Complete Name: Unit 6 Student Name: Patterson, Tykese ********************************************************************************************************** 1. Conduct online research on Home Depot, including both company and non-company sources. ********************************************************************************************************** 2. In a narrative format, discuss the company from a strategic perspective. Information concerning recent changes in the firm is readily available online and should be accessed. Strategic issues should be discussed in “real time.” Student Answer: Bernie Marcus and Arthur Blank founded Home Depot in 1978 to assist with meeting the needs of those who desire to handle home improvement. …show more content…
There is external factors or external influences that occurs outside and within a business that affects the flow of business along with the future status of the business. The primary dilemma that affects any business is the degree of competition. Competition intensifies when a firm identifies the opportunity to improve its position or senses competitive pressure from other businesses in its industry, which can result in price wars, advertising battles, new product introductions or modifications, and even increased customer service or warranties” (Parnell, 2008). In any business, there is some other entrepreneur that is doing the same thing that the next business may be doing but better. It all boils down to how one business promotes that same product that the next business is selling. Don’t get me wrong, I’m not saying that there isn’t other pressing issues that a business have to face; however the whole competing weights more on a firm. According to Parnell, (2017), when in business not only do the owner or owners have to worry about the product(s), the consumer and or potential consumers, they have to put a lot of effort in which industry their business fall under. Other factors that affect a firm is social trends, changes in laws, economic, changes in government policies, product innovations (technological) and ethical views. There are external environment changes daily. One of the main …show more content…
SWOT Analysis is a tool for audit and analysis for the strategic position of a business and its environment. The purpose of this tool is to identify strategies that will grant a firm creativity for specific business measures using the available resources and capabilities of the firm. A SWOT analysis role in a strategy formulation is to help identify the internal strengths and weakness, as well as the external opportunities and threats in the environment. “When strengths, weaknesses, opportunities and threats are accurately identified, even the act of merely listing them will give some idea as to which elements require certain safeguarding activities and which should be developed further” (Broissov, 2015). The analysis also aids with helping firms to see strengths that they would not ordinarily identify along with combating weakness before hand. The SWOT analysis allows management the chance to create a plan using resources that will aid in accomplishing organizational goals by partnering environmental information with organizational capabilities. When used correctly and at the right time, the SWOT analysis can enhance a firm's flexibility. The fact that consumers have changed their style of vehicles present opportunities for AutoZone. The firm will be able to benefit off all automobile