Swot Analysis Of Bean 's New Multi Purpose Camping Unit Essay

1910 Words8 Pages
With the introduction of a new product comes the potential for risk. Great care and thoroughness should be taken to identify as many potential risks as imaginable since although it is not always possible to control risk factors it is entirely possible to mitigate potential ill effects if a solid strategy is in place. Some risk factors identified may never actually be realized, but it is well worth having a contingency plan in place rather than running the risk of causing detriment to the financial well-being of the business. Several possible risks have been identified in association with the launch of L.L. Bean’s new multi-purpose camping unit, the first being the risk of losing business to competitors with similar products. The mitigation plan to address this risk comes from the very core of L.L. Bean’s business. L.L. Bean will differentiate itself from its competitors by offering a unique product of superior quality, shipped for free, and backed by their unsurpassed customer service and 100% satisfaction guarantee. This new product is multifunctional, and can take the place of several other items. There is nothing quite like it on the market. L.L. Bean will present a product of value to the customer, lessening the risk of competitors taking business away. A second potential risk lies in marketing to the proper audience and reaching their target. The mitigation plan to address this risk involves making use of L.L. Bean’s already established clientele. The new product

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