A company is in the online business of ready-to-wear products. All the five co-owners of the company have decided to expand the business because there has been an increase in demand for their products. As a result of the increased demand of online products, the number of products on sale needs to be increased and their timely delivery to the customer needs to be ensured.
In order to resolve this issue, the co-owners have decided to take the following steps:Include a warehouse to store their products.
Hire additional employees.
Include shipping applications to meet the increased demand and to ship and market those products.
Based on the above scenario, address the following points:
Name the four characteristics of the strategy you will apply to fulfill the steps decided by the co- owners.Discuss how SWOT (Strengths, Weaknesses, Opportunities, and Threats) can be applied to help them in achieving their goals.