Answer # 2

The Swot Analysis would help the company in determining its strength, weakness, opportunity and threats. It is one of the most important tool which is widely used in almost all of the companies for analyzing its internal environment. Generally, SWOT analysis is used for exploring new opportunities, making decisions, identifying areas for change and improving the business plan. The SWOT analysis is one of the most crucial tool for improving the business performance and its operations.

The internal factors in the SWOT analysis are the strength and weakness which consist of the financial resources, physical resources, human resources, strategies and company position. Whereas the external forces consist of the opportunities and threats which influences and affects every organization. The external factors are out of the company’s control and such factors are the economic conditions, demographics, customer changes and changes in the political and environmental regulations. Through conducting SWOT analysis, the team of Dance-a-Boogie would be able to make effective decisions, bring changes and improve the business performance.

The Strengths of Dance-a-Boogie were the hen parties and tailor-made private events which made the business successful. The company had leased 6 venues around the UK which had a real club feeling. It also offered high-quality food and drinks with its catering services. The weakness of the company is that it is a small firm and had not been recognized in the market. The venues which had been leased were not big which housed around 250 people. The company had also financial troubles which limited the Dance-a-Boogie from further expanding. The opportunity for the company was to expand its business on further location, leasing higher size venues for housing around 500+ people and to diversify its services related to the disco and night outs. The threats of the company were the competition, investors not willing to invest and changes of customer’s preferences.

The segmentation is one of the processes which divides the customers into four categories which are behaviour, geographic, demographic and psychographic segmentation. The segmentation helps in identifying the needs of the customers and its demand characteristics. The segmentation would help the Dance-a-boogie team to analyze the new market opportunities, demands and the customer’s preferences.

The Geographic segments are that customers belonging to different countries or locations have different preferences regarding events and celebrations. The demographic segment is that the primary gender target were females and also teenagers in their mid-twenties who mostly goes to events and parties. The behaviour of the market segment is that people held events for celebrating and for enjoyment.

Answer # 3

The market research material and the social media techniques which would be required in helping for making aneffective decision regarding the sweating the assets would be through using social media platforms and conducting market research. The company wished to expand the business however due to lack of finance it had restrained its decision for expanding in further areas. The company had decided to gain financially from the investors which means that the team had to convince the investors for attracting them. The strategy was to sweating the assets for improving the performance and attracting the investors. Sweating the assets is referred to using of assets or human resources effectively for improving the company performance.

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