SWOT Analysis Paper
SWOTT ANALYSIS 0
Part 2: SWOTT Analysis
Daniel Jacobson
BUS/475
John O’Brien MBA
Strategic Plan, Part II: SWOTT Analysis
Parvenu will be a brand that represents a lifestyle of success. Parvenu strives to develop a culture around the brand that represents the relentless pursuit of being successful, regardless of how the naysayers view or accept the success of the individuals who wear our brand. The management team at Parvenu will provide customers with the finest customer service and online experience to gain a competitive edge over its competitors in street style/casual clothing market. To gain better viewpoint of the company's present condition and to uncover a future prospect an SWOTT analysis has been conducted; regarding the different aspects such as Competitive Analysis, Economics, Socialization, Culture, Goals, etc.
The different aspects in our SWOTT Analysis will be broken down and explained below:
Competitive Analysis
Competitive analysis plays a huge role in Parvenu's marketing plan. This allows Parvenu to identify its competitors and evaluate their strategies to determine how its competitor's products strengths and weaknesses are about its product. This analysis will also establish what makes our product unique compared to our competitors, which will allow the company to play up its attributes to attract our target market. Once the competitive analysis has been completed, this will also show us how to position our product. The way we position our product is in the mind of the customer, something that is brought about by a combination of reality and image (Tractinsky, N., & Lowengart, O. 2003).
Economics
Parvenu's T-shirts will be offered to individuals from all different income levels; whether the individual is working hard to become a corporate executive, perfecting their skills to become the next greatest musician, or developing a million dollar business from their home. Efforts will be made to attract various peopl1e from diverse cultures and social standings. With the present economic condition, the price point of our T-shirts could be a weakness because it would be considered a luxury item and also a threat as it can reduce the purchasing power of the customers. To avoid this situation, the company would need to come up with different offers and schemes, to sustain the economic trends to meet the growing demands of the customers and to obtain an edge over its competitors. The company will need to focus on increasing customer loyalty and creating a quality product.
Socialization
With today's rapid advancement in technology, this is a major factor in the company's marketing decisions. Parvenu can transform this into a strength by utilizing social media to market their products. Since the T-shirt brand will be targeting successful celebrities, socialites, and affluent to emulate the brand. They can use that to their advantage to promote it's T-shirts, since a lot of celebrities, socialites, and affluent have a lot of followers on their Facebook, Instagram, Twitter, etc. The company could have the celebrities that support the brand post pictures or mention the brand's T-shirts on their social media outlets, to get the word out about the brand and T-shirts.
Culture
Parvenu will focus on approaching customers from various cultures and backgrounds. Parvenu is not just about the end goal; it's about a lifestyle of success. The ultimate goal of Parvenu is to breed a culture of people who are successful or who are on their way to becoming the next big success. The culture of Parvenu will be filled with energetic and positive people who share the same goals as the customers we want to represent our company. There will also be incentives in place for our employees to retain our top talent.
Goals
Parvenu's biggest opportunity will be to bring in new innovative graphic design ideas to the table. The primary goal for the company is not to offer just your usual graphic T-shirt, but a T-shirt that is made from the finest quality blends of cotton. Our T-shirts will also feature unique graphic designs that will coincide with the company name and what the company is about. Another goal of the company is to cut the cost of the materials and equipment. To do this we'll be working with direct manufacturers overseas that can produce our product to the exact specifications, we request, instead of going through a middleman. This will allow the company to generate greater profits.
External forces and trends considerations:
| Strength | Weakness | Opportunity | Threat | |
| Competitive Analysis | Use the finest quality of fabrics and efficient marketing | Don't have brick and mortar store fronts | To showcase how our T-shirts are unique compared to competitors | There are several T-shirt competitors in the marketplace |
| Economics | Easily affordable for all income levels | Depending on the economy it may cause reduced purchasing power from customers | Find ways to lower costs from manufacturers | Lack of incoming profits depending on economic conditions |
| Socialization | Utilizing various social media outlets that the affluent use | Competing with competitors that have more of a larger following | Adapt to the ever-changing advanced technology and trends | Competitors trying to reach out to our celebrities to sway them to wear their brand instead |
Internal forces and trends considerations:
| Strength | Weakness | Opportunity | Threat | |
| Culture | Ability to meet and attract different cultures value-oriented culture | There may be people that are successful that may not want to showcase that they are successful through their clothing | To help breed a culture of success to like minded people | May not offer the same employee benefits as our competitors |
| Goals | Offering our product online and in select boutique retailers to cut cost. | Ability to keep up with the demands of every customer. | Use the celebrities and affluent to do the majority of the marketing through their social media outlets | Cutting cost on materials without comprising the quality of our product |
Conclusion
As the company grows, issues will emerge. By utilizing our select ambassadors of the brand, making a reasonable organization structure, regulating cash stream and working capital, and controlling our T-Shirt inventories, it can help us avoid issues that can be associated with growing the company. Watchful masterminding in our industry is paramount to showcasing the Parvenu brand. Fashion trends must be evaluated for us to keep up with the ever-changing fashion industry. Making a SWOTT analysis is the most methodical way to start a business and to stay on track of where the company is headed.
References
Tractinsky, N., & Lowengart, O. (2003). E-retailers' competitive intensity: A positioning mapping analysis. Journal of Targeting, Measurement, and Analysis for Marketing, 12(2), 114-136. Retrieved from http://search.proquest.com/docview/236967177?accountid=35812
