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.
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
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
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 products
The threats that may occur could be
A number of well-established, national fast food chains may remain the first choice for customers e.g. McDonald's, Burger King A lot more people would want to eat healthier and turn to sandwiches and baguettes This is currently a growth area, so additional competitors could be attracted to the market