Please help create slides based off this paper below don\'t need real slides jus
ID: 352194 • Letter: P
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Please help create slides based off this paper below don't need real slides just need to know what to use on the slides. and what to say in front of the class.
Strategies for confronting these problems and issues are generated through a SWOT analysis for Southwest. By combining Southwest’s strengths, weaknesses, opportunities, and threats to work together or versus each other, the following strategies have been created.
In an effort to penetrate the current market for growth, Southwest can increase marketing efforts within their core competency of offering their flights without additional fees which should continue to attract cost-conscious customers and keep their current customers from switching. Marketing efforts should also continue to promote the economic side of their low-cost flights with the bonus of their up to date technology and modern fleet over its competitors and substitute methods of travel.
Market penetration can also be utilized to increase their recently acquired hub in the east, from a merger with AirTran in 2011, more effectively and reach out to additional areas/locations they don’t currently service domestically. Horizontal integration combined with their strong financial position to acquire other smaller airlines could also be a key strategy to reduce the competition and increase service coverage areas through market development.
Product development would be an interesting avenue for Southwest to venture into, which could include offering a first-class section that offers cost savings to loyal corporate consumers. Integration of a first-class section could also include providing a new luxury subdivision line for corporate/wealthy customers that are willing to pay a higher cost for excellent and custom luxury services. These strategies would expand on their weakness of providing product differentiation and increasing the market share.
Pursuing global growth to confront their internal weakness of lack of international flights is also a concept that will assist in diminishing the threat of steady industry growth and maintaining market share. Offering more international flights and/or acquiring other smaller airlines to reduce the competition and increase service coverage areas through market development will increase market share in the industry domestically and globally.
Forward integration could be pursued as Southwest could exert its strong financial position to expand into design and engineering efforts. Backward or horizontal integration efforts are strategies that would offer stabilization or control of their operating costs through investments in oil or training of pilots. Southwest’s strong financial position could also be used to bargain with suppliers on an investment level in pursuing mergers with supplier companies.
Related and/or unrelated diversification offers some unique concepts to create cross-business strategies or mergers to help diversify the company. Perhaps to increase investments into areas that would change the bargaining power of their suppliers or enter into joint ventures/mergers with companies offering other energy sources that provide substitute transportation.
One more idea that isn’t included in our SWOT strategies stems from complementarity ideas that are discussed in Priem's article, " A Consumer Perspective on Value Creation.” As mentioned in his article, "consumers are arbiters of value…willing consumers validate the value of products and services" (Priem R. L., 2007). Many customer debates have centered around the removal of inflight meals (Paris, 2017). Although removal allowed for lower ticket prices, there are customers that would pay the higher fee to bring back inflight meals on many long non-stop flights (Paris, 2017). This slight ‘back-step’ business strategy could pan out as a future opportunity. Within the past year airlines such as American Airlines, Delta, British Airways, Hawaiian Airlines have started this service back up (Paris, 2017). Delta cited "competitive advantage" as the reason for the addition of inflight meals (Paris, 2017). This could be an opportunity for Southwest to join in setting themselves apart from other competition on longer flights.
Explanation / Answer
By conducting a SWOT analysis of your business, you’re starting your year off right. Our 5 Day SWOT challenge was designed to give entrepreneurs a big-picture look at their business.
We’re on the last day of our challenge; at this point you have a list of strengths, weaknesses, opportunities, and threats that face your business. Now that you’ve completed this list, you’re probably wondering, “Now what?”
Now, the strategic planning starts. You’ll use this list to create strategies to improve your business. We’ll walk you through how to turn your analysis into actionable strategies today. That’s the last step in your SWOT journey. When you’re done, you’ll have the information you need to make key business decisions now and in the future.
As an entrepreneur, you want to know your business inside and out so you can make informed, money-making decisions. To do that, a SWOT analysis is the key. By conducting a SWOT analysis you’ll have a comprehensive look at your company’s strengths, weaknesses, opportunities, and threats—which is what the acronym SWOT stands for. We know “SWOT analysis” sounds pretty technical and a little dry, but we’ve got a great way for you to create an analysis without feeling overwhelmed.
On Day 1, you’ll tackle the “S,” or “strengths,” piece of SWOT. Before we dive in, you’ll have to do a few things to prepare.
Preparing for a SWOT analysis
For starters, we need to talk about what a SWOT analysis looks like and how to go about conducting one.
1. Understand the format
A SWOT analysis is usually completed using a four-square template. There’s one box for each of the four categories: strengths, weakness, opportunities, and threats.
2. Download the template
We have a digital four-square template ready for you to download. You’ll want to download our SWOT template before you begin.
3. Review SWOT examples
Before you get started on your own SWOT analysis, it’s a good idea to review others. By taking a look at other completed reports, you’ll recognize additional areas that you should consider in your business. We recommend looking through at least three other examples. You can find SWOT examples here.
4. Organize a meeting
To conduct a thorough analysis, it’s always best to bring in several people from your company. Organize a 30 minute meeting each morning this week where you and your staff can talk about the company. You should invite employees from every level and from every department. The more perspectives that you have while conducting a SWOT analysis, the better the evaluation will be.
5. Write down bullet points
During your brainstorming session, you’ll ask each person to supply one bullet point for the category they are working on. For today, each person will supply one strength of the company. Make sure one person is responsible for writing down all of the strengths mentioned.
How to define your company’s strengths
Before you start listing your strengths, let’s define the parameters a bit. Strengths are positive internal factors that are within your control. Think of the experience and resources that are available to your business. Here are a few categories to think about:
Prioritizing and finalizing your SWOT analysis
From SWOT analysis to strategies
A list of strengths, weaknesses, opportunities, and threats makes for a handy business guide, but you’ll want to take this exercise one step further to create strategies and plans to improve your business.
The exercise you’re about to do is called a TOWS analysis. It helps you make connections between each quadrant of your analysis. You’ll work around the square, combining information from two quadrants to create actionable strategies. Here’s how:
When you’re finished with the SWOT and TOWS analysis, you’ll have an insightful look at your business that’s accompanied by a list of strategies that you can implement to better your business.
Take this list of strategies and start implementing them. If some strategies are long-term plans, break them into steps and put each one on your calendar so you can implement the change over time.
Now that you have this business resource, you’ll want to keep it handy. Hang it on your office wall, or keep it on your desktop so you can reference it throughout the year as you make decisions.
Your hard work has paid off. Aside from strategic plans, here are additional benefits from your participation in the SWOT Challenge:
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