Strategic Analysis of a Jewelry Business in Singapore: SWOT, Location, and Management - Free Paper

Introduction

The Situational Analysis needed to be performed for the Jewelry business and develop factors that the business needed to consider in its operation. The analysis focused on identifying the best parts to ensure the business gets the best sales from the new expected customers. Thus, the Singapore market situational analysis provided essential information that needed extra

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Strength

It was identified that the retail plant had the advantage of operating the business on a partnership plan. It is considered that since the business is in the partnership model, it is easier for the investor to start it and keep it going because of the shared responsibilities expected to be tackled. According to Gürel (2020), the partnership business will be easier to establish a working relationship and monitor the shop since more than one partner manages the operation. In partnership with business, it is easier to come up with various ideas that I'm at growing the profit margin for the business's investment. A partnership is also considered a strength because it operates all the time with all partners managing the business proceedings.

Secondly, having a physical store for the products' storage will be a strength for consumers because they will be physically exposed to their company's products, which will be easily delivered to them when there is a need. The physical store also provides its customers with opportunities to check for defects in the products and give suggestions that the business should improve on certain product' features. It also allows customers to have various products to make various choices. Furthermore, a physical store acts as an advertising tool for the customer's products and is attracted to Greater visibility, which comes with convincing power to serve them, and then check for their product of preference. Thus, with such an advantage in the market, it is believed that the business will flourish and operate smoothly with the new customer base; however, some weaknesses were identified. The strength is good because they provide the business with opportunities to expand their mission of making more profits by enhancing the cooperation of convergent ideas from different points of view.

Weaknesses

The study identified that the main weakness would be that manufacturers' ready-made products will not meet customer expectations. It is considered a weakness because a business will work to satisfy the needs of the customer. Still, if the manufacturer has the ability to develop the whole product, a customer can be dissatisfied with the product made without their views. The business coming as a new entity in the region without a reputation will experience various barriers in cementing its ground.

Opportunities

The main opportunity is the high demand for the jewelry market in Singapore. The demands show that any jewelry business introduction will flourish because many people are in search of the products. The feasibility study elaborated that there were no reputation opportunities. The identified target specific segment of the high demand for newly made goods like jewelry was an opportunity to grow and expand it. Another opportunity is the innovative design of the unisex norm; for instance, the rise of the LGBT campaign was an opportunity for the business to develop unisex products to get a larger customer base. It will be a good move for the business because the opportunities will provide the business with extra places to maximize its operation. For example, once the LGBT realizes that their welfare is considered in the shop, it will be a good advertisement tool to realize that the business customer base spread to the other markets.

Threats

Various threats are identified as the main obstacles that the business might encounter in its operation. Firstly, the accessory market is already saturated in most places; thus, the business needs to be more creative in coming up with solutions to attract more customers. Also, the pandemic's negative economic impact is an expected reduction in the number of people willing to spend money to buy accessories from that market. According to the trading analysis, the location of the business has already established stiff competition.

That does need the business to come up with various ways of managing the threats from interfering with the operating system. The solutions need to be divided into a functional classification that will work for the investing parties' preferences.

The Business Location

The report identified the best strategic position that the business needed to get conducted at a given shopping center. The location at the shopping center ensured that the business was more visible to its customers. However, the shop is more likely to endure competition because it has a high-class jewelry shop called Orro Jewelry. Thus, the location is considered strategic because there is a high traffic flow of customers, and there are enough parking slots for the targeted customers.

Management

Management chose a good location to transact their business because it is strategic and robust for the services. Being next to a shopping center will give the investors more projected profit. It is also perceived that the management will use a well-structured technique of recruiting workers. Also, the adoption of management emerging trends in technology like the use of the CCTVs for monitoring is a good idea that will ensure accountability of the employees' service to clients. An operation blueprint will be made to guide the workers on the ways of executing their responsibilities.

The management will also develop units that explain the essential satisfaction for the reflection of employees' performance. For example, the business needs to enact a system that ensures a sense of accomplishment to ensure that the employees enjoy their work. The system should work to understand their role and drive towards the company's common goal by following all the stipulated business strategies.

Bibliography

Gürel, Emet, and Merba Tat. "SWOT analysis: a theoretical review." Journal of International Social Research 10, no. 51, (2017).

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