Swot Analysis Of Primark
I have bought an existing business. The business I bought was Primark.
The USP for this business would be that I’m selling my products and services with a high quality. It is all ethnic.
There is a need for my business in my area, because I sell everything that concludes in the customers’ wants and their needs.
You need to know what drives and motivates customers. Go beyond the traditional customer demographics, such as age, gender, race, income and geographic location that most businesses collect to analyse their sales trends. For my retail shop for example, it is not enough to know that 75 percent of your customers are in the 18-to-25 age range. You need to look at their motives for buying clothes, peer pressure, convenience and so on.
If you just started your business, it might be good to investigate other …show more content…
You can do research and see how they attract the customers, what kind of promotions they use, different methods and how they identify their target customers. Many retailers routinely drop into their competitors' stores to see what and how they are selling. It might be good to ask the customers, after they leave the competitor’s shop, what they really like and dislike about the shop, how they can improve their service and what attracts them more and which promotional method they find the most useful.
I will also perform a SWOT (Strength, Weaknesses, Opportunities and Threats) analysis. A SWOT analysis can help you better understand your business, which can improve your ability to identify your ideal customers. Strengths and Weaknesses are factors of internal to your organization. An examples of a strength is having and a good location. An examples of a weakness is lack of capital for investment.
The USP for this business would be that I’m selling my products and services with a high quality. It is all ethnic.
There is a need for my business in my area, because I sell everything that concludes in the customers’ wants and their needs.
You need to know what drives and motivates customers. Go beyond the traditional customer demographics, such as age, gender, race, income and geographic location that most businesses collect to analyse their sales trends. For my retail shop for example, it is not enough to know that 75 percent of your customers are in the 18-to-25 age range. You need to look at their motives for buying clothes, peer pressure, convenience and so on.
If you just started your business, it might be good to investigate other …show more content…
You can do research and see how they attract the customers, what kind of promotions they use, different methods and how they identify their target customers. Many retailers routinely drop into their competitors' stores to see what and how they are selling. It might be good to ask the customers, after they leave the competitor’s shop, what they really like and dislike about the shop, how they can improve their service and what attracts them more and which promotional method they find the most useful.
I will also perform a SWOT (Strength, Weaknesses, Opportunities and Threats) analysis. A SWOT analysis can help you better understand your business, which can improve your ability to identify your ideal customers. Strengths and Weaknesses are factors of internal to your organization. An examples of a strength is having and a good location. An examples of a weakness is lack of capital for investment.