SWOT analysis is a valuable analytical tool that firms use to identify and categorize external and internal factors. In SWOT analysis, strengths and weaknesses are regarded as internal factors, whereas opportunities and threats are external factors (Hastings 49). A company can undertake SWOT analysis when starting a new venture, project, or even for individual purposes. SWOT analysis is helpful to business more especially when it is contemplating to make strategic plans that match their resources and abilities to remain in operation in the competitive market. This paper focuses on highlighting discussing Dash Vodka’s SWOT analysis.
Strengths
There is much strength identified in during a SWOT analysis in DASH Vodka Company. Firstly, the company experiences medium costs in its operations. For instance, the company incurs fewer costs in advertising and promoting its services. Incurring medium costs is an indication and assurance that the business will not incur abnormal costs that may lead to losses which can result in closure. Also, the company has been able to target the correct market. The most important thing when establishing a business is the location. When looking in the case of DASH Vodka, it has managed to target the correct market, and this is strength in that it has potential customers, who need their services and products. Another success thing about the company is that it has managed to build customer knowledge. This has been achieved by making the consumers aware of their brands and products. When consumers have knowledge about the actions of the company, they develop loyalty, and this is strength on DASH Vodka. Another great thing about DASH Vodka is the competent staff. The company ensures to retain and attract employees who are talented so as to counter their competitors.
Weaknesses
Notably, the company has not managed to get a broad scope of the market. This has restricted DASH Vodka’s growth strategy since it cannot get enough returns from the limited market. The business also experiences significant challenges in that it cannot tell where it will be in the future. Operating without vision deters the company from achieving goals and objectives set during its formation. Also, there are no ready returns which make it difficult to cater certain operational costs. The strategies geared to market and attract customers are time-consuming. The company wastes precious time that could better be utilized in strategizing for future growth.
Opportunities
The company has many opportunities like having the chance to get involved in university events. This is an excellent forum for the company to create awareness of its products to large populations. Given that, this game is highlighted in newspapers, radios as well as TV it serves as a ready tool for marketing. Also, DASH Vodka has a great opportunity for growth since it has been able to increase ROI. This achievement has been possible through the company’s marketing strategy on increasing revenues, reducing costs as well as undertaking a re-evaluation expectation on its investments (Hastings 69). Another important aspect of these events is that the business has the healthy relationship to parties in the venues. This creates a positive image about the company as well as its services and products. Also, the company has loyal customers who repeatedly go for their products.
Threats
DASH Vodka, faces many threats like the presence of new competitors in the market. New firm poses a great challenge to DASH Vodka as they have come with new strategies aimed at winning the larger share of the market. Another noticeable threat is the waiting period from now to the time the company will hold an alumni event. The company faces a dilemma on what changes should be made to bring expected changes. Finally, government’s regulations over alcohol consumption possess a threat to DASH Vodka.
Work Cited
Hastings, Gerard. The marketing matrix: How the corporation gets its power–and how we can reclaim it. Routledge, (2013): 47-123.
