Strengths and weaknesses are said to be internal, that is, controlled by the company. Opportunities and Threats are outside the company's control and are therefore said to be external influences.
· Most people are willing to try a new product. If they are impressed, they will trust the company and build a loyalty to it. · It is the only product of its kind, therefore, it would have a large target audience · As my company is new, it has no reputation. This could be seen as a weakness, but I prefer to see it as strength, because although it has no goodwill, it also has no bad will against it. Goodwill can be built over time. · My distribution costs would be kept to a minimum, as my channel would be very small. - My Company ® Wholesalers ® Retailers ® Consumers. · Decisions can be made quickly as there will be a small management team. This means increased efficiency within the firm.
· My product is untried and untested, so I have no idea how successful my product will be or if there will be any real demand for it. · I will have to employ a distributor as I am a small firm and cannot afford to supply my own distribution. This will still cost a lot of money · I wont be able to take advantage of any economies of scale, as my company wont be big enough · I have no expert knowledge in any aspect of marketing. But to employ someone who does will cost extra money · People will not want to buy a whole new clothesline just to have this invention on it.
· There is a gap in the market for this product. No one has invented this yet, therefore, it may have the opportunity to monopolise this segment of the market. · There may be unsatisfied needs within the market. This will be identified through research.
· The use of tumble dryers will make my product redundant
· A competitor may come up with...