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Abstract
Toy stores are the best in this world. Crafted wooden toys are the unique ones which includes
lot of effort. Wish you wood toy store is the best crafted toy store near Piney Lake. Jim and Pam Klein are applying different strategies to develop their business. Despite their efforts, they are not seeing profits. Hence, there is a need for them to check whether their strategies are right or not. To do this, they first need to understand their business thoroughly. This can be done by developing a SWOT Analysis.
SWOT Analysis is a planning technique which helps the business holders to identify the areas they are perfect and at the same time to identify the areas they are weak based on the circumstances. SWOT is: Strengths, Weaknesses, Operations and Threats. This Analysis covers all the four areas which helps to improve the functioning of the business.
Wish you wood toy store needs a SWOT Analysis to know about what they need to grow their sales.
Keywords: SWOT, planning, toy store, change
Running Head: Wish You Wood 3
The first question for the case study is to prepare a SWOT Analysis for Wish You Wood Toy Store. Below is the SWOT Analysis for the Wish you wood toy store. This SWOT Analysis is developed by examining every aspect that is needed to help make a viable recommendation for the store.
SWOT ANALYSIS Strengths:
- The toy store is still financially strong because of the regular customers they have. Financial wise they are in the starting level and their regular customers are their strength to take their store to next level.
- Basically, the store is located near piney lake which is a visiting place for many people. So, most of their customers will be the visitors who comes to enjoy their time with the family. Location of the store near a tourist kind of place is another strength.
- Choosing their items that needs to be sold is the reason for their uniqueness. They are investing their time to select their store products.
- Weakness:
- Depending more on the profits is the weakness of the store. This need for profits is making them choose the option of being a partner is actually not bringing them much profits and is decreasing their toy value.
- Encouraging only the local customers is another point. Reviews given by local customers will be known only in that town but not to the world out there.
Opportunities:
Running Head: Wish You Wood 4
- Taking a feedback will help the store to know what the customer wants. Using this, they can add the products that the customer wishes for.
- Letting the people know about the store using the advertisement platform through pamphlets, visiting cards etc.
- Opening small franchises like kiosk stores in other cities in order to get the fame for their crafted toys.
Threats:
- Being a partner with the bestselling online shopping website is a threat sometimes. Top most sites will bring down the value of the product if there are no sales on the particular product.
- Concentrating only on the single theme of the toys will not attract customers. Different models are needed.
RECOMMENDATION
Question two of the case study ask that I recommend a strategy based on the SWOT analysis for Wish You Wood Toy Store. Based on the SWOT Analysis that was developed above, I suggest them to choose the strategy which completely checks on Customer needs and experiences.
The concentration of the owners, Jim and Pam Klein, should be more on collecting the customer experiences. Knowing about what customer needs is important. They need to have feedback forms on their stores or else at least they need to update their system in a way to send a feedback form directly to their mobile once they make a purchase. In this way, all the experiences of the customers will be collected and will improve the sales if they make changes according to their wish.
Second point that needs concentration is: Advertising the store. Pamphlets is the coolest option. They need to print out the pamphlets with the images of the products available along with the store information which might attract people from different cities to buy the products. Visiting cards also need to be attached along with the pamphlets.
Third point is: instead of having only toy section, lottery section, painting section etc. it is better to have small kid furniture section too as it is a wood store. Every parent will be eager to decorate their kids room with the unique furniture. This might also bring customers from different locations. These points will help them to be successful, according to me. And when it comes to present strategy, it must be changed, and they should follow concentrate on the purchases.
CONCLUSION
SWOT Analysis is a general planning which helps both the small and large organizations to achieve their goals and earn huge profits. The chart that is developed for “wish you wood” store
Running Head: Wish You Wood 6
is based on the information given about the store. Following the above will help the store to reach their goals.
References
Jackson, T. (2018). A Detailed SWOT Analysis Example (Applicable to All Industries).
ClearPoint Strategy. https://www.clearpointstrategy.com/swot-analysis-examples/
