Business: SWOT Analysis For The Game Knights

SWOT Analysis for The Game Knights

Businesses should conduct a Strengths, Weaknesses, Opportunism, and Threats (SWOT) analysis at least once every year if not every quarter (Simoneaux, 2011). In the military, units and team use standing operating procedures and these documents should be continuously updated. The same is true for business plans and SWOT analysis. A business should be vigilant and aware of thier SWOT, which means it must be reevaluated as often as necessary. The Game Knights will conduct a SWOT analysis and reevaluate this document as the business grows.

Strengths

The primary advantage The Game Knights will have is their ability to provide a location and positive gaming environment for customers. This service creates value

The potential market size for table top games is 1.44 billion (Griepp, 2017). One weakness is The Game Knights retail store will only be able to capture a Served Available Market (SAM) equal to the population in our location (Burns, 2014). The means even if we penetrate a high percentage of the available market on our area it may still be very limited in size. Another weakness is building space and shelf space. The Game Knight must provide enough space for tables so patrons can play games, and we must have a large amount of shelf space to display our large selection of board games. As space requirement go up so will building and lease cost. The Game Knights needs to be a service focused business first and a retail business second. This may be difficult because retail sales are important for success. Nevertheless, The Game Knights must avoid pressured sales and a hyper focus on sales. We must trust that the value created by our gaming venue will influence customers to spend money on the games they

As identified, a game stores Total Available Market (TAM) is based on location (Burns, 2017). According to the U.S Census Bureau Columbia SC, has a population of 134,309. If The Game Knights is servicing this city and another game store opens then our market share could be cut in half. Another threat is location and space restrictions. Floor space for commercial buildings are expensive and a portion of our store must be devoted to gaming. The last threat may be the digital collectable card industry. Games like Heartstones are becoming popular. Much of my research suggest that digital games do not steal gamers from our stores. However, the digital collectable card game industry is just beginning to emerge and must be closely