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Conduct an internal and external environmental analysis for your proposed business. • Use the information obtained from your internal and external analysis, as well as the lesson learned from the Considerations of a Strategic Plan: List assignment. • Create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table. • External forces and trends considerations: • Legal and regulatory • Global Economic • Technological • Innovation • Social • Environmental • Competitive analysis • Internal forces and trends considerations: • Strategy • Structures • Processes and systems • Resources • Goals • Strategic capabilities • Culture • Technologies • Innovations • Intellectual property • Leadership • Write a 1,400-1,750-word synopsis in which you analyze at least seven of the forces and trends from the list above. Your analysis must include the following: o Include economic as well as legal and regulatory forces and trends. o Critique how well the organization adapts to change. Identify issues and/or opportunities: o Identify the major issues and or opportunities that the company faces based on your analysis above. o Generate a hypothesis surrounding each issue and research questions to use for conducting analysis. o Identify the circumstances surrounding each issue; classify the circumstances; attribute the importance of each classification; and test the accuracy of the importance for each classification. Proposed Business Action Adventures; Mission, Vision and Purpose High energy extreme sports vacations are something that is my lifelong dream.
Having a strategic plan and goals could turn that dream into a reality. The creation of Action Adventures LLC. , will create an opportunity for people and families with the need for high energy, adrenaline packed adventures to access various outlets of thrill seeking adventures. Action Adventures will tap into opportunities such as; NASCAR adventures, Sky Diving, Hang Gliding, Wind Surfing, Surfing, Baja 1000 racing experiences, Off Shore Power boat racing, under water adventures (diving with Sharks), Open wheeled Indy Car racing, Drag Racing, Fighter Pilot adventures and many more thrilling adventures.
Action Adventures will serve as the middle man in creating customer specific adventures for the thrill seeking enthusiast. Action Adventures will mirror the general purpose of a travel agency. The vast difference being that Action Adventures will plan and seek out high energy action sports adventures for those that are more daring and seek a vacation of a lifetime. The market is currently saturated with individual operators that offer one specific extreme action sport adventure. Action Adventures will bring to together the enthusiast and the providers.
Strategic planning will determine the course of this new business. A strategy provides a framework for managerial decisions, reflecting a company’s awareness of how, when and where it should compete; against whom it should compete; and for what purposes it should compete. (Pearce, Robinson 2004) As an owner of an Extreme Adventures, planning business strategies is the first thing, followed by the company’s purpose. A mission statement will describe the purpose of the company, what services will be provided, the companies philosophy, and goals. Pearce, Robinson 2004) The mission statement is a living statement and may need to be changed to meet the needs of changing times. Once the mission statement has been formulated goals to be reached to accomplish the mission must be selected. Specific strategies and approaches must be implemented to reach each goal. The company’s internal and external environment needs to be assessed, and specific action plans to implement each strategy need to be identified. Once the plan is implemented it will need to be monitored and updated as needed.
According to Pearce and Robinson 2004, a company should select long-term objectives and grand strategies that will achieve the most desirable options. Strategic management involves the planning, directing, organizing and controlling of a company’s strategy-related decisions and actions. (Pearce, Robinson 2004) The Importance of a strategic management & planning In order for the company to succeed as a business it has to be well thought out and planned. In today’s business environment a strategic business plan is indispensable due to the high failure rate of small businesses.
It has been determine that small businesses without a business plan are most likely to fail. A strategic plan will define what the company is, and what it can and will become. Strategic planning will also identify how employees are expected to act, the strategies needed to realize the vision, and will provide the measures of success to determine if the vision and strategies have been realized. The employee’s will know what is expected of them and that they play an important role in the future success of the business.
As a new business it will be affected by external factors both positively and negatively, because of these external factors the management or owner must adjust its course of action and have strategic objectives. Setting strategic goals and objectives and implementing a plan to carry out these strategic objectives can be accomplished by creating a vision, company values, and a strategic plan which will explain their importance to the success of the business. Strategic planning is of utmost importance for a business and without strategic planning this new business is sure to fail.
Planning is the first function of the management process, as without effective planning one cannot effectively organize, control or lead the organization. Planning is used as a tool to help identify potential opportunities and threats as well as to reduce long-term risks. Planning is also used to more effectively establish goals and objectives for long-term success and ensure that the organization use all its resources toward achieving its goals. Organizing is the second function of management.
Management must organize all its resources in order to implement the course of action that was determined in the planning process. Through the process of getting organized, management will develop the internal organizational structure; establish and maintain relationships, as well as allocate necessary resources. Leading is stimulating people to be high performers. It includes motivating and communicating with employees, individually and in groups. Leading involves close day to today contact with subordinates, helping to guide and inspire them toward achieving team and organizational goals.
Leading takes place in teams, departments, and divisions, as well as at the top organizational management. Leading is also defined as the management function that involves the manager’s efforts to stimulate high performance by employees. Controlling is establishing performance standards based on the business’s objectives, measuring them and reporting actual performance. Performance evaluations will enable management to determine how employees are doing and take any corrective or preventative action that may be needed.
Once the two are compared corrective or preventive action needs to be taken as necessary. Vision, “Action Adventures strives to be the global leader in high energy adrenaline packed sporting adventures built on a passion for sports, adventure and the thrilling need for unlimited excitement in a sporting lifestyle. ” Mission, Action Adventures mission is to be the most successful vacation adventure planning company in the world at delivering the best customer experience in markets we serve while also expanding on global adventures.
In doing so, Action Adventures will meet customer expectations of the highest quality, leading technology, competitive pricing, individual and company accountability, best in class, service and support and flexible customization capabilities. Action Adventures purpose is to provide high quality experiences in the field of adventure and action sports across the globe. In conclusion, starting a business is very risky in the present business environment.
The odds of starting a successful business is possible, for this reason, a well thought out strategic management plan is extremely important if one is to succeed in establishing and maintaining a successful business in today’s competitive marketplace. Action sports are an everyday part of many lifestyles across the globe. As the ever increasing difficulty of economic stress and corporate entities downsizing, people are less frugal and less likely to splurge on non-essential big ticket toy items. Action Adventures enables the everyday “Joe the Plummer” to feel like he owns the world, even if it is just for one action packed day!