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It is only through adopting the strategic recommendations which the researcher came up with, the industry and the organization could achieve success. The strategic recommendations could vary depending on the prevailing and anticipated situation to help in conducting future research. In this case, the recommendations would capitalize on strength and opportunities and minimize on threats and weaknesses of the findings.
Recommendations for the Organization to Address the SWOT Findings
The most important aspect that the company can capitalize on is its strengths in the market. Actually, a company that does not use its strengths to influence the market to its advantage would be pushed out of business due to increasing competition. Since the company works smart and hard to satisfy its consumers’ needs, it would be important if it increases the quality and quantity of its products that makes the organization remains relevant in the market (Barwise and Meehan 1). The world market is expanding due to population growth and the need for acceptable quality standards which would not have health risks for the consumers. Therefore, the ultimate goal of the organization should be the efficiency and excellence of the products.
The display of the products should also be attractive to the consumers. The general cleanliness of the company stores should be prioritized if the company intends to remain competitive in the market. The company should monitor all its stores and maintain the unique attributes to enhance its products’ appeal. Consequently, the prospective consumers would definitely frequent the store for his or her shopping (Cuneo 1).
Third, since the lower costs of products attract more potential consumers, it would be essential for the company to consider giving discount on almost all products, especially the ones preferred by many clients. When the company sets its average prices at a low level, it would increase its competitiveness in the market and get more customers, which would translate to increased sales volume. The specific criteria to be used in reducing the prices are another strategic recommendation for research that should target basic consumer products since this would increase the sales volume.
Another strategic recommendation for research would focus on the opportunities for the company. For example, since the company deals in the basic consumer needs, it has a large and potential market opportunity that remains largely unexploited. In this regard, it is important for the company to consider diversifying its products to include other necessities in the market. This means that a lot of emphasis should be placed on luxury products with equal measure. All products should be available under one roof to make sure that the consumers conveniently do their shopping. The number of outlets should be increased to meet the demands of the growing population. As the company increases the number of stores, it should also increase the diversity of the products that it offers so that the customers acquire all they need in one place (Cuneo 1). This is an opportunity that, if exploited, would increase the odds for success for the company.
The growing need for quality and technologically compliant products in the industry should also be considered as a viable opportunity for the success of the company. The population needs efficient products manufactured using the latest technology, meaning that the company should increase the supply of such products in the market. Therefore, the second recommendation is that the company should enter a business agreement with the manufacturers of similar products so that it could supply those products to the stores and satisfy customers’ purchasing needs. The company should embrace the sales technique that would make it easy for it to penetrate the market and distribute the products to the intended consumers (Barwise and Meehan 1).
The third strategic recommendation would be that the company should offer after-sales services to increase the confidence among the potential customers. This will involve offering transportation for the customers who purchase goods in large quantity, doing maintenance for the products for a stipulated period of time and giving warranty for the items sold. Apparently, the measure would attract more potential customers and improve sales.
Under the weaknesses that the company faces, the strategic recommendation would be to improve the service delivery, while focusing on the future strategies. This company should devise mechanisms for countering the activities of its major competitor Wal-Mart. In line with this weakness, the company should revise its pricing policy to ensure low rates for most products it offers, which is below the standard price that its competitors charge (Hays 1).
The company faces threats from the international monetary crisis and the ever changing consumer desires and demands. In this regard, the company should popularize its brand and learn the consumer behavior so that it increases its product sales volume (Berner 2). Therefore, strengthening of the brands would avert imminent threat that could render the company ineffective in its operations.
Financing the Recommendations
In terms of financing, the recommendations would be financed using the revenue collected from the sales returns. The recommendations would be financed in phases, as based on the urgency and consumer needs. However, in case of a deficit, the company might be forced to borrow money to finance the recommendation.