SWOT Analysis of Primark
What are the Strengths, Weaknesses, Threats and Opportunities of your local Primark store?
Primark was an emerging leader in the clothing and retail industry. Through the major divisions, the company is focused on the expansion of their clothing lines not only in Ireland but also in different parts of the globe. The Primark is a strong corporation in terms of delivering the technological services. They are well founded with perseverance and investments, not only financially but also with ideas. Therefore, the utilization of available strategies should be well conducted. It is better for the company to use all the necessities which are all for the purpose of achieving their goal.
SWOT Analysis stands for strengths, weaknesses, opportunities and threats it is a technique used to determine the appropriate use in different management activities and operations, it is particularly appropriate to utilize the technique in the early parts of marketing and strategic planning (Checklist, 2001). A SWOT analysis actually has two parts and both are equally significant. One is the external analysis and the other focuses on the internal environment. When conducting an external situational analysis, the business’ customers, market and competitors are analyzed. Relevant information regarding the company’s market segments, their competitor’s relative weaknesses and strengths as well as the industry as a whole.
An analysis of the external environment requires more than just a summary of what the competition is doing. The external environment is comprised of two elements -- the societal environment and the industry. The societal environment includes a review of major trends in society affecting organizations across all industries. These trends include political, economic, social and legal. An analysis of the industry takes a look at factors that have a more direct bearing on the business. Hence, in addition to analyzing the competition other groups must be similarly evaluated to ascertain that no opportunities or threats within the environment are overlooked (Buhler 1994). On the other hand, internal situational analysis focuses on the identification of the company’s distinctive competencies, expected growth, their assets as well as their liabilities
Strengths. Primark has many strength factors; one is its distinctive product and its remarkable upbringing; its numerous strategic moves; and the Primark’s indisputable inclusion and diversity. But the strongest factor for Primark, probably its strongest link is the loyalty of their customers because of its unique services. Primark seeks to find ways on how to improve their products and services. Its strategic elements are its keys to achieving their goals. In addition to that, its commitment to effective governance is one step to achieving the standard for excellence in corporate responsibility. Employees on the other hand give their entire participation to the company as they are always recognized for their contributions.
Weakness. While the company has its set of strengths, Primark has its weaknesses. For instance, its tough competitor, like Esprit and other local clothing companies, has produced the same line of product. Primark had nasty reaction towards product similarity as it can affect their company’s sales growth and profitability. Their line of services and product innovations should be enhanced to achieve their goals.
Opportunities. In order to attain the goal of the company, there are several opportunities available for the company’s further growth and progress. An additional content area is an opportunity for Primark to increase its market coverage. Rather than trying to imitate its competitors, Primark concentrate on polishing and promoting its own unique clothing product. The company cater it’s product to those with blue-collar users like the manufacturers, construction workers, taxi drivers. Primark can increase its spectrum holdings to be able to expand its strategic alternatives.
Although, Primark is an established market within the business arena, the company has been utilized a strategic marketing move, including a strategic planning in order to make the market be know in the marketing environment. Aside from creating innovative clothing lines, the company has also made it possible to be connected to their target market thru the use of technological advancement like the e-marketing. Moreover, this marketing entry strategy can be considered as effective since the company has included all the factors to be assessed in order to make the business prolong its competitiveness and survive in the threatening place of the market.
Threats. The primary threat of the company lies on its increasing competitors. Primark encounter various competitors offering similar products or services or that which is founded on similar objectives. The strengths and weaknesses of these competitors should be identified and analyzed so that Primark can always counteract their moves. There are lots of competitors in wireless communications services, so the company should spend more on advertising and enhance their marketing strategies to add and hold new subscribers and maintain a level of average revenue.
Buhler, P. (1994, March). Strategic management: a process for supervisors organization wide. Supervision.
Checklists. (2001) Performing a SWOT analysis. (Checklist 005).(Strengths, Weaknesses Opportunities Threats, Checklists