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SWOT analysis (Strengths (Examples of possible strengths: (business…

- - - - If the business sells the product or service at a better price than competitors, it is differentiating itself within the market. Consumers that are price conscious may prefer a more reasonably-priced product, providing the business with a good selling plan.
    - - Some businesses such as food outlets and convenience stores depend to a large extent on "impulse purchases". For these businesses it is important to have a location where there is a lot of "foot traffic". The location should be easily accessible to the target market and for this reason the business should pay close attention to the demographics(age,income,levels etc) of the target market when choosing the location
    - - Means a unique product can be offered to the target market.
      - A patent is registered by the business to give it legal exclusivity to produce a product in a certain manner. It is a strength for the business as it limits potential competitors from entering the same market.
      - Product differentiation creates a competitive advantage for the business. There are few products where the business will not claim to have a "unique feature"
    - - A skilled workforce is a big strength for any business. If employees know how to perform their jobs, there will be less wastage and improved productivity. To attract skilled and motivated workers, the business must be prepared to pay a fair salary to workers and treat them in a fair manner
    - - Is the way things are done in the business. This could be one of the biggest strengths(or weaknesses) of any business
      - If the business has a culture of meeting deadlines, it will give the customers confidence in the ability and reliability of the business
      - If there is a corporate culture of life-long learning, employees will stay abreast of changes in working methods.
      - If there is a culture of honesty in the business, employees will think twice about borrowing business assets or using business time for personal emails and Facebook.
      - A strong CSR culture will emphasise the importance of caring about others and the environment and help to establish a positive image of the business
    - - Brand equity is the intangible but positive association that people have with the brand.
      - If consumers have a positive image of the business and brand, it will lead to higher sales, it will help to reduce marketing costs and even allow the business to charge a premium for the products/services.
    - - No business can function without capital and other resources such as raw materials or equipment to manufacture the product. If a business has sufficient capital available it makes it possible and easier to get other resources.
    - - Operational efficiency and good quality are synonyms. The more efficient the business, the less wastage there will be and more profit can be made. Good quality products and services will differentiate the business from its competitors enabling greater profits.