Environment Scan
The world’s commercial environment has a significant role in the sporting goods sector. The North American Industry Classification System (NAICS) assigns the sector the code 339920, which denotes the manufacture of sporting and athletic items. The rationale for picking this industry is that it includes a wide range of goods and commercial enterprises that draw more customers yearly. The company’s potential expansion increases its significance and clarifies the applicability of particular field entities to studying human resource (HR) planning. Manufacturing in the sports industry plays a significant role in economic and commercial operations (Das et al., 2021). For instance, the Canadian Sporting Goods Association, a non-profit organization, gives sports enterprises a chance to advertise their products and teach the public about trends and the top equipment in that particular industry. The sector comprises companies that produce various sporting items but excludes clothing and shoes from its scope. Therefore, the diversity of businesses involved in sports manufacturing offers several options in the economic and labor markets. The contribution of the selected industry to various business sectors is included in the breadth of its significance in Canada. More particularly, the sports equipment market is expanding quickly, and shipping and exporting rates are rising. The statistics on the official website of the Canadian government state that the apparent domestic market and total exports increased at average annual rates of 5.8% and 8.3% respectively. High demand in the domestic and international markets is the reason for the increase in shipments. Overall, client preferences, which range from fishing, camping, shooting, swimming, and other forms of gear to exercise, fitness, and hockey equipment, define industry trends. One industry’s potential growth and the rise in different job roles are aided by the variety of items it produces. Nike is the top business that predominantly holds the top position in the industry.
SWOT Analysis
The company’s SWOT analysis was the source of the tactics mentioned above. Since the business has a long and profitable history, the workers are experienced, which is the firm’s advantage. Moreover, the workforce is diverse and inclusive, and all staff members follow the company culture criteria and share knowledge to improve business results. Its flaws include restricted advancement chances without specific prerequisites and inadequate working circumstances in sites outside Canada, as well as shortened market expansion prospects. The company’s opportunities are visible in expanding job prospects that may be facilitated by improved customer requirements analysis and potential business expansion. Moreover, the development of technology can draw in additional professionals. Furthermore, the threats to the company are visible. Namely, aging labor developments may put the business at risk. Similarly, the scarcity of candidates with the necessary technical capabilities to work in manufacturing can lower productivity.
Plan
Reviewing the business environment in which the entities operate is required to understand the difficulties surrounding human resource planning within the sector. One should outline a few key elements that are vital in contributing to the trends in the field in more detail. Cultural, socioeconomic, and labor market issues influence the route enterprises in the athletic goods manufacturing industry take (Mathis et al., 2016). The examination of the articles discussing topics about the business climate in the chosen field shows that this sector is highly competitive and constantly expanding because of societal trends.
Social trends, which develop due to people’s choices for spending their free time, are the first essential component. Sports equipment is more likely to be in higher demand since sporting activities have become more critical in a culture that places a premium on health (Mathis et al., 2016). While the overall trend of popularized sporting activities broadens the industry’s economic potential, relying only on customers’ “evolving tastes” offers particular challenges to its development.
One of the top multinational businesses, Nike Inc., creates top-notch goods for various athletic activities. The company’s aim, as stated on its website (Das et al., 2021), is to “bring inspiration and innovation to every athlete in the world.” The firm is pursuing strategic targets, including innovation, assembling an inclusive and varied team of workers, influencing society and the community, and ensuring corporate sustainability as part of its growth plan (Das et al., 2021). It is predicted that each identified strategic concern would help the business succeed in the market and outperform its competitors.
References
Das, G., Jain, S. P., Maheswaran, D., Slotegraaf, R. J., & Srinivasan, R. (2021). Pandemics and marketing: insights, impacts, and research opportunities. Journal of the Academy of Marketing Science, 49(5), 835–854. Web.
Mathis, R. L., Jackson, J., Valentine, S., & Meglich, P. (2016). Human Resource Management. Cengage Learning.