Swot Analysis For A Swot

1046 Words Oct 4th, 2015 5 Pages
Preforming a SWOT analysis for any industry is critical for a company to learn from your possible mistakes and innovate based on customers needs. A company can gain insight and restructure their business model, as well as understand their competitors. SWOT, standing for strengths, weakness, opportunities and threats, helps executive teams, all the way to front line management, navigate their teams, as well as their business model. Retail locations are no exception to SWOT analysis. Retailers work through SWOT analysis ' yearly, some even doing SWOT analysis ' quarterly. With consistently changing customer demands and experiences in today’s marketplace, it is imperative for any retailer to understand what their customers, internal and …show more content…
These wages are usually determined by state wage standards voted in by local or national governing bodies. Wages such as these can be unrealistic and too low to bring in qualified talent. Another weakness can be competitors online sales and pricing structure. This can be hard for brick and mortar retailers who have vast amounts of store overhead versus having on line sales stores. These online stores are easy to operate and typically have warehouses that they ship product from that will cut cost on packaging, marketing and staff wages.

A companies weakness and strengths are a great indicator how realistic a company is with their business model. Once a business knows their areas of opportunity they can then access which of those opportunities is a threat. A huge threat to retail is economic decline. According to "Hoovers.com" (N.D.), "Economic factors, including personal income, consumer confidence, job growth, and interest rates, can greatly affect consumer spending and the retail sector. During recessionary periods, retail sales growth can slow drastically and even decline. Retail spending grows rapidly during periods of strong economic growth, as consumers spend a greater share of income and increase their personal debt.”(). With economic declines and recessionary periods a business could lose incredible amounts of money or market share. Although this can be a threat to most industries, this weakness

More about Swot Analysis For A Swot

Open Document