SWOT Analysis
Strengths:
• Mr Price as a whole is a very well established and well-known company.
• It has been around for many years and this has helped gain a large market share in the market they operate in.
• Mr Price offers a wide variety of products and services.
• Affordable and trendy fashion clothing with different fashion lines.
• Offer variety of clothing, home wear and sportswear.
• They have a very strong Corporate Social Responsibility.
• Often have discount sales and price decreases on seasonal items such as clothing, beach towels, sportswear, etc.
• Offer online services such as online shopping, blogs that inform members of new arrivals, etc.
• Mr Price has invested a lot of time as well as money in their forms of advertising. …show more content…
These external factors contribute to the market environment. The market environment refers to the relationship with the customers of the business, we use a tool called Porters Five Force Model to analyze the market environment.
Porters Five Force Model
Level of Rivalry in the Market
Mr Price is involved in an ever changing market and keeping up with the latest trends, fashion, sport equipment, etc. Mr Price has to ensure that they know exactly what there competition is doing. Mr Price has fairly stiff competition with the likes of Edgars and Cotton On in the clothing department. Mr Price needs to outperform their competitors to lure customers towards them. The level of rivalry is only going to increase in the future as new businesses will enter the market and existing smaller ones will grow to the point where they are on the same level as Mr Price.
Strategy:
Mr Price can introduce promotions on popular sales as this will promote the image on the business and will make the company more attractive than its competitors. Introduce customer loyalty cards and programs to earn points on items they purchase which can then be used to buy other products for free.
The Threat of New …show more content…
This in turn my prompt a customer to shop elsewhere. Mr Price again has to ensure that there is a substitute product if they cannot provide the intended product. The relationship between Mr Price and its respective suppliers has to be healthy and accommodating for both parties involved as this will ensure that the supplier is good to Mr Price and looks after
Strengths:
• Mr Price as a whole is a very well established and well-known company.
• It has been around for many years and this has helped gain a large market share in the market they operate in.
• Mr Price offers a wide variety of products and services.
• Affordable and trendy fashion clothing with different fashion lines.
• Offer variety of clothing, home wear and sportswear.
• They have a very strong Corporate Social Responsibility.
• Often have discount sales and price decreases on seasonal items such as clothing, beach towels, sportswear, etc.
• Offer online services such as online shopping, blogs that inform members of new arrivals, etc.
• Mr Price has invested a lot of time as well as money in their forms of advertising. …show more content…
These external factors contribute to the market environment. The market environment refers to the relationship with the customers of the business, we use a tool called Porters Five Force Model to analyze the market environment.
Porters Five Force Model
Level of Rivalry in the Market
Mr Price is involved in an ever changing market and keeping up with the latest trends, fashion, sport equipment, etc. Mr Price has to ensure that they know exactly what there competition is doing. Mr Price has fairly stiff competition with the likes of Edgars and Cotton On in the clothing department. Mr Price needs to outperform their competitors to lure customers towards them. The level of rivalry is only going to increase in the future as new businesses will enter the market and existing smaller ones will grow to the point where they are on the same level as Mr Price.
Strategy:
Mr Price can introduce promotions on popular sales as this will promote the image on the business and will make the company more attractive than its competitors. Introduce customer loyalty cards and programs to earn points on items they purchase which can then be used to buy other products for free.
The Threat of New …show more content…
This in turn my prompt a customer to shop elsewhere. Mr Price again has to ensure that there is a substitute product if they cannot provide the intended product. The relationship between Mr Price and its respective suppliers has to be healthy and accommodating for both parties involved as this will ensure that the supplier is good to Mr Price and looks after