlate closely with the size and success of your company at home. In today's age of easy information access, consumers and business professionals in most countries are aware of what's popular here in the U.S. and what's not. If you're a hot business here, chances are you'll experience pull demand for your brand "over there."

2. What business model should you use? Franchising, licensing, joint ventures and company owned business models each have their own pros and cons. Some require more labor or more upfront capital. Whatever model you choose will ultimately drive your earnings growth rate for years to come.

3. Get the right partner. Securing the right business partner in each country is the number one rule for success. Be sure to check your potential partner's financial status, influence and reputation in the local business community, access to resources and experience in bringing your country's brand to his/her home turf. In smaller countries, be sure to also check on his/her political influence and history since politics and business are often intertwined

4. Do your country homework. In some countries there may be tariffs or regulations that could inhibit your success. Be aware of the fact that the differences between countries can be significant. Don't get caught in the trap of referring to growth broadly (e.g. "Asia"), since neighboring countries within a geographic region can vary greatly. The bottom-line: Learn and know as much as possible about every foreign country you intend to enter before putting it onto your expansion list.

5. Do you have a support infrastructure? Will your supply chain logistics at home support foreign expansion or will you need alternative sources? Is your financial department set up to handle foreign transactions and currency conversions? And if someone across the world decides to call in the middle of the night will you have someone available to answer the call? Is your IT Department prepared to deal with foreign information operating systems?

6. Do you have a replicable operating model? When expanding internationally offshore it's important to realize that your cost structure will likely vary significantly. Supply costs, labor costs, real estate costs, seasonality can all pose significant hurdles to your success. Be sure to develop an operating model that's simple with main components that are clearly identified and benchmarked to your existing model.

7. Don't rush! Plan your growth by spreading risk with a balanced country portfolio approach. Make this similar to spreading risk when investing in the stock market. Otherwise, generating your growth opportunistically rather than strategically can result in poor and inconsistent communications, lack of field support, skyrocketing overhead costs, brand dilution and even lawsuits. Trying to manage a lawsuit that's 4,000 miles away in a foreign judicial system can not only cost you sleep but also pose a serious financial hazard.

8. Don't expect an overnight windfall. Growing internationally is a continuous learning situation. Your business will experience entirely new challenges, questions and uncertainties. There will be setbacks. Most businesses, even the most successful here at home, experience losses in their early years of international growth. Approach your international development with a five-year business plan for success.

Expanding internationally can be an attractive and lucrative business proposition. When carefully and strategically planned and executed, an international business unit will add to the value of your business overall. Plus, if your business is United States based then your international business unit can cushion a sagging U.S. dollar with favorable exchange rates falling to your bottom-line.

Expanding Your Business Internationally - 8 Points To Consider Before Going Global
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As International Vice President for Dunkin' Brands, Robert Kendzior authored the 2001 International Strategic Plan for the Dunkin' Donuts and Baskin-Robbins brand, encompassing 4500 locations in 39 countries outside of the U.S. Contact Robert today at http://www.linkedin.com/in/robertkendzior and let him teach your group how to take your business global.

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