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BusinessManagementMarketingPersonal GrowthSWOT & PESTLE 

What is The SWOT Definition and Method

by Shamsul December 3, 2022

The SWOT: Definition, Method And Example

If you have ever worked on a company’s strategic positioning, you may have referred to “the SWOT matrix.”

This has nothing to do with US Militarized Law Enforcement Intervention Units (SWATs) assessment but relates to a widely used corporate strategic review tool for developing business strategies.

Summary:

SWOT: definition
Break down the process of SWOT or SWOT analysis
Internal and external factors
Can you do a SWOT analysis yourself?
How to do a SWOT analysis?
SWOT analysis and PESTEL analysis, two complementary tools
Why should every VSE and SME creator or manager carry out a SWOT analysis?
How to do your own SWOT study (our example)
SWOT Analysis

Carrying out a SWOT is a powerful way for entrepreneurs or managers of VSEs and SMEs to prepare their project or company’s marketing and commercial strategy.

In this article, you will learn about SWOT, look at some examples of SWOT matrix, and get tips and strategies for conducting a comprehensive and quality SWOT analysis on your own.

You will also grasp how it is possible to use the data produced by a SWOT exercise to improve your business creation project, internal processes and production flows.

Before we move on to the tips, techniques, and cases to know, let’s start with the basics:

 

What is a SWOT?

THE SWOT: Definition


The SWOT is a business strategy tool invented by a group of Harvard professors: Learned, Christensen, Andrews, and Guth intended to identify strategic choices for a business project. It allows you to define goals based on internal and external factors to achieve them.

Carrying out a SWOT is an approach that relies on identifying your Strengths, Weaknesses, and Market Opportunities and Threats (SWOT Strengths, Weaknesses, Opportunities, and Threats).

Beyond its ease of implementation, one of the major interests of SWOT is that it is applicable to all types of strategic approaches. It can apply:

To an entire business or organization;
For a business creation project;
To individual projects within a single department;
A specific approach (online advertising campaign for example);
For a personal approach,
Or any other project that requires strategic thinking.

Most often, SWOTs are used at the organizational level to assess how well a business or start-up project is aligned with its growth objectives and key success factors.

 

BREAKDOWN OF THE SWOT OR SWOT ANALYSIS PROCESS


We know that the SWOT represents the strengths, weaknesses, opportunities and threats facing a project, business or organization. But how we can interpret and define each of these elements? Let’s take a look at all of them in detail so that we can understand them in a better way and know how to work with them individually.

 

Strengths


The first element of the SWOT matrix to study is S or the forces. The process consists of identifying and then evaluating the strengths available to your project or your company to develop its activity. This requires looking at all aspects of the activity: trade, management, administration, …

Strengths identify and synthesize what your business or project does particularly well. We are talking about characteristics and functionalities that represent added value for your customer offer.

It could be something tangible, like a specific location, product or know-how, or something intangible, like the reputation of a particular company brand, network, or service offering. It could also be your staff, your human resources or your managerial capacity: strong leadership or a great team of engineers.

 

Weaknesses


After you’ve worked on your strengths, it’s time to take a step back and use your critical thinking skills to identify where the weaknesses are in your project or business. Your trusted entourage, whether personal or professional, can help you identify them.

What is holding back or limiting your business or project? This can be constraints (financial, technical, geographic, regulatory, etc.) or organizational difficulties (logistical problems, training, recruitment of qualified personnel, etc.).

This second element of the SWOT study should also take into consideration any weaknesses compared to competitors or innovations in your industry. We can imagine this by evoking the case of strong competition that would prevent the possibility of developing a clearly defined Single Selling Proposition (USP). The presence of too many players complicates business differentiation.

USP – Unique Selling Proposition


The Unique Selling Proposition (USP) is a marketing principle developed by Rosser Reeves, according to which a USP offers an advantage, added value, or a singular functionality allowing the product to stand out and differentiate it from the competition.

 

Opportunities


A strategy is based on our strengths and weaknesses, the opportunities available to us, and the risks involved. Opportunities and threats are external to the company, elements and/or events over which the company has little or no influence but must take into account to ensure its economic development.

Opportunities, also called Possibilities, represent the external elements that contribute to the development of the activity. An opportunity represents a business development opportunity that has been identified but has not been implemented. A business that fails to process all contacts properly or leads generated by its marketing team has an identified business development opportunity. Another opportunity is the business or startup that develops an innovation to conquer new markets.

In summary, in a SWOT, opportunities cover everything possible to develop a project, boost business activity, and improve sales. This includes all the steps to develop your business, grow, or achieve your business goals.

 

Threats


The last element to identify to achieve your SWOT is the Threats to your business. Anything that poses a risk for the development of your business, its possibilities for success or commercial growth.

This represents a relatively broad field of investigation, which can include quite diverse factors such as the emergence of new competitors, changes in regulations, external financial risks (financial or real estate bubble), and anything that could compromise the future of your business or your creative project.

 

INTERNAL AND EXTERNAL FACTORS


The above four elements are common to all SWOTs. They represent the fields of investigation that many companies group into two distinct sub-groups: namely internal and external factors.

This explains why some SWOT metrics are sometimes referred to as internal-external analyzes or IE metrics.

Internal Factors of SWOT


Strengths and weaknesses are considered internal factors because they are the result of strategic, managerial or organizational decisions taken under the control of the manager of the company or his team.

Customer reception, the after-sales service (after-sales service) return rate or the customer renewal rate are (or should be) under the company’s control, making them internal factors.

An unappreciated customer reception, a high after-sales service rate or a high customer renewal rate will therefore be considered as weaknesses, while a quality customer reception, a low after-sales service rate or lasting customer loyalty will be among the factors. Strengths of the company.

External Factors of SWOT


Conversely, some elements cannot be controlled by the company. Weather risks, changing regulations or the arrival of new competitors are a threat in a SWOT analysis. However, little can be done to limit these types of events, making them external factors.

Should the elements of the SWOT analysis be classified into internal or external factors?


Ordering your four main elements into internal and external factors is not necessarily essential to the success of your SWOT analysis. However, this process can help to identify certain concrete actions taken or to be taken or to assess the degree of control that you have over a given issue or occasion.

Now that we have defined each of the elements of the SWOT analysis. You can take a look at how to create and conduct a SWOT analysis in the next post.

 
 

Need Help or Advice in Content Management:

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Also, if you would like any help in writing content to drive more traffic and boost conversions, please get in touch through Contact our team.

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December 3, 2022 0 comment
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Prada SWOT Analysis
BusinessManagementMarketingSWOT & PESTLE 

SWOT Analysis of Prada | Unique Selling Proposition

by Shamsul March 9, 2022

SWOT Analysis of Prada, USP and Competitors

 

SWOT is an abbreviation of Strengths, Weaknesses, Opportunities, and Threats. Moreover, it consists of two factors like internal and external. It is a useful and effective tool to analyze the business strategy of brands, businesses, or organizations. Companies like Prada can address their business performance and competitiveness in the market with this effective management framework. Prada is one of the poshest names in the luxury fashion and retail sector. We will also discuss the SWOT Analysis of Prada with its unique selling proposition and competition.

 

Company Name: Prada

Founders: Mario Prada

Founded: 1913, Milan, Italy

Headquarters: Milan, Italy

Parent Company: Prada Holding S.P.A.

CEO: Patrizio Bertelli (Jun 7, 2012-), Miuccia Prada (Feb 14, 2014-)

Type: Accessories and Apparel

Sector: Lifestyle and Retail

Tagline: Fashion for Good. The Devil Wears Prada.

Unique Selling Proposition: It mainly focuses on luxury apparel and accessories

Customers: Customers who like premium apparel

Target Consumers: People from the urban upper class

Revenue: €3,364 million (2021)

Strengths of Prada | SWOT Analysis of Prada

  1. Across the globe, Prada is one of the most recognizable and well-established fashion houses.
  2. Its products are highly unique and of high quality.
  3. Things like luxury and uniqueness are associated with this brand, making them highly strong in the fashion market.
  4. Prada has gained immense popularity around the world due to its innovative accessories and fashionable apparel.
  5. The company utilizes various advertising and marketing platforms such as print media, social media, online ads, and much more. These factors make the company highly popular.
  6. They have qualified and skilled workers. They have employed more than 12000 people till now.
  7. The strong legacy behind the brand is one of the company’s biggest strengths.
  8. They also manufacture perfumes, watches, and other useful accessories. They present their products through different platforms such as boutiques and fashion shows.
  9. Right now, the company is leading in annual revenue and market share.
  10. They sell their products through its official website and various e-commerce platforms.

Weaknesses of Prada | SWOT Analysis of Prada

  1. Due to intense competition in the lifestyle and retail sector, brand switching is one of the biggest weaknesses for the company from the customers.
  2. Counterfeit products and brands are also affecting the business strength and image of Prada.

Opportunities for Prada | SWOT Analysis of Prada

  1. Currently, the company hasn’t strong presence in various regions. So, they have a great chance to focus on these markets to increase its market share and brand image.
  2. They must pay attention on its digital departments such as website and multi-brand ecommerce platforms. In this way, they can sell their products to every corner of the world.
  3. By collaborating with other fashion houses, retailers, and brands, certainly, they can enhance their reach and brand awareness.
  4. They can also target elite clubs and luxury hotels to attract rich consumers.

Threats to Prada | SWOT Analysis of Prada

  1. Increasing competition in the fashion industry can disturb the sales and revenue system of Prada.
  2. The presence of substitutes and alternates can also hurt the profit margins of Prada.
  3. Fluctuation in economy can also disturb the business performance of the company.
  4. Factors like recession, political instability, and economic conditions are one of the biggest threats for the company because it is a global brand.

Competitors of Prada | SWOT Analysis of Prada

  1. Hugo Boss
  2. Versace
  3. Zara
  4. Gucci
  5. Chanel
  6. Christian Dior
  7. Ralph Lauren
  8. Burberry
  9. Louis Vuitton
 
 

Need Help or Advice in Content Management:

Do you want more advice? Do you have good practices to share? Express yourself in the comments.

Moreover, if you want any help to write content to drive more traffic and boost conversions, get in touch through Contact our team?

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YSL SWOT
BusinessManagementMarketingSWOT & PESTLE 

SWOT Analysis of Yves Saint Laurent, Competitors & USP

by Shamsul November 14, 2021

SWOT Analysis of YSL, Competitors & USP

The SWOT analysis of Yves Saint Laurent highlights its strengths, weaknesses, opportunities, and threats. It is a remarkable strategic tool to analyze the internal as well as external factors of a company. This SWOT analysis of YSL shows the working and business performance. There is no doubt that YSL is an admired brand in the lifestyle and retail department. We will also discuss some important factors like its positioning, segmentation, and USP (Unique Selling Proposition).

Founders: Yves Saint Laurent, Pierre Bergé

Founded: Paris, France, July 1961

Parent Company: Kering, Kering Holland NV

CEO: Francesca Bellettini (Sep 1, 2013–)

Type: Apparel & Accessories

Sector: Lifestyle & Retail

Tagline: “Rive gauche”

Unique Selling Proposition: Pioneer of Designer Wear

Customers: Upper-Class Men and Women

Target Consumers: Fashion-Conscious Men and Women

Revenue: Approximately 1.74 billion Euros (2020)

Net Income: €1,744.4 million (2020)

Strengths of Yves Saint Laurent – SWOT Analysis

Yves Saint Laurent has a strong presence in three continents and 10 prominent countries with more than 70 stores worldwide.

It is considered as the reviver of couture. Moreover, the brand has a long history and a revered name in the lifestyle and retail sector.

The product portfolio of YSL is really vast as it offers footwear, handbags, and other accessories to men and women. They have developed their own reputation and image with their high-quality offerings.

YSL was on the verge of bankruptcy but Gucci group saves the brand by acquisition.

Weaknesses of Yves Saint Laurent – SWOT Analysis

Yves Saint Laurent has not used its monogram on their items which is the biggest weakness for the company. It is hard to identify their products at first sight.

The change of creative director due to several allegations are putting the brand into trouble. This kind of thing creates problems for the company, and it is currently in the transition stage.

Opportunities for Yves Saint Laurent – SWOT Analysis

The brand does not have a presence in Asian markets, so they have a wonderful opportunity to expand their business into these markets to earn more fame and revenue.

There is no doubt that Yves Saint Laurent’s vintage collection is still in demand, so they can revive this section to attract more consumers.

Yves Saint Laurent can adopt more green initiatives to attract nature-conscious users. They can give a new direction to the company by taking CSR activities into account.

Threats to Yves Saint Laurent – SWOT Analysis

The main consumers of Yves Saint Laurent are from the upper class because it is a luxury brand. Other brands are effectively targeting middle and lower-class customers with their attractive offerings at handsome prices. It is a big threat to the revenue of YSL.

Due to the recession in big markets and countries, the brand also faces severe consequences regarding loss of sales and revenue.

The competitors of YSL are really big such as Louis Vuitton (LV) and Gucci. Even though Gucci group is a parent company, it is really profitable and identifiable compared to YSL.

Competitors of YSL:

Louis Vuitton

Gucci

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