Swot Analysis
Essay Preview: Swot Analysis
Report this essay
A SWOT analysis is an evaluation of how a company is competing in any given market or whole sale or retail. How the company compares to others in the industry and what changes need to be made maintain their standing or gain a competitive advantage. SWOT is the acronym for strength, weaknesses, opportunities, and threats. In marketing a SWOT analysis lends itself new and existing businesses as well as new and existing products. Strengths are factors that set businesses apart in a positive way, the it factor those others want. Wal-Mart is the retail leader because it can offer the lowest prices and matches other retailers prices. It has a distribution and supply change that is second to none. Weaknesses on the other hand are factors that set businesses apart in a negative manner and can for closure. Once again we can look at Wal-Mart and other grocery chains that were not able to compete at their level Albertsons, Winn-Dixie, and Publix some survive on a smaller scale while others disappear completely. Opportunities present themselves in many facets of business old and new. You need only need look as far as the dry-cleaning industry. At one point in time it was a lucrative business only to undercut by a less expensive version charging a dollar fifty per garment as opposed to the previous three to six dollars in the past. Threats are factors that can affect your business in a negative manner either from offering lower prices, better service, and new products. Or perhaps the business is unable to keep-up with the ever changing technology
Incorporating a SWOT analysis can mean the difference of success and failure. Understanding what market you are entering and what uniqueness your business will present to make it successful. For example we always purchase gas from a certain place that has the lowest prices in the city, we travel an extra or two for this saving, we have seized the opportunity that was presented to us, and there seemed to be no threat.
As stated in the above paragraph gas is a need as well as food. Having a more fuel efficient vehicle would save on gas, it would be even better if we could afford a hybrid. Being unemployed we have to manage money carefully. Although we are not the only ones in this situation it is stressful. Gas is a necessity for our vehicles as we have children and time is valued in our house. But we it comes to food snack items are not as plentiful and health comes into the equation as well