1. Describe what is meant by a SWOT analysis.
A SWOT analysis is a strategic tool that helps a company to reach its goals by focusing on its key issues.
“Identification and evaluation of the strengths and weaknesses inside a firm and the opportunities and threats in its external environment.”
2. Explain the differences between internal and external factors.
Internal factors describe the factors that occur within the business that the company can change easily. These include finance of the business, marketing and manufacturing processes. External factors are factors that the business cannot control. These factors can include economical, government or social changes in society.
3. Analyse ways in which IKEA has managed to minimize threats to its business.
IKEA has used various strategies to minimize threats. These go under three different categories: Social trends, market forces and economic factors.
IKEA has created a strong system to interact with customers creating customer satisfaction with an online help guide. Not only is this good interaction and follow-up for customers but also it is environmentally friendly and sustainable.
In terms of market forces, IKEA has a large market share internationally, which makes it hard for small companies to emerge.
IKEA’s economic factors include their affordable prices that appeal to those with tight financial situations, however the products also appeal to people who are financially stable and who have an eye for interior design.
4. Discuss the contribution of SWOT analysis to IKEA’s business growth.
The SWOT analysis is the basis on IKEA’s success and control of business activity. To improve business activity IKEA has assessed its external and competitive environments. This has allowed the company to find new opportunities to reduce threats. It also looks at its strengths and weaknesses to help them overcome weaknesses and improve their strengths.
3 Trend Sites
http://www.emarketer.com/blog/index.php/trends-watch-emarketers-2010-predictions/
This is actually a marketing blog, however it had lots of useful information on trends and predictions in terms of e-marketing so I thought I would include it in my 3 Trend Sites.
The article covers predictions and trends about ecommerce, social media, ad targeting and privacy, and search queries.
http://www.trendsspotting.com/blog/
Trends Spotting is a site and blog dedicated to marketing trends. Some of these trends include consumer trends, online, video and mobile trends, technology trends, and social media trends.
http://www.trendhunter.com/popular/category/business-trends
TrendHunter is a trend site that has a large range of trends ranging from fashion, technology, pop culture, art and design, advertising, business, environmental and social trends.
The trends have then be categorized into sections such as new, top 20, top lists, pro trends an must see. Trends have also been sorted into how recent
Week 6 Blog
I was unable to post this on facebook as I was not near a computer on sunday, however here is my response:
The three top items that would suit my live case study; UC Refectory, would be:
1. Marketing plan template
2. Growing a business checklist
3. Promoting your business
1. Marketing plan template
The marketing plan template provided on the business.gov website compared to the templates provided on external searches (such as google) was alot more comprehensive then the ones provided on Google. The business.gov template provides information about how to complete the template with helpful links to extra information. The ones that came up from the external search were basic with not much information.
2. Growing a business checklist
The checklist on business.gov is a good in depth checklist, however the search results for external checklists also had good ideas.I think it would be useful for businesses to use both internal and external information to compare different tactic in order to grow a business.
3. Promoting your business
The information provided on business.gov is simple and easy, however it is not very creative. I think once again the use of both google and business.gov would be successful in order for a business to find creative promotional ideas.
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