Table of Contents
Executive Summary
August Karaoke Box offers KTV and best Karaoke experience in Phoenix area. Its core objective is to reach achieve 50% percentage within the first quarter, 60% in the first year and 70% second year and to expand to more locations and franchise Karaoke Box name.
External and Internal Environmental Analysis
SWOT analysis involves a critical and comprehensive examination of the internal and external factors that affect the business in its quest to achieve its objectives (Barney, 1991 and Kotlar, 2003). The internal August Karaoke Box will not only help in revealing the strength and weakness but also use the information in drawing a strategic management plan. In this endeavor, the external analysis takes a critical examination of the market and competitive business environment (Lawson, 2001) and further goes a head to analyze the possible external factors which may affect the growth of the business.
The biggest strength that August Karaoke Box has lies in the fact that there is no direct competition as of today thus, there is virtually no competition. The market share at the moment stands at 100%. There is definitely the opportunity to grow and exploit the market before the arrival of competitors. Given our location as the University of Phoenix, there are many different demographics that can be targeted that will benefit from having KTV and the explosive growth of KTV industry in Asia, the company aims to achieve its objectives and mission. In addition to the above, the company underlines the basic elements of marketing concept that include focus on customer satisfaction, needs, wants and requirements, the philosophy behind the marketing needs to be owned by all stakeholders and it must address and identify future needs (Nicholson, Clarke, and Blakemore, 2002). This strength involves the application of technology that enables customers to enjoy update song selection. This also involves the application of the latest state of the art vocal equipment. There is most definitely an opportunity to expand our service and offer our technology to our customer base.
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Last, the members of our management team all bring different skill sets to the table. Weijia Gao brings in Bachelor's degree in Accounting and Master's degree in Business Administration with broad knowledge of Phoenix area and experience in food industry. Zhaoxu Liu has extensive experience in marketing and sales with experience in scouting out new and potential customers. In addition to the above, the company has opportunities to expand in food and drink manual, target wider customer base and expand to more locations.
However, we do need to keep in mind that cost may still be an issue. While our product will save our consumers time, effort and money in the future, the initial installation cost may be something they are unwilling or unable to pay up front. Our product offers convenience and practicality, for this reason, it is possible that potential consumers would opt for other choices. Our weaknesses are also compounded by limited customer base, number of private rooms, financial source and cash flows and limited food service. A slight weakness in our team is the lack of skilled laborers, and this may pose a bit of a problem closer to the time of implementation. However, this issue can easily be addressed through our recruitment strategy. Last, we are well aware of the threats of new competitors and school breaks that are low seasons for the business.