What is SWOT analysis?
SWOT stands for strengths, weaknesses, opportunities, and threats. SWOT analysis involves identifying your business’s strengths and weaknesses, and examining the opportunities and threats which may affect you. SWOT analysis can be used to analyse your organisation and its environment. Carrying out a SWOT analysis can help you identify changes that can be made to improve your business. Strengths
Strengths are those features of the business which allow you to operate more effectively than your competitors. Ferrari is by far the worlds most famous racing car producer that surprised the motor industry in terms of speed, performance and reliability. Ferrari stands out as the leader of Italian auto manufacturers industry, and till today represents the finest of Italian craft in the mechanics of auto propulsion. Ferrari is claimed to be a purpose-built race car which features exceptional performance. Weaknesses
Weaknesses are areas capable of improvement. It helps a Company identify if its lacking skills or new products? Whether it has a higher cost base or lower productivity than your competitors? Or if there are any unpleasant truths about the business that need to be faced. Ferrari has emerged superbly as a very strong Brand with least flaws. The only factor which probably acts to its disadvantage is that, the strategy of catering to the very elite class of millionaires has no doubt added to the brand value of the product but also restricts the sales. Having already notched out a mark for itself, probably the time is right to introduce a more economically viable category, to fulfill the millions of dreams of owning a Ferrari. The other drawback is that since its such a high-end brand, and no two Ferrari’s are known to be alike, it makes it clients want and wait for their dream car. It takes a minimum of 6 months advance booking before the client can eventually be...