Sarah has prepared a thorough and extensive SWOT analysis...take a look and let us know what you think!
Strengths
· More affordable means it reaches a wider audience
· Pop-up shop grabs attention
· Fresh-on trend offering
· Not available in mass retailers, making it more unique for the customer
· Knowledgeable and talented team- designer, merchandiser, and project coordinator
· Network connections- in the process of building relationship with House of Lolo, introduced ourselves to owner of Parallel
Weaknesses
· Lack of brand recognition/lack of loyal following
· New designer
· No special return policy
· Since we are first starting out, we won’t have as great of a presence on the East coast as we do on the west coast.
· We only serve one market segment
· Fairly large number of competitors
Opportunities
· As we grow and build brand recognition we can do collaborations with other well-known brands
· May be carried in more and more boutiques
· Sell merchandise at online retail store
· Can expand product offering as time goes on
· Could gain more financial backing
· Use social media to increase sales
· Offer gift-with-purchase or do sample sales to encourage brand loyalty
· Could eventually open our own free-standing store
Threats
· The sluggish economy could affect the sales of our line
· Possible trade embargoes, or political unrest in regions where we source our materials
· Possible increasing minimum wage
· Customer needs could change
· Could be criticized for not manufacturing our line in the US
· Natural disasters/climate change could affect crops like cotton, making prices increase, or could delay crucial transportation timelines
