What are the competition's flaws ?
Posted: Sun Dec 22, 2024 6:48 am
Don't worry, when you find a solution to your weaknesses, you can turn your environment into a world of opportunities, even if new questions arise, such as:
Where are market trends headed?
Will I be able to launch new products or services in response to market trends in the near future?
Is there an opportunity to expand my capabilities in the market?
How can I manage market influences in my favor?
Opportunities usually arise as the business progresses, it is a matter phone number identifier philippines of having the ability to capture them as time goes by.
Threats are the point of instability of any business, you have to be prepared to face them and be able to keep the business stable, despite the difficulties. Let's review:
What is the political, economic and social situation in the area where I intend to develop my business idea? Are these optimal for me?
What is the positioning of the competition in the market ?
What gives them an advantage over me?
What are the weaknesses that I couldn't overcome?
What is the market demand? Can I meet the needs? Do my finances allow me to cover the needs of the niche?
There are external factors that we must look at and study carefully, such as: The seasons of the year, fashions or trends, among other things.
[Tweet “There can be great opportunities in threats #SWOTAnalysis”]
SWOT analysis example
Let's imagine that you are the owner of a shoe business located in the city center with several branches in places with a high influx of potential customers and consumers in general.
You are a 60-year-old man married to a 55-year-old woman, together with their two children they make up the Esposito family.
Your grandparents and parents were part of a generation dedicated to the shoe trade and know everything about the product. In total, they have been in the shoe business for over 100 years.
Now your family is dedicated to the business, your wife and oldest son work full time, while your youngest son works part time, since he spends half of his time studying to obtain his university degree.
The business has seen few sales because fashion is focused on a more “modern” and affordable type of footwear. Your shoes have the style of a classic Italian shoe line. A luxury, but expensive.
Your eldest son is 30 years old, has a wife and a baby who has just arrived in this world, and depends on corporate profits to support his family.
With the economic situation so difficult, he thinks it would be a good idea to start his own shoe business, but this time becoming a supplier, he wants to manufacture shoes.
But to do so, more staff and qualified managers who are knowledgeable in the field must be hired to grow the shoe factory.
However, not everything is bad, the Esposito family has a large premises that, with investment, could be the perfect location to start the shoe factory.
While your youngest son is about to get his college degree in entrepreneurship, he doesn't want to go into the family business.
Now, faced with this fictitious scenario, we are going to carry out a SWOT analysis taking into account the entire family situation.
Strengths
The Esposito family has been in business for over 100 years. They know how to stay afloat in times of crisis.
Where are market trends headed?
Will I be able to launch new products or services in response to market trends in the near future?
Is there an opportunity to expand my capabilities in the market?
How can I manage market influences in my favor?
Opportunities usually arise as the business progresses, it is a matter phone number identifier philippines of having the ability to capture them as time goes by.
Threats are the point of instability of any business, you have to be prepared to face them and be able to keep the business stable, despite the difficulties. Let's review:
What is the political, economic and social situation in the area where I intend to develop my business idea? Are these optimal for me?
What is the positioning of the competition in the market ?
What gives them an advantage over me?
What are the weaknesses that I couldn't overcome?
What is the market demand? Can I meet the needs? Do my finances allow me to cover the needs of the niche?
There are external factors that we must look at and study carefully, such as: The seasons of the year, fashions or trends, among other things.
[Tweet “There can be great opportunities in threats #SWOTAnalysis”]
SWOT analysis example
Let's imagine that you are the owner of a shoe business located in the city center with several branches in places with a high influx of potential customers and consumers in general.
You are a 60-year-old man married to a 55-year-old woman, together with their two children they make up the Esposito family.
Your grandparents and parents were part of a generation dedicated to the shoe trade and know everything about the product. In total, they have been in the shoe business for over 100 years.
Now your family is dedicated to the business, your wife and oldest son work full time, while your youngest son works part time, since he spends half of his time studying to obtain his university degree.
The business has seen few sales because fashion is focused on a more “modern” and affordable type of footwear. Your shoes have the style of a classic Italian shoe line. A luxury, but expensive.
Your eldest son is 30 years old, has a wife and a baby who has just arrived in this world, and depends on corporate profits to support his family.
With the economic situation so difficult, he thinks it would be a good idea to start his own shoe business, but this time becoming a supplier, he wants to manufacture shoes.
But to do so, more staff and qualified managers who are knowledgeable in the field must be hired to grow the shoe factory.
However, not everything is bad, the Esposito family has a large premises that, with investment, could be the perfect location to start the shoe factory.
While your youngest son is about to get his college degree in entrepreneurship, he doesn't want to go into the family business.
Now, faced with this fictitious scenario, we are going to carry out a SWOT analysis taking into account the entire family situation.
Strengths
The Esposito family has been in business for over 100 years. They know how to stay afloat in times of crisis.