![]() ![]() Ideally, you should leverage existing strengths while pursuing growth opportunities. Based on your SWOT analysis, you will devise a growth plan. If so, you might pursue growth opportunities by moving to a new location or targeting different consumer markets. A declining customer base could also be a threat. However, other threats include increasing government regulations, technological innovations, or negative press attention. ![]() For example, competition is always a threat. A threat is something beyond your control that could undermine your business. Opportunities can be long-term or short-term. Alternately, an aging population might present an opportunity for you to target this market. In that case, you may try to sell more units or sell additional products in order to grow your business. For example, your industry may be booming. Generally, opportunities are situations you can exploit to your own advantage. Think of weaknesses such as limited resources, inferior technology, inexperienced staff, and poor location. For example, a bad economy is not a business weakness since you don’t control it. These should be things within your control. Identify what your business doesn’t do well. For example, tangible strengths might include a great location or established customer base. You should identify strengths in all areas of the business, such as marketing, finance, service, etc. Think broadly and include tangible as well as intangible strengths. Provide information about the following: X Research source The purpose of this analysis is to address how you can take advantage of opportunities using your strengths, and how you can protect against threats by improving on weaknesses or further developing your strengths. Your third section should be your SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Plan on creating a website and selling into markets you’ll never visit in person. Get a website so that you can sell to many different countries. Instead, you could gear your business toward high-income people. ![]() Alternately, you might be targeting middle-class consumers. For example, if you offer massage services to women, you might want to add men as a target market. There might be a larger market that remains untapped.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2022
Categories |