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Wednesday, 1 June 2016
Identifying strategic strengths and weaknesses in business
Factors you should consider
When products are too expensive you capture just a little percentage of the population but when they are reasonably priced you attract more customers. As such businesses whose products are reasonably priced can identify their prices as a strength.
The reputation of your business and products also matters. If your business is known for high quality products and excellence then you have identified another strength.
A business with one brand will not be able to perform the way a business with two brands or more will. With more brands you attract more customers and your business will be diversified thus reducing your business risks.
In order to stay competitive, a business must build a good working relationship with its customers, employees, suppliers and other stakeholders. If you do have good business relationships then you have identified another strength.
A business must be able to respond to the changes in a business market as fast as possible. The question you will be asking is, how fast is your business able to respond to the changes in the business market. If you are fast enough which reflects flexibility then you can say you have identified a strength but if you resist changes then it should be identified as a weakness.
That is all for today, keep checking out my blog regularly. Cheers!