preview

Hair Bow Box Swot Analysis

Good Essays
In order to better understand the market that The Hair Bow Box is trying to embark upon, it is important to have a strategic business and marketing plan in Place. Knowing the current internal and external factors The Hair Bow Box may face, it is important to develop a strong SWOT (strengths, weaknesses, opportunities, and threats) Analysis. The goal of the SWOT is to match the company 's strengths to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threats (Armstrong , 2015 p.55). Strengths and weaknesses are internal to the company (think: reputation, patents, location). You can change them over time, but not without some work. Opportunities and threats are external (think: suppliers,…show more content…
The weaknesses will be evaluated in order to identify the areas of the company need to be improved upon to help strengthen its growth potential to help make the business more effective and competitive in the market. The Hair Bow Box will identify the company ' strengths and weaknesses in order to identify the most critical areas that need to be improved in order for the business to more effectively compete. More than any group in the company, marketers must be environmental trend trackers and opportunity seekers (Armstrong, 2015 p. 66). The Hair Bow Box SWOT Analysis will provide information as to how it uses substantive factors from the macroenvironmemnt to meet certain company’s needs. A macroenvironment is the larger societal forces that affect the microenvironment -demographic, economic, natural, technological, political, and cultural forces (Armstrong, 2015…show more content…
It is the force that creates new technologies, creating new product and market opportunities (Armstrong, 2015 p.82). The Hair Bow Box caters to the Gen Zers and they are technology driven and being an online eCommerce platform, it is crucial that to stay on top of the technology environment. As the online world and technology advances The Hair Bow Box must be sure that it can maintain and keep its website and online presence up to date so that it doesn 't fall behind and lack the necessities and the look that the market is looking for. Also, as technology advances in how product materials are made The Hair Bow Box must stay up to date. There are other mediums outside of using ribbon to make hair accessories for example, hair accessories can be made from fabric, acrylic, zippers, non conventional items and
Get Access