Business Strength And Weakness To work successfully in a changing market, companies must plan their objectives and strategies around their strengths and minimize their weaknesses. At KBC ALL MEDIA, we know that market analysis and strategy development are continuous processes because today’s strengths can turn into tomorrow’s weaknesses.
Before evaluating your company against the market, you need to conduct qualitative and quantitative research and analyze your competitors (we can help you on that too!). This research will help you to properly assess your company’s market and competitive conditions.
When we discuss strengths, we refer to the competitive advantage and specific competencies of a company – that is, what the company actually does well. Some examples of strengths include:
- Strong employee outlook
- Excellent customer service
- Large market share
- The personal relationship with customers
- Leadership in product innovation
- Highly efficient, low-cost manufacturing
- high integrity
Weaknesses are barriers that prevent a company’s success in a certain strategic direction – in other words, what the company does not do well. Specific company weaknesses may be:
- Products and services development low customer base
- Misleading service policies
- Multiple levels of reporting in organizational structure
- Limited product availability
- Lack of participation from top management in developing a new service
- Lack of quantitative targets
Our company work on the strength and weaknesses of their customers studying time analysis these types questions
- What concerns the CEO or the board?
- What features can or should be investigated?
- What kind of measurements can we measure?
- What criteria will allow us to properly evaluate the strengths and weaknesses of the company?
- Strength and Weakness Measurement
- The strengths and weaknesses of a product or service can be measured in four areas: current strategic positioning, past performance, marketing effectiveness, and marketing environment.
The current strategic situation provides an important variable for future strategies. Marketers work with the CEO to determine why the company has made the activities of its rivals successful. This allows marketers to evaluate which factors are subject to change and to what extent.
The evaluation of past performance provides historical insight into the company’s marketing strategy and success. Some of the types of information marketers study are market share history, profitability history, competitive history, consumer history, and product or service history.
Business Strength And Weakness
The evaluation of marketing excellence is where the markers are to evaluate how to develop activities towards demand management. Factors considered include:
- Manufacturing
- The sale
- Technology
- Marketing
For example, a specific strategy that would cost less to manufacture. Sales, on the other hand, may be a strategy focused on increasing sales. Technology can push for increased research, and marketing can build market share. By assessing the focus and direction of the company, one can better measure strengths and weaknesses.
Monitoring the external environment from the point of view of its products, services and markets is an assessment that should be carried out by those involved in making marketing decisions. Marketers are often well placed to read between the lines and make meaningful recommendations based on changes within the market.
Analysis of your strengths and weaknesses
Strengths should be further investigated to complete an opportunity analysis. This allows you to match your company’s strengths or competencies to opportunities in the market. In particular, you should evaluate opportunities that your company can capitalize on to benefit from competitors’ weaknesses. Opportunities constantly arise as market scenario changes.
For example, say one of the strengths of your company is customer loyalty. This strength can have the following effects:
- Incremental sales volume increases
- Value addition for premium quality and service
- New Product Introduction.
- An opportunity can be created based on the environment, such as:
Trends in changing tastes that make your product/service more desirable
We try working new market trade and new geographical changes
The market segment targeting your company may be ignored by the industry
The objective is that a business can build on this strength and these opportunities can be:
- Develop a premium product
- Bringing an existing product to a new market
- Developing a new channel for a product
Business Strength And Weakness
Measuring and analyzing the company’s strengths and weaknesses helps CEOs to set and achieve their business goals. Your company needs a marketing strategy to help grow your business? Contact Us – can help.