BMGT 364
Project 1 (Week 3) - Planning and the SWOT Analysis Project 1 is due on the
last day of class Week 3, Tuesday, at 11:59 p.m., eastern time. Purpose The purpose of this project is
to introduce you to the planning process and to complete a SWOT analysis to
determine a company’s strengths, weaknesses, opportunities, and threats. Using
the information gathered to complete the SWOT, you will begin to build a
Strategic Plan identifying and discussing the company’s goals and objectives.
Outcome Met by Completing This Assignment Employ effective planning processes
to develop strategies, goals, and objectives to enhance organizational performance
and sustainability. Instructions and Case Background Note: Before starting work
on Project I, you must carefully read the Project 1 rubric.You are requested to
complete Project 1 in the role of a recent business degree graduate, newly
hired by Silver Airways. Your manager has requested your assistance in
conducting a SWOT analysis and developing the goals and objectives for a
strategic plan. The strategic plan is necessitated by Silver Airways' CEO
requesting an assessment of the airline’s ability to continue to grow and the
subsequent steps it needs to take to make that happen. You will use the course
materials for Weeks 1 – 3 and your research findings based on Silver Airways'
links below. This information will allow you to analyze the current state of
Silver Airways to determine its strengths, weaknesses, opportunities, and
threats.
You will complete a SWOT
table identifying the strengths, weaknesses, opportunities, and threats you
identified for Silver Airlines. Based on your SWOT table, you will then develop
and explain your goals and their related objectives. Your manager has informed
you of the following facts: Florida-based Silver Airways recently announced its
acquisition of Seaborne Airlines, headquartered in Puerto Rico. Expanding its
flight routes within the Caribbean makes the company the highest volume airline
to the Bahamas and the Caribbean. In addition to its Bahamas and Caribbean
flights, Silver Airways serves the southeast and a few northeast states. Your
manager has provided you with the links found below and indicated that route
expansion, a new fleet of aircraft, and the acquisition of Seaborne Airlines
should be considerations in your analysis.
Of course, the focus of your
analysis is Silver Airways and not Seaborne Airlines. Your analysis, SWOT
table, goals, and objectives must be supported by a logical and well-reasoned
evaluation of the facts ascertained from the course materials and links provided.
Research Links Silver Airways Seaborne Airlines Silver Airways-Seaborne Airways
Acquisition Silver Airways Announces Major Strategic Growth Developments and
New Leadership You may do additional research related to Silver Airways to
enhance your SWOT analysis, SWOT Table, and goals and objectives. Note:
Your report must be based on the results of your own research. This means that
you will research and draw your own conclusions, which must be supported by
your independent research and the course materials. You are precluded from
using any existing SWOT analysis, SWOT Table, and goals and objectives
ascertained from anyone else's source material (e.g., internet sites, for-pay websites, existing documents,
video resources, and the like). A zero will be earned for not doing your own
analysis. How to Set Up the Paper Create a Word or Rich Text Format (RTF)
document that is double spaced. Use 12-point font. The final product will
be 5-6 pages in length, excluding the title and reference pages. Write clearly
and concisely. Create an APA compliant title page that provides the paper's
title, date, name, course number, section number, and instructor's name. Use
all of the following centered Bolded and left-justified Bolded headings in the
same order they appear in completing your project. Introduction Write an
Introduction paragraph. The introduction paragraph is the first paragraph of
the paper and will describe to the reader the intent of the paper, explaining
the main points covered in the paper. This intent should be understood before
reading the remainder of the paper so the reader knows exactly what is being
covered in the paper. The introduction is often written after the paper is
completed. (Use in-text citations as required.) SWOT Table Using the
research from the websites provided and any additional research, complete a
SWOT Table for Silver Airways using the format below. Provide a minimum of
three strengths, three weaknesses, three opportunities, and three threats. See
the grading rubric for specifics and further guidance. Provide an in-text
citation for each item presented in the SWOT Table. Strengths Weaknesses
Opportunities Threats SWOT Analysis: Silver Airways Write a paragraph
explanation for each quadrant (Strengths, Weaknesses, Opportunities, Threats)
on the SWOT Table that explains each item in each quadrant (Strengths,
Weaknesses, Opportunities, Threats). Support your reasoning. Remember, there
must be a minimum of three items in each quadrant. Be certain to label each of
the paragraphs Strengths, Weaknesses, Opportunities, or Threats and make it
clear to the reader which item within each of thoseheadings is being discussed.
(Use headings below and in-text citations as required.) Strengths Explanations
Paragraph Weaknesses Explanations Paragraph Opportunities Explanations
Paragraph Threats Explanations Paragraph Goals and
Objectives Goals, Objectives, Strategies, Tactics (Review the material in the
link before completing the following section!) You will now begin to build the
framework for the Strategic Plan to be developed. Identify and explain three
(3) major strategic goals that the company should attain based on its
acquisition of Seaborne Airlines. Each strategic goal will be one sentence,
followed by an explanation of the importance of each goal. (Use in-text
citations as required.) For each strategic goal, provide at least two
one-sentence objectives to support each strategic goal.
The relationship of each
objective to its strategic goal must be demonstrated. (Use in-text citation as
required.) The assignment rubric displays how the assignment is graded and how
to earn additional credit for various paper sections. Make sure to use the
research and course materials to support your analysis. STUDENTS: The format
and framework for your goals and objectives must be as follows:
STRATEGIC GOAL
1: Must be written as a
one-sentence goal. The goal must be followed by a brief explanation of the
goal's significance. (Use in-text citations and references as appropriate.)
Objective 1: Must be written
as a one-sentence objective. The objective must be followed by a brief
explanation of support for that objective as it relates to its goal. (Use
in-text citations and references as appropriate.)
Objective 2: Must be written
as a one-sentence objective. The objective must be followed by a brief
explanation of support for that objective as it relates to its goal. (Use
in-text citations and references as appropriate.)
STRATEGIC GOAL 2: Must be
written as a one-sentence goal. The goal must be followed by a brief
explanation of the significance of that goal. (Use in-text citations and
references as appropriate.)
Objective 1: Must be written as a one-sentence
objective. The objective must be followed by a brief explanation of support for
that objective as it relates to its goal. (Use in-text citations and references
as appropriate.)
Objective 2: Must be written as a one-sentence
objective. The objective must be followed by a brief explanation of support for
that objective as it relates to its goal. (Use in-text citations and references
as appropriate.)
STRATEGIC GOAL 3: Must be
written as a one-sentence goal. The goal must be followed by a very brief
explanation of the significance of that goal. (Use in-text citations and
references as appropriate.)
Objective 1: Must be written
as a one-sentence objective. The objective must be followed by a brief
explanation of support for that objective as it relates to its goal. (Use
in-text citations and references as appropriate.)
Objective 2: Must be written as a one-sentence
objective. The objective must be followed by a brief explanation of support for
that objective, as it relates to its goal. (Use in-text citations and
references as appropriate.) Conclusion Create a concluding paragraph. The
conclusion paragraph highlights the major findings covered in the paper. References
Use the checklist below to ensure your paper's compliance with assignment
instructions. Checklist Specific Project Requirements Proofread your paper.
Ensure your topic headings and format follow the above sequence. Read and use
the grading rubric while completing the paper to ensure all requirements are
met to lead to the highest possible grade. Third-person writing is required.
Third-person means that there are no words such as “I, me, my, we, or us”
(first-person writing), nor is there use of “you or your” (the second person
writing). If uncertain how to write in the third person, view this link: https://www.quickanddirtytips.com/education/grammar/first-second-and-third-person. Contractions
are not used in business writing, so do not use them. Paraphrase and do not use
direct quotations Paraphrase means you do not use more than four
consecutive words from a source document. Removing quotation marks and citing
is inappropriate. Instead, put a passage from a source document into your own
words and attribute the passage to the source document. There should be no
passages with quotation marks. Using more than four consecutive words from a
source document would require direct quotation marks. Changing words from a
passage does not exclude the passage from having quotation marks. You are
expected to use the research and weekly course materials to develop the
analysis and support the reasoning. There should be a robust use of the course
material. The material used from a source document must be cited and
referenced. A reference within a reference list cannot exist without an
associated in-text citation and vice versa. Changing words from a passage
does not exclude the passage from having quotation marks. Use in-text citations
and provide a reference list that contains the reference associated with each
in-text citation. You may not use books in completing this problem set unless
they are part of the course material. Also, do not use a dictionary, Wikipedia
or Investopedia, or similar sources. Provide the page or paragraph number in
every in-text citation. Since the eBook does not have page numbers, you must
include the chapter title, section heading, and paragraph number.For citations
using a video, you must provide the minutes
An organization's performance
highly relies on the ability of the management to formulate an appropriate
strategic plan to attain the desired objectives. A strategic plan is crucial as
it helps track the organization's progress toward achieving its long-term
goals. A strategic plan indicates the organization's goals and how they relate
to the company's vision. However, a fruitful strategic plan is based on the
organization's SWOT analysis, which indicates the opportunities the
organization can embrace to increase market share and profit. SWOT analysis
also lays out the organization's strengths, which can be leveraged to implement
the opportunities and helps the management analyze its weaknesses and the
various potential threats in the market to devise appropriate strategies to
remain competitive, for instance, in the case of the Silver airways, which is
an independent airline in America. It acquired Puerto Rican seaborne airlines,
further increasing its market share. The flight routes are within the Caribbean,
Florida to the Caribbean, and the Bahamas, making it rank at the top for
Bahamas and Caribbean airlines (About silver airways n.d). However, in
the Caribbean, there are limited flight routes to the Northeast states.
Therefore, the organization should establish a strategic plan based on its
strengths, threats, weaknesses, and opportunities to increase its market share
and competitive edge.
The following is a table of Silver airway's SWOT analysis
Strengths |
Weaknesses |
The company has a large
market share attributed to the acquisition of the seaborne airlines (About
silver airways n.d).
|
The airline focuses on two
destinations in the Caribbean Northeast states (About silver airways
n.d).
|
The approximate flights per
day are 125, covering eight locations in Florida (About silver airways
n.d).
|
Poor company reputation (About
silver airways n.d)
|
The purchase of ART -600
series aircraft helps establish its reputation and attract potential clients
(About silver airways n.d). |
Limited destinations
coverage (About silver airways n.d).
|
Opportunities |
Threats |
The company could increase
the number of destinations after the acquisition of seaborne airlines to
increase market share (About silver airways n.d).
|
The number of locations in
the Northeast states in the Caribbean is few, risking a loss of customers (About
silver airways n.d).
|
The purchase of new aircraft
allows the organization to attract more customers (About silver airways
n.d).
|
Stiff competition from other
airlines in America (About silver airways n.d)
|
The airline should implement
express flights for long destinations (About silver airways n.d).
|
Hurricane season distracts
the business (Cuervo et al., 2017).
|
Strengths
The company has a large market share attributed to the acquisition of the seaborne airlines. The company has already established itself in the airline industry, with the main route being Florida-Bahamas and the Caribbean. However, purchasing the seaborne airlines expands its geographical coverage, increasing its market share (About silver airways n.d). The approximate flights per day are 125, covering eight locations in Florida, making it the most popular airline in the US. Bahamian is a popular tourist destination, so expanding the airline's capacity helps tap the opportunity to increase market share. The purchase of ART -600 series aircraft helps establish its reputation and attract potential clients (About silver airways n.d). Some clients prefer classic and comfortable flights and get excited by new features on the plane. Therefore, the new aircraft could attract more customers who want to enjoy the comfort of the new aircraft.
Opportunities
The company could increase the number of destinations after the acquisition of seaborne airlines to increase market share. The Silver airline destination is based in the Bahamas, the Caribbean, and Florida. However, purchasing the seaborne airline is an opportunity for the company to expand its destinations to serve a wider client base, increasing its profit margin (About silver airways n.d). The purchase of new aircraft allows the organization to attract more customers. The company could take advantage of the new model aircraft to market its airline as most customers prefer to have a new experience of the improved aircraft features to increase market share (About silver airways n.d). In addition, the airline should implement express flights for long destinations to attract clients who prefer traveling directly to the final destination without stopovers.
Weaknesses
The airline focuses on two destinations in the Caribbean Northeast states, which risks losing customers in the region, which could decrease its profit margin. Also, there are poor company reputation reports on the service offered. The better business bureau (BBB) rating is one out of 5 stars indicating customer dissatisfaction which could trigger the loss of many clients (Silver Airways LLC: Better Business Bureau® profile, n.d). The company also has limited coverage as it is mainly based in Florida, the Caribbean, and the Bahamas, limiting its market share, which could increase the competitive edge of the competitors.
Threats
The number of locations in the Northeast states in the Caribbean is few, risking the loss of customers. Other competitors could use the opportunity to market in the Northeast areas leading to the loss of potential customers (About silver airways n.d). In addition, although the company purchased the seaborne airline, it still experiences stiff competition from other airlines in America and hence has to strategize to compete favorably. Hurricane season is a significant threat to the airline business as it occurs each year, and negatively, affects the tourist destination areas and airline operations (Cuervo et al., 2017). Therefore, Hurricane could potentially limit the airline's business operations and profit margin.
Strategic goals and objectives
Strategic goal 1
Silver airways should first focus on establishing its brand image by enhancing customer services to reduce complaints (About silver airways n.d). A dissatisfied customer spreads their experience more than a satisfied customer; hence, the company's bad reputation could cost it potential customers and lower its profit margin and market share. However, enhancing its image could help increase the number of individuals seeking to use the airline.
Strategic objectives
1.The company should respond
to customer complaints and frequently contact its customers about their
experience, which could help establish the existing loopholes in customer
service.
2.It could also initiate
programs to train employees and other stakeholders on the importance of
enhancing customer satisfaction and the various ways to offer exemplary
services.
Strategic goal 2
Expansion of the destinations. Silver airways should consider creating more routes to serve a wider client base to increase market share and client loyalty. For instance, it should increase its operations in the northern and eastern states of the Caribbean to attain a competitive edge (About silver airways n.d).
Strategic objectives
1.Conduct research on the
feasibility of establishing different routes, such as the direct route from
locations other than Florida to the Bahamas. This could help in attracting more
customers.
2.Expansion in other
locations, such as Mexico, to cover a wider area. The area covered by the
airline is limited, limiting the company's popularity and growth of its brand
image.
Strategic goal 3
Increase employee retention to attain higher performance and employee satisfaction. After trainee employees on enhancing customer experience, the organization should have a 90% and above retention rate. Silver Airlines should improve and expand customer service by retaining experienced employees lonStrategic objectives
1.Establish programs to enhance employee performance and motivation. This could include setting clear goals and establishing a reward system for the employees who attain the goals. If employees are satisfied, they tend to stay longer in an organization.
2. Initiating mentorship programs where new employees get mentorship from experienced employees, insinuating a sense of belonging and enhancing the employees' performance rather than assigning responsibilities without mentorship. These mentorship programs make new employees comfortable and hence become willing to stay longer.
conclusion
A strategic plan is crucial as it helps track the organization's progress toward achieving its long-term goals. Therefore, the Silver airlines organization should establish a strategic plan based on its strengths, threats, weaknesses, and opportunities to increase its market share and competitive edge. For instance, its Strengths include a large market share, a high number of flights per day, and the introduction of the ART -600 series aircraft. The weaknesses include limited destination, poor company reputation, and limited coverage. However, it has various opportunities, such as increasing the number of destinations, high customer satisfaction, and implementing express flights for long destinations. Finally, it experiences threats due to stiff competition from other airlines in America, and the hurricane season distracts the business. The main strategic goals that the organization can adopt include enhancing customer satisfaction and company reputation, expanding routes, and enhancing employee retention rates.
References
About
silver airways. Default. (n.d.).
silverairways.com/about-silver
Cuervo,
I., Leopold, L., & Baron, S. (2017). Promoting community preparedness and
resilience: A Latino immigrant community–driven project following Hurricane
Sandy. American Journal of Public Health, 107(S2).
doi.org/10.2105/ajph.2017.304053
Silver
Airways LLC: Better Business Bureau® profile. BBB. (n.d.).
bbb.org/us/fl/fort-lauderdale/profile/airlines/silver-airways-llc-0633-90064009