A SWOTT analysis is the process of analyzing a marketing plan for its Strengths, Weaknesses, Opportunities, Threats, and Trends analysis of the product and marketing plan as it pertains to my business. Dots Pocketbook is a store that makes multiple pocketbooks they can sell things for cheaper than other stores. The SWOTT analysis for Dots Pocketbooks is to determine the strengths, weaknesses, opportunities, threats, and trends of Pocketbooks new marketing plan to create a new line of its own pocketbooks and accessories. I will be select a small business that I would want to start and define strategic management and planning. I also will explain why a strategic plan would be important to the success of my business. I will explain the four functions of management relative to creating and implementing a strategic plan.
The Small business I would like to open up is a store that name Dots I will make pockets books of kind and sizes accessories that will go with them. Strategic management is “the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives (Pearce, Robinson, 2004). Strategic management the process of specifying the organization's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives. Strategic management, therefore, combines the activities of the various functional areas of a business to achieve organizational objectives. Strategic management can be used to determine an organization’s mission, including broad statements about its purpose, philosophy, and goals.
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