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SWOT Analysis - Marketing Assignment Help
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When we talk about SWOT analysis, it refers to strengths, weaknesses, opportunities and threats which are a framework for developing a marketing strategy. The strength is a source the organization uses to achieve its goals and objectives effectively. The major strength is the environment which makes our company unique in our way. The motivation, success comes from new and luxurious events which can be seen in the demo that a company gives in some sort of event. The employees are given a good motivation and training so that they can greet the customers and serve them well and customers can feel loyalty coming in our company. It also provides good strengths to business which attracts most of personality who orders for products or goods.
Weakness: It is a fault in the organization which keeps the organization away from its goals. The company lacks some of features because as it is new we are structuring our structure which will take some time. The company major weakness is there is no such comfortability for home information because we are trying to manage that as per time and profit.
Opportunities: It is a favorable situation in the environment of an organization. It is usually a change or a trend at some kind that increases demand for a product or service and permits the industry to enhance its position by supplying it. We are providing a celebrity endorsement at the day of inauguration of our company and we are trying to sponsor our design through exhibition in prestigious area where reputed crowd gathers which is one kind of an opportunity to grow our business and achieve the goals.
Threats: It is basically unfavorable condition in an organization environment which damages the whole strategy of an organization. It may affect our business in a negative way. It may be a barrier or injury which damages the whole plan and set-up. People have started
becoming more and more conscious about having light shades, low cost and
dark furniture’s which may be a threat if the brochures are not worked out for
those guests demanding that type of design. It is not yet a five star company and it will take time to become five star so it is a major reason of damage.
SWOT analysis is very much helpful for a company to assess the industry for competitive environment for remaining competitive and make the growth and create the wonders in the company.
It helps in the future prospects of the business and also helps in earning the profits from the business. There are two factors internal and external environment analysis, when we talk about external environment, we find that opportunity and threats basically comes in external environment and opportunity is an area of buyer where they gets high probability of profit and satisfaction level. They believe that company will satisfy all their needs and demand. An opportunity takes good belief of advantage and if a marketer does use it with full sense and positive attitude he will surely take many forms of achievement.
A company can do lot of things for getting good opportunities like a company can make their buying process more convenient and more efficient. A company can improve their product and service by standard form for example proctor & gamble has launched their website. Company also can introduce new creative technologies, new innovations, and new capabilities so that more number of customers can achieve their path. A company should also believe in delivering the product faster and also providing the services on time as per requirement which will create more business for a company.
For example if you are using an internet and a broadband connection of Airtel, reliance or any other as per your choice so if your connection for internet does not work good or works very slow then you will ask him for better service and improvement either by calling him through your landline or mobile phone but if the other person in the delivery place will not respond to your problem very sincerely and soon, your belief will decrease from that product or service. You will not rely in that and the company will lose the valuable customers and also the potential customers.
The internal opportunities come under strengths and weaknesses of the company and the company also needs to evaluate the internal strengths and weaknesses. Each business needs to have weaknesses and strengths. Sometimes a business identifies the strengths opportunities and move and turn their weakness and threats into opportunities and strengths and the business which identifies all these criteria they become successful in measuring the goals and in achieving the major achievements.
In case of Honeywell, it asks each of its departments to own its strengths and weaknesses so they easily identify their costs, estimates their quality and time of new products which helps the internal team to work motivate.
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