SWOT Analysis
I will conclude a swot analysis for my business so that I can identify the strengths and weakness of the business, also to identify the opportunities and threats facing it.
A common approach is to use SWOT analysis (strengths, weakness, opportunities and threats) to draw together all the evidence from the various techniques used. It is a way of producing a summary which then provides the basis for developing marketing objectives or aims, and ultimately strategies or plans.
Strengths, weakness, opportunities and threats analysis provides a framework within which marketers can identify significant developments in markets.
Strengths
The strengths of my business are
? Not much local competition
? Young and energetic entrepreneurs
? Unique product (home-made and well cooked hot meals)
? Large group of people to target
Weakness
The weakness of my business is
? Little entrepreneurial experience
? Shortage of investment capital may limit expansion
? No established reputation
? Limited experience in the prepared food trade
Opportunities
The opportunities for my business would be
? `Time-poor` people increasingly like food to be made for them as they do not have the time to make it for themselves
? Increasing disposable incomes means that people are better able to pay for such a service
? Students are more likely to eat lunch in a fast food outlet
? People like an increasingly varied diet
? Could diversify into a wider range of produc ...