SWOT analysis A SWOT analysis is an environmental scanning technique, which is used to examine internal and immediate aspects of a business, in order to determine the strengths and weaknesses but also possible opportunities and threats that a business could face or that a business is facing, but is not yet aware of. A SWOT analysis enables the business to distinguish these factors so that they can develop strategies to deal with the scenarios identified. Issues identified in a SWOT analysis can be controlled and corrects as they are factors in the micro environment of the business. Below is a SWOT analysis of MR Price Apparel. Strengths: Mr Price was established many years ago, meaning that it has been around for a long time making it well …show more content…
Stores are often described to be unorganised and clothing display is a mess. When customers are unable to find the merchandise they are looking for, it can be off putting resulting in loss of sales due to the customers being dissatisfied and annoyed. The lack of organisation in the store can create the perception that any dealings and transactions with MR Price will be unprofessional and unorganised. Due to the low priced goods, their clothing items are often associated with poor quality, which negatively impacts the brand. Also customer service in the stores is poor, many people have complained about staff not assisting when customers need help while searching for clothes or poor service when experiencing a problem with goods purchased. From the Hello Peter website, I identified that customers have frequently complained about staff not dealing with the returning of items adequately. Another issue identified is the false labelling of clothing prices, on Hello Peter’s website there have been numerous reports of people going to the till and their receipt reflects a higher amount than what is reflected on the price …show more content…
There are many stores which are selling clothing of similar fashions, at better quality but higher prices and other stores which sell similar products but at cheaper prices, these factors being more attractive to certain customers. A decrease in the share price of Mr Price is threatening as this negatively impacts Mr Price’s image and customer’s perception of the business as a whole. Also there us very high exchange rates at the moment, making it very expensive for Mr Price to import goods, this is a problem to Mr Price as they import a lot of their stock from other countries, meaning they will have to put a higher mark up on these goods, in order to make up costs. Changes in consumer preference pose a continuous threat to any business, especially with Mr Price Apparel in the clothing industry as fashion also changes. They also need to be aware of international trends changing and its threatening if they
What types of strategies do you recommend based on your analysis ? SWOT Analysis is a strategic method that is implemented by a company, in order to determine their Strengths, Weaknesses, Opportunities and Threats regarding a business undertaking. The company defines their objective and determines what the external and internal elements are that can have a positive or negative impact on reaching their goal. The purpose of every SWOT analysis is to recognize what the main internal and external factors are that are vital in attaining the objective of the firm.
Constant investments reaching up to £150 million allow maintaining the high-quality standards (Whitbread PLC, 2016). 3. The reasonable balance between quality and price rates delivers a real value for money. 4. Professional customer service is offered in all sectors, from reception to meal serving.
A SWOT analysis can be done for any company, product, place, industry, or person. They can serve as a precursor to any sort of company related action, such as exploring recognizing new initiatives, making decisions related to new policies, identifying possible areas for change and improvising. Answer: (b): SWOT analysis is performed to improve business operations by taking into account the Strength, weaknesses, Opportunity and Threats.
The article “The Science of Shopping” written by New Yorker staff writer Malcom Gladwell, is based on retail anthropologist and urban geographer Paco Underhill. Underhill studies the shopping characteristics through frequently watched surveillance tapes to help store managers improve the setup of their goods and services. Through those footages he evaluated his observations and the statistics to help define his theories with the purpose to make sellers conform to the desires of the shoppers. Underhill, an insightful and revolutionary man, provides a view of science to displaying merchandise and creates a positive experience for both the buyer and seller. I agree that Underhill’s scientific theories; the Invariant Right, Decompression
• Customer segment needs to be targeted appropriately. Usually for fashion it is the middle/high income customers • Customer shopping experience needs to be high • Quality of products needs to be high Threat of Substitute The threat of substitutes for LVMH is moderate due to the below • Fashion and leather goods have very high product differentiation. Companies need to focus on customer demand • Customers are loyal and have also realized that there is no substitute brands when it comes to fashion • Local market fashion brands can tend to “copycat” the industry giants who have just entered the respective market • Substantial product
Economic Lululemon products prices are higher that their competition and their business model is supported on fitness enthusiasm. Like all businesses they are sensitive to economic situation on global and local markets. Lululemon sell premium products and they customer are more brand loyal and will stick
POLITICAL - Sainsbury’s performance will be greatly affected by the political factors of United Kingdom. As the government and consumer debts being very high presently there, as a result it impacts greatly on attitudes of customers due to which business conditions experience very high pressure. It has not only to operate in these market conditions but also has to continually develop its business. In general, it can also have negative impact because of ongoing price fixing investigation among the big four UK retailers as Sainsbury is one of these and being at the forefront of this assertion. Allegation can hamper its image among public in market as public feel that they are cheated.
Shopping in today’s modern world has become a major factor in the lives of mostly all American families, and it is a daily activity which occurs billions of time around the world. According to Forbes, the average annual amount of money the typical American spend on clothes is $1700 not including the accessories, shoes and the bags that women purchase. They also spend about 100 hours on trips to the shop, (Emma Johnson). This article, “The Signs of Shopping,” by Anne Norton talks about how the retailers are the one’s who impacts what the purchasers buy from their store. While in Malcolm Gladwell’s article, “The Science of Shopping,” he demonstrates that the customers have control over the retailers on what they sell to their consumers because
More education should inform more people globally to understand to ongoing issues with the garment industry to evoke global change. Consumers should be informed as to why prices of apparel should not be at the inexpensive cost that it is now, because of the underlying reasons of how the company gets the clothing to that price. Inexpensive, fast fashion from stores like H&M, Forever 21, and Joe Fresh may seem most budget friendly but are not environmentally or sustainable globally. The demand for fast fashion should be brought to political action to help make a global change for the endangered workers of the garment industry. Overall, “The True Cost” does an outstanding job at pointing out the impacts of consumers and their fast fashion choices.
A swot analysis is an analytical tool whereby the positive and negative internal and external aspects of a company or entrepreneur are analysed. RIHANNA’S STRENGHTS: A strength is an internal positive factor that can benefit a company or an entrepreneur. Rihanna has an enormous fan base which will benefit her as it will ensure the continued and unconditional support which means that her profits will be continual.
A SWOT analysis is a tool used by organisations to identify its internal strengths and weaknesses, but also the external opportunities and threats. Therefore, this allows the organisation to assess what can be used to aid in achieving their objectives, i.e., strengths and opportunities, as well as aspects that can be improved on or potential problems that can be faced, i.e., weaknesses and threats, as they pursue on achieving business objectives and/or decision making. Explained S.W.O.T. Analysis: a) Strengths Caterpillar Inc. holds a very strong brand image worldwide that directly associates it with high quality products that they provide. In 2014, Caterpillar ranked as the number one brand in heavy equipment followed by a strong competitor,
EXECUTIVE SUMMARY M. PROCESS --> situational analysis - product life cycle Product life cycle involves four main stages which a product has to pass through such an introduction, growth maturity and decline. Numerous business innovate or invent inspired by someone’s great idea to produce a product which would be fresh in market, different compared to others and which also is innovative and perhaps superior to the one which available. Similarly with the most successful company Microsoft corporation’s product Microsoft office which as already touched to maturity stage according to its features: • Product features and packaging try to differentiate the product from those of competitors: Microsoft office is a brand that has extensively diversified
The company Fast Retailing Co., Ltd was found and established on 1 May 1963 in Japan by Tadashi Yanai. Presently, they have launched several apparel and lifestyle brand of UNIQLO, GU, Theory, Comptoir des Cotonniers, Princesse tam.tam and J Brand. UNIQLO was first, to be introduced by Fast Retailing in 1984. It was a brand created to provide comfortable causal clothing to everyone, women, men, kids and babies. A lifestyle wear that was made for all, for everyday activities.
Terms of Reference H&M also known as Hennes & Mauritz is one of the most leading apparel companies globally; one of creativity and style. The company is one which believes that it should offer to its customers fashion and quality at the best price. The aim of this report is to assess H&M’s company organizational culture as well as the core competencies and capabilities of the company; and how it has used these to attain the position at which it is at today in the fashion and apparel industry.
Threats of substitute product - high • Buyers are likely to shift to other products considering the weather conditions. • Low price jeans. • Substitute like formals and trousers Bargaining power of customer – high • The power of buyers is comparatively high considering the fact that they can simply change to other brands. • Converting cost is low. • substitutes Competitive rivalry – high • high chance for customers to shift to substitute brands – ( CK jeans , guess jeans, DKNY jeans and Diesel) • mid – class employees prefers low rated jeans • Low level of product difference will increase competition because of no brand ID.