Assignment:
A SWOT analysis is a major tool which can be utilized in the strategic planning process for any organization. According to Helms and Nixon (2010) the origin of the term "SWOT" is unknown; however, it has grown to be utilized as a key tool in addressing complex strategic situations by reducing the quantity of information which improves decision making (p. 216). SWOT's have been utilized by many people for different aspects of business where the need to review both internal and external issues is necessary. SWOT's can be used to address issues related to economic development as well whether in countries, cities or even rural areas. Helms & Nixon (2010) note that a SWOT analysis was utilized to review challenges facing Venezuela in the area of oil production (p. 227).
My SWOT analysis will focus on the economic development potential for New Bern NC. New Bern is a historical town with approximately 30,000 residents. Townscaping has definitely occurred in New Bern. As suggested by Leigh and Blakely (2017), the visual theme of the central town is usually based on the history of the area and is a huge expression of the community's identity (p. 265). New Bern was once the capital of NC and the governor's mansion, along with many other significant establishments are a central focus for visitors to the area. Whereas tourism is a big factor in New Bern, it does not sustain the economy of this town. Leigh & Blakely (2017) note that tourism can be an asset but is not an economic recovery solution. They also note that local planning should focus more on attracting permanent residents than seeking to boost tourism because the local demand for goods and services is more important than visitor demand (p. 296).
According to Schooley (2019) a SWOT analysis should be the first step utilized before committal to any company action whether exploring new initiatives or revamping internal policies or plans. Helms & Nixon (2010) states that a SWOT analysis is the preferred tool used to "kick off" the strategy planning process (p. 234). The SWOT listed below will hopefully kick off my proposal for economic development for the city of New Bern, NC.
Strengths
- Historical value of New Bern is a huge tourist attraction
- Located on coast and close to beaches
- Cost of living is average
- Low crime rate in New Bern which could be an asset for families seeking a secure environment
- Community events are scheduled almost every weekend so there is always something to attend for those who chose to do so
Weaknesses
- New Bern could be improved by bringing in more companies that could hire people and provide a higher salary than just minimum wage earnings
- Young families who need maximum income for their families are not attracted to the area because of the wage factor
- Since Hurricane Florence occurred in 2018 there is a significant need for low income housing due to many being flooded and beyond repair
- Slow increase in population over the last several year
- African Americans make up 33 percent of New Bern but few are business owners
Opportunities
- The opportunity to open a business is good in New Bern
- New housing developments are needed to assist with the housing shortage created after Hurricane Florence in 2018
- Low income area is being revitalized
- Financing for minority business owners is available but not widely utilized
Threats
- Hurricane season brings many storms to the coast and New Bern is prone to flooding as witnessed in 2018 with Hurricane Florence
- Not a major thoroughfare because located at coast
- Innovation is an issue due to many retirees bringing an older population to the area
References
Helms, M. M., & Nixon, J. (2010). Exploring SWOT analysis - where are we now?: A review of academic research from the last decade. Journal of Strategy and Management, 3(3), 215- 251.
Leigh, N. G. & Blakely, E. J. (2017). Planning local economic development. Thousand Oaks, California: SAGE Publications.
Schooley, S. (2019, June 23). SWOT analysis: what it is and when to use it.