Both a SWOT analysis and the Porter’s 5 Forces is a great way to assess the pro’s and con’s of a business and/or product range. It gives someone a better understanding on whether something is worth it and gives an idea of the chance of the product or service not working out.
This analysis of things within a business are also good to help avoid issues later and to fix problems before they become an issue. For instance, if your product is too similar to a large amount of other products then these tools give you an opportunity to reconsider having that particular product or service.
SWOT Analysis
Strengths
Easy access to customers via online, can reach a bigger audience.
Mix of popular styles, more people looking for the same thing.
Weaknesses
No one knows the brand.
No trusted fan/buyer base, customer loyalty.
Australia based stores.
Opportunities
Trends coming back in style.
A lot of room to grow and improve with time.
Threats
Overpowered by bigger retail companies and more mainstream stores.
Costly to promote.
Porter’s 5 Forces
Supplier Power
Large amount of suppliers available
Switch of supplier could effect quality and prices
Service isn’t particularly unique
Buyer Power
Small sized orders
Competitive prices for similar products
Competitive Rivalry
A lot of major retailers.
A lot of smaller online retailers, both expensive and cheaper alternatives.
Hard to switch customers loyalty from other brands.
Threat of Substitution
Easy to find alternatives
Buyers only purchasing from in store options, geography limit
Threat of New Entry
Easy to start online
Mid price range for starting business.
Tasks for employers can be easily learnt
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