Submitted by: Submitted by SauraO68
Views: 35
Words: 254
Pages: 2
Category: Business and Industry
Date Submitted: 03/31/2015 10:17 AM
MKT 301
Marketing Plan: SWOT Analysis
This is a SWOT analysis for a fictitious firm based near Atlanta, GA called My Payroll Services. It provides payroll processing services for small to mid-size companies around the Atlanta, GA area on a weekly, bi-weekly and monthly schedules. It is new, and is owned and locally operated by a retired payroll specialist.
INTERNAL |
Strengths | Weaknesses |
Locally trusted business- member of the Atlanta Chamber of Commerce | Low range of operation and not know outside the Atlanta area |
High demand amongst retired business owners | Not know amongst other new businesses |
Services in wage and Salary Administration | Lack of skilled staff |
Word of Mouth referrals | New in Business |
Financially leverage | Weak Management team |
Existing Customer loyalty | High Financial debt burden |
Discount incentives | |
In each of the cases above the firm has some, and in many cases a good deal, of control over the issue
EXTERNAL |
Opportunities | Threats |
Market is fragmented | Fragile economy |
Innovation and Software web updates | Very intense and growing competitions |
Growing technology in payroll | Government and IRS regulations |
Payroll laws and policies for no overtime above 40hrs | Price wars |
Out souring of payroll by other businesses | Taxation and licensing requirements |
Most businesses do not do payroll because of lack of time to do payroll, lack of staff and no real knowledge of payroll | |
For each of the cases above, the firm has little control regarding the issue; however, the firm can still respond to the issue.
SWOT Conclusion
Strengths and Opportunities = 13
Threats and Weakness = 11