SWOT is used in almost every business. It helps a business to analyze where they can improve, where they are lacking, where they are strong, and who are their competitors. SWOT analysis is basically an abbreviation for Strengths, Weakness, Opportunities, and Threats. Strengths tell a business how they have the edge to beat their competition, the weakness shows where they are lacking or where they have to improve, threats show where their business lacks, and opportunities tell a business the chances they have to beat their competitors and be the number one.
It is easy to make a SWOT analysis. And it gets even easier when you are well informed and have researched the company. Most students find it difficult to make a SWOT analysis by SixDollarEssay and what they do not understand is that it is a very important framework in business. Big multinational companies rely on their SWOT analysis to see what changes they can make to succeed. It is an integral part of every marketing and management course in University or any college you attend.
Here is a simple SWOT analysis of NIKE to show how it is made and what things one should add when considering to prepare a SWOT analysis:
SWOT Analysis of Nike:
Nike is a name everybody hears when a topic of shoes, gym or sports attire starts. It is a world class brand founded in January 1964. From great sports players to normal people love it and trust them whenever they buy something from there.
Strengths of Nike:
Brand equity: Brand equity is basically the perception of your product in the consumers’ minds. Brand loyalty is people buying your product again and again. And brand value is what the worth of your brand is. Brand equity comprises of brand value and brand loyalty. And Nike has brand equity. From world class actors to sportsmen, they all prefer Nike. The name Nike itself is enough.
Global: Nike is available globally. From Asia to Europe, it is easily available everywhere so you do not have to look for it. So that is what makes it such a renowned brand. It is a globally recognized brand which means from youth to older age, everybody is familiar with Nike and its products.
Diverse: Nike has a lot of variety. They have shoes for everyone. Those who go to work, those play, or those who just want to wear them casually. You will always have a pair of shoes waiting for you in their stores.
Weaknesses of Nike:
Expensive: Nike is an expensive brand. The quality of Nike is no doubt too good but the cost is too much which is one of the weaknesses of the brand Nike,
Workers: It has been studied that Nike has been accused of treating its workers negatively. Which really affected their business.
Opportunities for Nike:
Online Stores: This is the digital age. Nike should operate online. It should provide home deliveries so that they can grow even more.
CSR: They should involve in more corporate social responsibilities. This will help them in increasing their goodwill in different countries.
Competition: Many other companies are coming with world class shoes and less expensive shoes such as Puma, Adidas, and many other famous brands.
Unethical: If the workers continue to accuse them, they will have a negative impact on the brand. So they will have to make sure to treat their workers right.
Above is a SWOT analysis of Nike. Nike is a huge organization. But even big organizations have a lot of imperfections so they can conquer the world of footwear.