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Define the management activity of planning - Leaving Cert Business - Question B - 2015
Question B
Define the management activity of planning. Explain the elements of a SWOT analysis and conduct the SWOT prepared by Christine Landers.
Worked Solution & Example Answer:Define the management activity of planning - Leaving Cert Business - Question B - 2015
Step 1
Define the management activity of planning.
Answer
Planning is the process of setting down specific goals and objectives and determining strategies that will allow the organization to achieve these aims. It involves assessing the current situation, identifying desired outcomes, and creating a roadmap to navigate towards those outcomes effectively.
Step 2
Explain the elements of a SWOT analysis and conduct the SWOT prepared by Christine Landers.
Answer
A SWOT analysis consists of four elements: Strengths, Weaknesses, Opportunities, and Threats.
Strengths: These are internal attributes that support a successful outcome. For Harte Shoes Ltd, a significant strength is its highly skilled shoe makers and a very effective sales team, which enhances the company's manufacturing capabilities.
Weaknesses: Internal factors that may hinder business success are considered weaknesses. It was noted that there is a lack of a computer-aided design system (CAD) to assist with the production of shoes, which could limit efficiency and innovation.
Opportunities: These are external factors that the business could exploit to its advantage. The growing markets in the UK, America, and Australia provide an opportunity to benefit from the increasing popularity of Irish dancing.
Threats: External factors that could jeopardize the business are categorized as threats. Competitors from Eastern Europe pose a significant threat as they have invested heavily in Information and Communications Technology (ICT), potentially making them more agile in the market.
This SWOT analysis highlights the strategic landscape for Harte Shoes Ltd, identifying both the internal and external factors that will influence its business direction.