Running head: SWOTT ANALYSIS
SWOTT AnalysisEssential clothing's mission focuses on the consumer and simply to provide all customers with fashionable clothing that is trendy and inexpensive. The business will be run by a friendly staff that will be available to assist customers with their fashion needs. Our target is mainly the ages between 17- 30 and our mission is to cover all cultures, sizes, races, and genders. I want all customers to be satisfied with the clothing that they purchase from my business and to feel confident in what they are wearing. In proceeding with the initial start-up- plan of my clothing line; Essential will be conducting an internal and external environmental analysis. A strategic plan will be developed by using a SWOTT. The analysis will consist of economic, legal and regulatory forces, and trends. I will be looking in to how my company will adapt to change and the chain of operation. The analysis will further cover other important analytical aspects from the internal and external view.Economic, Legal & Regulatory Forces and TrendsExternal & External: External factors are what influence a firm's choice of direction and action; these factors also influence the organizational structure and internal processes. Essential economic, legal and regulatory forces and trends are all categorized as remote environment forces (Pearce & Robinson, 2009). Economic factors will concern the consumption patterns that affect the company by relative affluence of various market segments. "Essential" must consider the economic trends in the segments that affect the business industry. There will be various elements to consider on both the national and international level. Looking at internal factors, economic forces that must be considered are the general availability of company credit, the level of disposable income, and the propensity of people to spend. Legal and regulatory forces that "Essential" must be aware of are the political constraints that are set in place. This would consist of; fair-trade decisions, antitrust laws, minimum wage legislation, tax programs, pollution and pricing policies, administrative jawboning, and other actions that are set in place in order to protect employees, consumers, the general public, and the environment (Pearce & Robinson, 2009). Market trends are important to follow as they can be "Essential's" critical strengths or weaknesses. Market trends promise to hold the greatest significance for "Essential", as either opportunities or threats.Adapting to ChangeAdaptation is inevitable for any organization. Many factors could force a company to adapt to change; such as the environment, trends, or the economy. In the fashion industry, adaptation comes naturally. Fashion is always changing forcing clothing companies to revise their clothing line. "Essential" is highly aware of the consistent change in the market and will focus on trends in the fashion world...