5.1.1 SWOT Analysis
The acronym SWOT is made up of the terms strength, weakness, opportunity, and threats in English. In 1971, Andrews of Harvard University made the initial presentation of it. It is hypothesized that it has developed and been promoted throughout time thanks to the significant use of McKinsey & Company. The SWOT analysis matrix is a tactical analysis method that focuses on drawing conclusions by carefully looking at the study object's internal weaknesses, internal strengths, external threats, and external opportunities [58].
The internal and external strategic environments of Garibsons were looked at using a SWOT matrix. Here are the results:
Chapter 6 Conclusion and Outlook
6.1 Research conclusions
Key elements are first identified through a literature review, PEST analysis, five forces analysis, etc., and then determined and given appropriate weights through an interview investigation procedure used in this study. The attractiveness score (AS) of an alternate approach is then calculated using a questionnaire once the strengths and weaknesses analysis matrix and the opportunity threat analysis matrix have been developed. Finally, the choice of a competitive strategy can be made using a SWOT analysis and a QSPM matrix.
Garibsons Ltd. should pursue a strategy of differentiation. In order to succeed in highly competitive industries or markets, businesses must differentiate themselves from the competition. The goal of creating a company that is appreciated by everyone is elusive, but many entrepreneurs strive for it anyhow. Instead, there are a number of different benefits that might result from taking Garibsons Company down a more concentrated path: Differentiation techniques can help Garibsons compete with rivals without resorting to cutting costs. In addition, if there isn't much that sets your items apart from the competition, differentiation in business might help Garibsons Ltd. to develop a product or service that is truly original. A higher level of customer loyalty is one of the benefits of differentiating Garibsons Ltd.'s business. Customers will be more loyal to the GPL brand even if the price goes up if they think the product is better.
As a form of competitive strategy that places an emphasis on the consumer's needs, differentiation plans are more popular. Barriers can be set up by a company's differentiating advantage, which is based on its core competitiveness and is therefore immune to imitation. Constant innovation can yield indispensible results, leaving competitors with little time to respond or implement any countermeasures at all. Indeed, that is the fruition of a well-executed differentiation plan. corporations' ability to differentiate themselves through strategic action. However, differentiation strategy is inherently dynamic; there is no such thing as static differentiation. As time goes on and our economy and technology advance, so do the needs of our customers. As time goes on, the differences between them will diminish.
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