TMA 01 SWOT Analysis – SecretSales.com Cofy Chambers 10/31/2017 What is a SWOT analysis? A SWOT analysis is a tool used to either help a business or a person perform better. When used by a person, it can aid them in uncovering possibilities that they may not have spotted before. It can also lead to self-improvement, by making one realise where they can do better. The same can be said for a business though, as it will help a business to become better at what they’re doing. By using a SWOT analysis properly and effectively, you should be able to eliminate, or at least reduce any threats to your business. More than this though, by using the SWOT competently you can distinguish yourself from any competitors. (Block 1 – Pg 66) Human …show more content…
My reason for this is because the company rely heavily on word of mouth. I also think the company need to focus on making partnerships with higher end well-known brands. Personally I feel that the brothers would be able to drive more sales through their website with well-known brands that people want to buy. Secondly, I believe that SecretSales.com need to increase their profit margins as ‘it’s a low-margin business that depends heavily on achieving a high volume of sales.’ (Rebecca Burn-Callander 2016) How do you thinkSecretSales.com should respond to the most important issues arising from the SWOT analysis? I think SecretSales.com should respond to the issues in the SWOT analysis by changing the way they market themselves. I think they should push their marketing more ‘out there’ to get more recognised. I also think they should be marketing themselves more on television, but also through social media as 2.46bn people worldwide use social media. (Statista, 30/10/17) I also think that SecretSales.com should work on increasing their profit margins. They’ve already stated that they need a high volume of sales to turn and generate high profits, so they should look at increasing these. There are several ways they could do this and one is by increasing prices on their most sold item(s). They would then need to decrease their discounts to in turn increase their