• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

SWOT analysis for an accessories store

Extracts from this document...

Introduction

5. SWOT Analysis In this section, I will analysis 4 different elements which are significant to my business. This is a form of strategic planning, used to analyse the "SWOT" that my business will have. SWOT stands for: * Strengths * Weaknesses * Opportunities * Threats This involves identifying and explaining the internal and external factors that will be beneficial or a disadvantage to achieving my aim- running a successful business. Strengths A strength is something my business does well, giving it an advantage over its competitors. These are internal factors, as they are points related to my business only. * Research I have done primary and secondary research on many aspects of the business world before starting my accessories business. I have designed a questionnaire that contains queries significant to my business, gave it to people to be filled in and then analysed my results of the questionnaire using graphs. From this, I have concluded with a 'customer profile', which is an insight into what my typical consumer will be like. I've analysed possible locations in which to situate my store and identified my competitors and analysed their strengths and weaknesses. Doing this research is vital before starting up a business as it helps to eliminate risks therefore minimising chance of failure. ...read more.

Middle

Consequently, this means I won't have the experience that my competitors will already have from running their businesses, leaving me at a disadvantage to them. * Surrounding competitors I am situating my business in the Metro Centre, where I will be surrounded with many popular competing accessory stores e.g. House of Fraser, River Island, and Accessorize. Although these competitors will bring potential consumers to the area, getting my business noticed by the type of consumer my business is aiming at, it also suggests I will have less consumers purchasing from my store as it is likely they will prefer to purchase accessories from the big, well known stores. This is due to these type of stores, alike Accessorize and Freedom@Topshop, already owning a good reputation therefore meaning less risk factor, of purchasing a faulty product, for the consumer. Opportunities An opportunity is a direction my business could profitably take in the future because of the strengths it has. * Expanding my business I am starting up as a small business, but one of my long term objectives will be to make decide whether or not to expend my business I the foreseeable future. This would mean owning another accessories store in a different location so that to make my business more widely recognized and, understandably, to make more profit! ...read more.

Conclusion

Another weakness is I have many competitors surrounding the location of my business. However, this could also be seen as a strength as it brings more potential consumers to the area, therefore making my store more noticed and well known. I think that the strengths greatly outweigh the weaknesses of my business, which is a good advantage and gives me confidence in my upcoming business. If my business becomes continuously profitable, there is the opportunity of expanding my business and owning another store in a different location. This should be easier to achieve than when I first started up my business, simply because I have already completed research for my business which can be used again as help to expanding my business. However, there are several threats to my business. My opportunities of expanding my business will only occur if good, continuous profit is achieved every month over a period of time, making this opportunity indefinite. Taking this into account, I believe my threats to outweigh my opportunities. However, these threats are either unlikely to happen or wont be too much of threat for my business. Overall, I have come to the conclusion the strengths and opportunities overweigh the weakness and the threats and, consequently, the 4 elements of the SWOT analysis suggest that there is scope for my business. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Design a small scale marketing plan and formal report for a small business.

    And as Jack's shop grew he could start to sell up upmarket products which have high prices to attract customers who are looking for high quality and take these customers away from his competitors because he has now gained a large market share and can appeal to different socio-economic groups.

  2. AVON Case Analysis

    incentive plan, timing of cash payments, and a larger increase in inventories. Avon already has a very strong cash flow with a single credit rating and their goal is $700 million in net cash flows next year. Growth in earnings: Earnings per share have been on the increase.

  1. Plannng and research. I would like to open a African restaurant, food from all ...

    Menu Bingo - This is a great tactic for encouraging frequency and getting members to try different items on the menu. You simply create bingo cards that have different menu items in boxes. Have the cards designed with five columns and five rows.

  2. Business studies coursework

    The disadvantage is that you have to get planning permission; this could be granted really late and could slow you down hence bringing problems. The advantage of the economical factors is that there is a large number of unemployment so you could employ the unemployed, the food prices have gone up so you could raise yours.

  1. Business- Open retail store

    I also had to identify three objectives and how they use SMART. I need to find the definition of business objective and find examples of business objectives I will get my information from the websites. http://www.buseco.monash.edu.au/mkt/dictionary/ 03-02-07 The problem which occurred is that I did not know how to make an objective because I did not know what SMART was.

  2. Setting up an African restaurant on the Quayside in Newcastle.

    The advantage of being a sole trader is that I would command the business alone without the interference of anyone and the profits I make are for myself and no one else and there much less complicated paper work

  1. Microsoft Analysis

    It is not that Microsoft is not aware of this. It is focusing on R&D and business strategies to sustain market shares in its own way. But is it enough and is it taking the right direction is the big question.

  2. Marketing research - To decide which products and services will be available in my ...

    I have decided that I will register as a sally express member therefore I can gain a professional trade card and buy all the product at a cheaper price. This means that I can save a lot of money therefore make a larger profit.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work