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question;Read and complete the case study titled “Wish You Wood Toy Store”Read the entire case study and answer the 2 questions that immediately follow it.(650-750 words in word document)Please review the sample answer that is attached. This is the work of a previous student that scored fairly well on this assignment. Please do not copy this case study but use it as a guide to understand my expectations for this case. wish_you_wood___case_study.docx sample_case_study___wish_you_wood_toy_store_mb.pdf Unformatted Attachment Preview Wish You Wood Toy Store Case Study #1 (pg. 129) Wish You Wood is a toy boutique located in the main shopping strip of a resort town near Piney Lake. People who own cabins near the lake or come to visit the local state park enjoy browsing through the town’s stores, where they pick up pottery, landscape paintings, and Wish You Wood’s beautifully crafted wooden toys. For these shoppers, Wish You Wood is more than a store; it is a destination they associate with family and fun. The store’s owners, Jim and Pam Klein personally select the toys from craftspeople and toymakers around the world. They enjoy their regular customers but believe selling mostly to vacationers has limited the company’s growth. They decided that the lowestcost way to expand would be to sell toys online. However, after several years, they had to admit that traffic to the store’s website was unimpressive. Thanks to e-mail and Facebook reminders, they were luring some of their loyal in-store shoppers to the site to make off-season purchases, but few other people looking for toys ever found Wish You Wood online. Jim and Pam concluded that the next-best way to sell online would be to partner with Amazon.com. Amazon’s Marketplace service lets other retailers sell products on Amazon. The Kleins signed an agreement to list the store’s most popular items with Amazon. For example, if a shopper is searching for wooden dollhouses, Wish You Wood’s dollhouses will be included in the search results. A customer who chooses to buy from Wish You Wood places the order right on Amazon’s website. Under Amazon’s participation agreement, the listings must be honest and may not link to Wish You Wood’s own website or invite phone calls from customers. In exchange for giving the products exposure on the site, Amazon charges a monthly fee plus a commission on each sale. Initially, Jim and Pam were thrilled about their decision to partner with Amazon. They tracked each month’s sales and compared them with in-store sales. In the first five months, sales jumped 45 percent, mainly because of sales on Amazon. Then, suddenly, sales of popular toy train sets, which were particularly profitable, stopped altogether. Puzzled, Jim visited Amazon to make sure the train sets were still listed. To his surprise, he found that the train set was there, at the usual price of $149, listed right after the same set available directly from Amazon, at $129. He and Pam concluded that shoppers were now buying the product directly from Amazon. It appeared that their store had helped Amazon identify a product consumers value. The Kleins worried that they needed a new strategy. If they matched Amazon’s price, they would lose most of the profit on their most popular items. Wish You Wood was too small of a business to negotiate better prices from its suppliers. If the store didn’t match Amazon’s price, it would continue to lose sales at the Amazon site. Jim and Pam wondered whether they should pull out of Amazon altogether or find a way to continue working with the partner that had become a competitor. They also considered rethinking which toys to offer on Amazon. Discussion Questions: 1. Prepare a SWOT analysis for Wish You Wood toy store, based on the information given. 2. Using the SWOT analysis, what general corporate strategy would you recommend for Wish You Wood? Should the store continue or change its current approach? 3. Please follow the APA style of writing and review the “Avoid Plagiarism” document. Table 1.1 SWOT Analysis INTERNAL Strengths EXTERNAL Opportunities Weaknesses Threats Table 1.2 General Corporate Strategy Recommendation: Continue or change its current approach: CASE STUDY- Running head: Wish You Wood 1 Wish You Wood Toy Store Case Study Mounika Boinapally New England College MG5125 Leadership and change in Organization Dr. Evette Hyder-Davis Running Head: Wish You Wood 2 Abstract Toy stores are the best in this world. Crafted wooden toys are the unique ones which includes lot of effort. Wish you wood toy store is the best crafted toy store near Piney Lake. Jim and Pam Klein are applying different strategies to develop their business. Despite their efforts, they are not seeing profits. Hence, there is a need for them to check whether their strategies are right or not. To do this, they first need to understand their business thoroughly. This can be done by developing a SWOT Analysis. SWOT Analysis is a planning technique which helps the business holders to identify the areas they are perfect and at the same time to identify the areas they are weak based on the circumstances. SWOT is: Strengths, Weaknesses, Operations and Threats. This Analysis covers all the four areas which helps to improve the functioning of the business. Wish you wood toy store needs a SWOT Analysis to know about what they need to grow their sales. Keywords: SWOT, planning, toy store, change Running Head: Wish You Wood 3 The first question for the case study is to prepare a SWOT Analysis for Wish You Wood Toy Store. Below is the SWOT Analysis for the Wish you wood toy store. This SWOT Analysis is developed by examining every aspect that is needed to help make a viable recommendation for the store. SWOT ANALYSIS Strengths: 1. The toy store is still financially strong because of the regular customers they have. Financial wise they are in the starting level and their regular customers are their strength to take their store to next level. 2. Basically, the store is located near piney lake which is a visiting place for many people. So, most of their customers will be the visitors who comes to enjoy their time with the family. Location of the store near a tourist kind of place is another strength. 3. Choosing their items that needs to be sold is the reason for their uniqueness. They are investing their time to select their store products. Weakness: 1. Depending more on the profits is the weakness of the store. This need for profits is making them choose the option of being a partner is actually not bringing them much profits and is decreasing their toy value. 2. Encouraging only the local customers is another point. Reviews given by local customers will be known only in that town but not to the world out there. Opportunities: Running Head: Wish You Wood 4 1. Taking a feedback will help the store to know what the customer wants. Using this, they can add the products that the customer wishes for. 2. Letting the people know about the store using the advertisement platform through pamphlets, visiting cards etc. 3. Opening small franchises like kiosk stores in other cities in order to get the fame for their crafted toys. Threats: 1. Being a partner with the bestselling online shopping website is a threat sometimes. Top most sites will bring down the value of the product if there are no sales on the particular product. 2. Concentrating only on the single theme of the toys will not attract customers. Different models are needed. Strengths -Location Weakness -Depending more on profits -Personal Selection -Encouraging local customers only Oppurtunities Threats -Feedbacks -Advertisements -Expansion -Online shopping partners -Single theme SWOT CHART FOR WISH YOU WOOD TOY STORE Running Head: Wish You Wood 5 RECOMMENDATION Question two of the case study ask that I recommend a strategy based on the SWOT analysis for Wish You Wood Toy Store. Based on the SWOT Analysis that was developed above, I suggest them to choose the strategy which completely checks on Customer needs and experiences. The concentration of the owners, Jim and Pam Klein, should be more on collecting the customer experiences. Knowing about what customer needs is important. They need to have feedback forms on their stores or else at least they need to update their system in a way to send a feedback form directly to their mobile once they make a purchase. In this way, all the experiences of the customers will be collected and will improve the sales if they make changes according to their wish. Second point that needs concentration is: Advertising the store. Pamphlets is the coolest option. They need to print out the pamphlets with the images of the products available along with the store information which might attract people from different cities to buy the products. Visiting cards also need to be attached along with the pamphlets. Third point is: instead of having only toy section, lottery section, painting section etc. it is better to have small kid furniture section too as it is a wood store. Every parent will be eager to decorate their kids room with the unique furniture. This might also bring customers from different locations. These points will help them to be successful, according to me. And when it comes to present strategy, it must be changed, and they should follow concentrate on the purchases. CONCLUSION SWOT Analysis is a general planning which helps both the small and large organizations to achieve their goals and earn huge profits. The chart that is developed for “wish you wood” store Running Head: Wish You Wood 6 is based on the information given about the store. Following the above will help the store to reach their goals. Running Head: Wish You Wood 7 References Jackson, T. (2018). A Detailed SWOT Analysis Example (Applicable to All Industries). ClearPoint Strategy. https://www.clearpointstrategy.com/swot-analysis-examples/ ... Purchase answer to see full attachment