Your next step will be to start your actual SWOT analysis so on your paper. You are going to put down a box with four equal boxes inside. Maybe they were in the news recently because they made a lot of money or they bought another company. They may have even started working on a really big deal. Start looking up the weaknesses the company might have. When you look at weaknesses, you want to look at all the problems that the company has had in the news.
A great example would be Walmart which has been in the news a lot because of labor issues. These are all weaknesses. You next step is going to be about the opportunities. What you want to do ideally is to look at what the company mentions in their latest press release. A lot of the information in there is really a bunch of numbers, so you want to go to the summary of the report. The easiest way to do this is to just do a search for that particular company and search for the summary in their annual report.
This is a recap so you will find all the information there. Although the target market is years old, customers are generally within the and upwards age range. Younger customers have made it clear that those who are willing to pay middle market prices would prefer to do so for younger and more sought after brands such as Superdry or Hollister. There have also been problems in-store concerning staff shortages due to a lack of available payroll, meaning that despite staff being available to work, head office has not given enough hours in which to do so.
This has been identified by Area Managers, during visits to store, who realised that stores need more than three staff members during the day.
In some instances, extra payroll has been granted. One final weakness is the lack of sales training for staff. However, many of the sales assistants are younger than the target market years old and so can find it hard approaching customers and encouraging sales.
Attempts were made to address the issue in recent staff meetings, asking staff to highlight areas in which they required help in order to develop, although there has been little follow up. Naturally, there are opportunities for improvement.
In response to the growth in demand, new stores can be opened across the country, leading to increased profit, brand awareness and marketing opportunities. This creates chances for the customer base to grow, and loyal customers to develop.
The business can use competitions and incentives to take advantage of their increased marketing opportunities — the most recent competition was the chance to win a Volkswagen campervan. As well as encouraging customers to make purchases in any case, online entry increases this chance, since customers are likely to browse the website after entering the competition.
Similarly, promotions can be offered in order to entice customers to make large purchases. It is apparent that the main threat is from the competition. Middle market prices are not always appreciated by all customers, particularly younger customers.
Although Fat Face does have student age customers, these individuals do not often have a lot of disposable income and therefore will look for the cheapest option. Although the main customer base consists of older, more middle-class individuals willing to pay middle market prices, the fact that other stores can undercut so heavily on price is a disadvantage for Fat Face. Fat Face has many strengths and plays to them by taking full advantage of every opportunity and by introducing new ways to increase profit and advance the brand.
However, it is clear that the business has to address a number of weaknesses as well as finding ways to counter the threats posed by competition. To respond to the weaknesses identified, investment in improved staffing levels and enhanced staff training is a priority. In order to address the threats from competitors, there needs to be a high level review of branding and pricing. The aim of this recommendation would be to differentiate the store more clearly from other popular brands and those who undercut on pricing.
By attending to these issues, the company will try to consolidate its already strong position in the market. Hide tip ] Accessed 14 August Newlook Womens Tops [Online]. White Stuff About Us [Online]. It was written for a first year university course and it was awarded a high grade. Natalie used this analysis to provide an overview of the company in and identify any issues. Having identified some issues through her SWOT analysis, she made two recommendations.
If the report had been written for the workplace context these could be used to address the problems identified. A businesses strengths and weaknesses constitute its internal factors while the opportunities and threats faced by the business makes up its external or environmental factors.
SWOT analysis is done as part of the overall corporate planning process in which financial and operational goals are set for the upcoming year and strategies are created to accomplish these goals. It is also a very important and crucial ingredient in a business plan. Strengths refer to those things that a company does that provides it with competitive advantage.
It is those things that a company can do which no other company does better than them. It includes what the company is known for. For instance, for a company like Walmart, one of its main strengths is the fact that they are able to maintain very low cost. This allows them to price their products much lower than a lot of their competitors can because they have the ability to keep their costs low. Positive brand recognition is also another very good example of strength. Some companies are well known.
When you see their image and logo, it evokes positive emotions in you about that brand in particular. These types of companies just have to put their logo on a particular brand and people will buy it just because they have strong brand recognition. They are viewed positively because they are known for the quality they possess.
Yet another example is a skilled work force. This is a very significant strength in the sense that human resources is to a large part the greatest asset that most companies can have. Good employees are hard to come by and employers that can retain their workers and continually train them use it as a competitive advantage.
A good example of a company that has this is Costco. They have a well-known reputation of having longer tenure track than most other industries in the same area. Normally in the retail industry, if you want to maintain low prices , you will have to maintain lower costs which usually means that you will not pay your staff very significantly.
Costco on the other hand has done something that is quite different from the norm in that industry. They pay high wages for the industry, they also offer benefits for part time employees and they also have a lot of other attractive perks that other companies in the line do not offer.
This provides them with a benefit of having workers that stay there longer. If workers stay in a particular work for a longer period, they will ultimately get better at what they do.
Definition of SWOT Analysis? SWOT is the acronym for Strength, Weaknesses, Opportunities and Threats. It is a tool which can be used on both personal and business level.
A SWOT research analysis is defined as S.W.O.T., or strengths, weaknesses, opportunities and threats. If you are going to write out a SWOT analysis, there are a few key things that you have to focus on.
Writing the SWOT analysis A SWOT analysis centers wholly on the four components incorporated in the short form, permitting companies to recognize the powers influencing a plan, action, or proposal. How to Write a SWOT Analysis Report by Nancy Wagner - Updated September 26, A SWOT analysis –– focusing on strengths, weaknesses, opportunities and threats –– gives your company a .
Writing a SWOT analysis is the first step to writing a business plan. Without any doubt, the number one secret of a successful business is planning, and more specifically writing your own business plan. the SWOT framework helps you to focus your activities into areas where you are strong and where the greatest opportunities lie How to use tool: To carry out a SWOT Analysis write down answers to the following questions.