Swot Analysis

What is a SWOT analysis? 

You may be wondering what this clever acronym stands for, and perhaps you even think it's more complicated that it's meant to be. Well, a SWOT analysis is pretty simple really, it just stands for: strengths, weaknesses,opportunities and targets. The process is an analytical, business strategy, that helps a company to understand, yes you guessed it..., their strengths and weaknesses, which are internal factors, and their opportunities and threats, which are external factors. The data found during a SWOT analysis helps a company to evaluate their position in their market, and helps form their  marketing strategy moving forward. Not only that, but it also helps to identify their rival's position in the market; this comes under the threats part. To put this into context, I carried out a SWOT analysis for my marketing report on the British high street brand, Jack Wills, to help me work out what marketing ideas I could pitch to help the brand move forward.

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Strengths

•British consumers will buy into the British heritage aspect of Jack Wills as a brand, as it may make them proud to be British, so consumers will fit into this tribe. •The products are of very high quality so will be durable. •The products have a long fashion lifestyle and less decline in sales as they are classical products that can be carried through seasons. •Jack Wills’s advertises a lifestyle that many young people desire, through the use of advert locations, models and activities, which allows people to have an emotional connection to the brand as they aspire for the Jack Wills promoted lifestyle. •The brand has a unique brand identity that consumers can recognise.

Weaknesses

•The price of products may be too expensive for the target market of students too afford, thus resulting in a loss of sales and target market consumers. •The brand had a large loss of income due to the closure of Aubin and Wills. •It is often believed that Jack Wills only has an achievable image for middle class British consumers with a reasonably high income, and this therefore often ignores much of the expected target market. •Jack Wills haven’t expanded into many countries. •Merchandise can perhaps become repetitive as it can be carries through seasons and doesn’t go out of fashion quickly. •Jack Wills only supply sizes up to a size sixteen, and as obesity rates increase and the new average size is a 14 for women, many consumers feel as though they are too large for Jack Wills so therefore do not shop there. ·       The visual merchandising outside stores is often dark so the store is often missed on the street.

Opportunities

• Jack Wills could utilise social media a little more by creating a student app, as it is a student brand, to interact with staff as new products come into store, and to access deals. This would increase footfall in the store, as students will have an awareness of current products. •Jack Wills could develop products in a higher size range, or create a plus size range in store for women to enjoy. •Jack Wills could utilise celebrity endorsement more on social media to gain more student interest. •Jack Wills could hold a freshers’ events in Chester to promote themselves to promote themselves to a student market and gain more store interest and footfall. •Jack Wills could reduce pricing slightly or include more student deals.

Threats

•Stores that have the same price point but a different target market, like: White Stuff, for example, could be making more money as their target market has a higher income so can afford their prices. •The brand could lose some of their British brand identity, in foreign countries, and this could lose the interest of oversees consumers.

So there we have it, a full SWOT analysis for Jack Wills, 

Until next time

Anna xx