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 external, are asking for. Using the tools provided by the University of Phoenix I was able to conduct a SWOT analysis on retail in the United States, and how to better understand their customer base.

The first part of a SWOT analysis is discovering your strengths. Having a meeting with your managers, executive board or business partner is vital during this process. Bouncing ideas off of each other, brain storming and collaborating will make for a richer, more rewarding experience. In the case of retail, a strength in this industry is having an physical location to bring your customers in. Having a location for your customers to browse, purchase, interact or even try out your products can create a culture for your brand. This can help build or…

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