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Swot analysis is an audit instrument used by companies to strategies on their business so as to expand its territories and the environment surrounding them. It stands for strengths, weaknesses, opportunities and threats. Strengths and weaknesses are the internal factors while the later are the external factors which a company has no control over.
Strengths help in the achievement of a company’s missions. They can be tangible or not. They are the benefits, capabilities, positive features of the company such as financial resources, loyal customers, employee commitments or their products. S/M architects and planners had the following strengths.
The company had its weaknesses, which were preventing it from accomplishing its mission. Some of the Sperry/MacLennan weaknesses were;
Opportunities that arise for the company to take advantage of include:
The threats that the company is likely to face or is facing include;
In doing a market assessment on the New England market brooks should consider the following questions
In selection of other market the criteria to be used by S/M will be looking at other parts of Europe with recreational facilities where designs are taken seriously thus given the S/M string of design success register in England export market won’t be a challenge.
Incase s/m decides on the New England market entry strategies need to be implemented. The firm should seek information if it will register profits in the new market. They need to identify their target customers for example the universities in New England. The company should be in a position to find a way of starting the business in New England without incurring too much cost in starting up.
When starting a new business conducting a market research is very important in that it helps determine if there is an audience for your product or idea. Knowing the current state of affairs in the market and its need gives you vital information to help improve your service or product and come up with a marketing plan. Only through marketing can you sell your ideas on the services or products you are offering.
When conducting a global or international market research one should consider the conducting a market analysis first. Here you assess the needs of the target population the competition likely to face and the need for marketing your service. In a market analysis you define the problem, analyze the situation, obtain data to the problem, analyze the data and interpret it, come up with ideas for problem solving and finally design a plan. All this can be done though filling a questioner.