SWOT Analysis of Youtrak Company - Case Study Example

Reflective Diary Name: Course: Professor: Institution affiliation April 12, 2012. This work is a complete business plan that is into details on the current market needs and how they the company is ready and prepared to tackle the problem of car theft. The plan can be very successful if it well executed. This is shown in the analysis done about the potential clients and consideration of the competition in the market. Strategic alliances have also been put into consideration as they are the ones that will ensure that the plan is well supported and it works. The demand has also been evaluated before the actualization of the plan and this is very important as it helps companies to know the number of potential clients and whether the demand is short term or long term to sustain the business. Analysis of SWOT is one crucial step that many people and organizations fail to do. In this case the Youtrak Company has evaluated their strengths and weakness and has looked into ways of how they can make these to work for them. A good example is how the company is thinking of forming an alliance with its suppliers and so they do not have a formal relationship with them. In this the Youtrak company plans to have an alliance with the suppliers so that they can be able to operate effectively. In terms of opportunities the Youtrak Company plans to expand its business across borders and even outsource from countries that can provide cheap labor. Another opportunity that the company foresees is the tracking system for lost children. Youtrak Company plans to track children as this has been very rampant in the country. In this manner they plan to be a security company rather than just a car security company. This business plan is potentially viable because it has taken into consideration so many factors that come to play when the business becomes real. This includes things like the demand, opportunities, pricing policies and also their strengths as well as their weaknesses. Having evaluated the idea mathematically before the actual implementation is important in ensuring that the idea works. Youtrak Company has calculated the expenditure in this business idea and the capital requirement as well considering where these finances will come from. They have even gone to an extent of doing a calculation of breaking even revenue and this way it means if they implement what they have it can work so well and they will definitely reap the benefits (Kelley, 2003 pp.123). This business plan does not only show how they will achieve their targets but it also documents how it will expand its business, who are the potential customers, analysis of the market and the expansion opportunities for the future growth of the company. Youtrak has given a product overview and this will help the potential customers in knowing what they are getting into. Having formed alliances shows that the plan is secured for future as this guarantees creditors that the businesses is ready to start. Securing lenders and providers of finances is one crucial step that gives confidence and trust to the people and customers that are willing to associate with the company. This assures the company of support and so it can easily progress. In relation to this the Youtrak Company is well set and ready to work and the idea seems very much viable (Kelley, 2003 pp.123). The work is not truly reflective and it is more of a diarised process. This is because all what is documented is what is planned to be done in future. The tense used in the description is future tense. A good example is where the plan describes the product on offer and I quote” The product will be made up of RFID’s (Radio Frequency Identifications) combined with GPS (Global Positioning System). The item differentiates from our competitors products/services because whilst they are using VHF (Very High Frequency) RFID, Youtrak will be using a UHF (Ultra High Frequency) RFID combined with a GPS system.” In the discussion of the business stage the business is described to be at the start up stage as there is no history of previous trading. This means that all what have been said about the business is yet to be implemented and since there is no history of previous trading there is no anything they can reflect on. Again reflective journal talks about what has already been done and the challenges that were encountered but this is totally different from that. It is simple a diarised process of how things plan to be done in the future. Alternatively it could be termed as reflective if it was reported. This means that the author need to have used reported speech to indicate what the company plans to do. It is a diarised process as it takes into account of what needs to be done to make the business plan work. Things like market analysis, competition, strengths, weaknesses, threats and opportunities are well documented and this is one of the ways the company plans to make the plan work. Personal and group dynamics are well identified in this business plan. The various groups that will come to play are identified including the part they will be playing to make the plan a success. One of the groups includes metropolitan police force which will help the youtrak company be able to approach the market with a lot of trust from the customers. Through a public relationship officer from the metropolitan police force the goods on offer will be inspected and then approved as legal devices. This will help the company so much because as they enter into the market a trusted affiliate. Online suppliers in this case the RFID is a strategic alliance and have agreed to enter into a 12 month contract that will assist in payments of the suppliers on every 20th of every month. The terms of supply are well set out and this will make the business become effective. For instance, consumers will be given a 12 monthly guarantee that will enable them to return defects within 10 days. All this will be through the courtesy of the supplier. Youtrak dynamics are well set and technology will be highly utilized to ensure that consumers get the best product in the market. Operation activities will apply Microsoft operating systems through programming language. Such systems will help in client database, managing staffing and recovery of stolen vehicles. Such management system will enable Youtrak focus on customer service and deliver high quality products and eventually they plan to be a security company rather than just a car security company (Kelley, 2003 pp 124). The link between theory and reflection is missing to some extent. This is because the author needs to have indicated all these Youtrak processes and then interpret the theory using the case an example. For instance the author could have said that this business plan has all the various components that are required in a business plan and whether regarding the mentioned procedures there is a relationship to the demands of theory. There is also supposed to be an analysis of the plan showing whether it is satisfying or not and whether it is up to the expected standard of business plan. This is missing in the sense that we are only told of what the company plans but and the various processes but no analysis. This is a well documented business plan that can work so well if implemented in the right manner. There is a lot of learning in this dissertation. This is because it is well detailed with the various component of a business plan showing how each is done. Being business plan means that it is yet to be implemented and this has clearly shown the various parties and alliances that come to play in a real business. This helps one to identify challenges that may be unforeseen and avoid making the business a success. The use of tenses shows that it is a plan yet to be implemented and this assist the learner in knowing how to put the plan into writing. It is clearly indicated how one can turn their weaknesses and challenges into opportunities. A good example is the challenge with the location of the Youtrak Company which is at a congested place and this makes it prove to criminals. However, the company plans not to avoid the congestion hours but rather utilize them for business and this way they can make a lot of money. Having gone through this module I have gained experience in relating theory to practice. I can now comfortably write a reflective diary based on a certain experience .This is because the module has been very practical in terms of relating the two. I believe I have enough skills and am well equipped for all the tasks that require theory and practice in my field. I can comfortably write a business plan as I know the components that are required to make a complete plan. Some of the things I have learnt is that the business plan needs to be well thought out and it have to be convincing enough that it has the potential of being viable. This module is very helpful as it enables the students to link theory with experience. Having gone through it there is no doubt that by the time students finish this course they have enough skills that they can apply in the job market. The analysis skills that are learnt in this module are very essential in the job market. This is because one can be able to tell whether a business idea is viable or not by just analyzing the process presented. However more of the practical bit should be included. For instance students should be engaged more with field work like going for attachments in the field where they can apply skills learnt in real life. In this way learning becomes more practical and the students can relate theory to practice. Bibliography: Kelly, J 2003, “Requirements of a Good Business Plan,” Journal of Financial Economics. Vol 6.3 pp 121-136. Read More