1
WGU D263 Task 1 |Passed on First Attempt |Latest
Update with Complete Solution
D 263 Task 1
XXXXX
Western Governors University
Frameworks for Strategic Decision Making
Instructor:XXXX
Date
D263 Task 1
External Opportunities
Conscious capitalism can encompass businesses of all sizes. From an independent
business to a global retail store, conscious capitalism places a focus outside of only owners and
shareholder profit and instead, also focuses on what is good for society and the environment
(Mackey & Sisodia, 2014). There are multiple ways that CustoMayD Designs can practice
conscious capitalism and experience company growth.
One of opportunity that the company can implement is to offer custom and adaptive
socks and shoes for a specific market, those with sensory issues, at an affordable price. By
partnering with non-profit organizations, CustoMayD Designs can offer small discounts to
members of those organizations, many of whom would be the target audience. From a conscious
capitalism standpoint, this would allow for further business development while also providing
, 2
for a portion of the community that has limited options in footwear that would enhance the
quality of life of the target individuals.
Secondly, the company can develop a profit-sharing plan that gives a portion of their
earnings to community programs for disadvantaged individuals. This plan can include several
organizations within the community by donating a percentage of sales to a different community
program or project each quarter. In line with conscious capitalism, the program would be
providing value to the community along with making progressive social changes, all while
remaining a profitable business.
External Threats
A large external threat for the company is a decline in consumer spending. Income
growth has remained weak, household wealth has been in a decline, and interest rates have
continued to rise (Slater, 2023). The savings that consumers had accumulated during the
coronavirus pandemic has dwindled (Slater, 2023). This threat can be mitigated in a couple of
different ways, the most likely to help being the utilization of the current buy-now-pay-later
platforms such as Klarna, Afterpay, and Affirm. Working with these companies would allow
customers to go through with their purchase, making payments in increments of either every two
weeks or monthly. These services would allow CustoMayD Designs to be paid in full, while also
allowing customers the ability to purchase and pay over time (https://stripe.com/resources).
Another threat for CustoMayD Designs is market competition. Large brands such as Nike
and Reebok are now offering affordable lines while having better resources at hand than what is
offered to a small business. Reebok, for example, now offers athletic clothing and shoes for
purchase at many Walmart stores. These companies have brand recognition with consumers and
focus on more than just shoes or foot products, making them a one stop marketplace for shoes,
clothing, and more. To mitigate this, CustoMayD Designs can rely on their brand loyalty with
WGU D263 Task 1 |Passed on First Attempt |Latest
Update with Complete Solution
D 263 Task 1
XXXXX
Western Governors University
Frameworks for Strategic Decision Making
Instructor:XXXX
Date
D263 Task 1
External Opportunities
Conscious capitalism can encompass businesses of all sizes. From an independent
business to a global retail store, conscious capitalism places a focus outside of only owners and
shareholder profit and instead, also focuses on what is good for society and the environment
(Mackey & Sisodia, 2014). There are multiple ways that CustoMayD Designs can practice
conscious capitalism and experience company growth.
One of opportunity that the company can implement is to offer custom and adaptive
socks and shoes for a specific market, those with sensory issues, at an affordable price. By
partnering with non-profit organizations, CustoMayD Designs can offer small discounts to
members of those organizations, many of whom would be the target audience. From a conscious
capitalism standpoint, this would allow for further business development while also providing
, 2
for a portion of the community that has limited options in footwear that would enhance the
quality of life of the target individuals.
Secondly, the company can develop a profit-sharing plan that gives a portion of their
earnings to community programs for disadvantaged individuals. This plan can include several
organizations within the community by donating a percentage of sales to a different community
program or project each quarter. In line with conscious capitalism, the program would be
providing value to the community along with making progressive social changes, all while
remaining a profitable business.
External Threats
A large external threat for the company is a decline in consumer spending. Income
growth has remained weak, household wealth has been in a decline, and interest rates have
continued to rise (Slater, 2023). The savings that consumers had accumulated during the
coronavirus pandemic has dwindled (Slater, 2023). This threat can be mitigated in a couple of
different ways, the most likely to help being the utilization of the current buy-now-pay-later
platforms such as Klarna, Afterpay, and Affirm. Working with these companies would allow
customers to go through with their purchase, making payments in increments of either every two
weeks or monthly. These services would allow CustoMayD Designs to be paid in full, while also
allowing customers the ability to purchase and pay over time (https://stripe.com/resources).
Another threat for CustoMayD Designs is market competition. Large brands such as Nike
and Reebok are now offering affordable lines while having better resources at hand than what is
offered to a small business. Reebok, for example, now offers athletic clothing and shoes for
purchase at many Walmart stores. These companies have brand recognition with consumers and
focus on more than just shoes or foot products, making them a one stop marketplace for shoes,
clothing, and more. To mitigate this, CustoMayD Designs can rely on their brand loyalty with
