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Ralph Lauren and Hot Topic What issues do these competitors have to deal with ? INTERNAL...

Ralph Lauren and Hot Topic

What issues do these competitors have to deal with ? INTERNAL and EXTERNAL ? Do a swot anaysis

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A SWOT (strengths, weaknesses, opportunities and threats) analysis looks at internal and external factors that can affect your business. Internal factors are your strengths and weaknesses. External factors are the threats and opportunities. If an issue or situation would exist even if your business didn't (such as changes in technology or a major flood), it is an external issue.

Addressing individual issues

You can conduct a SWOT analysis to address individual issues, such as:

  • staffing issues
  • business culture and image
  • new product development
  • organisational structure
  • advertising
  • financial resources
  • operational efficiency.

When you're conducting an individual SWOT analysis, keep in mind that a strength for one issue might be a weakness for another. You might also identify a weakness, such as a gap in the market that you're not covering, that could be an opportunity for your business.

Develop a strategy to address issues in the SWOT

Review your 4 prioritised lists by asking:

  • How can we use our strengths to take advantage of the opportunities identified?
  • How can we use these strengths to overcome the threats identified?
  • What do we need to do to overcome the identified weaknesses in order to take advantage of the opportunities?
  • How will we minimise our weaknesses to overcome the identified threats?

Once you have answered these questions and finalised your lists, you can now use the SWOT analysis to develop strategies for achieving your business goals.

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