SWOT analysis stands for an organization’s strengths, weaknesses, opportunities, and threats; it provides a strategic analysis of the company’s businesses and operations. “Financial and Strategic SWOT Analysis provides a comprehensive insight into the company’s history, corporate strategy, business and financial structure, management and operations,” (swotanalysis24.com). SWOT analysis can be useful for forming a competitive advantage for the company. It allows a company to examine where they are lacking and what needs to be fixed. Strengths of Quicken Loans include their formation under the Intuit company, which was already popular and successful. This allowed them to easily access the mortgage lending market. Their weaknesses include being
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“We’ve created a company culture and environment that encourages people to take initiative and recognizes them for their accomplishments,” Dan Gilbert stated when talking about the company’s environment (Quickenloans.com). Some of the company’s top competitors in the mortgage lending market include Lending Tree and Wells Fargo Home Mortgage Inc. As a result, Quicken Loans has to adapt to the competition within the environment in order to stand out and succeed. With that being said, those are not the only environmental factors that affect Quicken Loans. Economic factors that Quicken Loans deals with is the high amount of money that the company loans each year. Political and legal factors that Quicken Loans has faced was becoming the defendant in a class action lawsuit in 2004. Employees accused Quicken Loans for violating the Fair Labor Standards Act and failing to compensate them for overtime work. In 2011, a federal judge ruled in favor of Quicken Loans. The demographic aspect of Quicken Loans includes where the organization takes place and who has access to it. Quicken Loans has a strong online presence but are mostly located in smaller U.S. cities, such as Detroit, Cleveland, Scottsdale, and Charlotte. As a result, the environment of Quicken Loans operates their company based on the economic advantage of their business with the thought of …show more content…
They examine and attempt to resolve each individual comment or complaint they receive from their customers. Research states that more customers have had a positive experience rather than a negative experience. Some current challenges that Quicken Loans currently face are similar to their SWOT analysis threats. The fluctuation of the current economy has proven to be a challenge for Quicken Loans, especially with the unsteadiness of the housing market over the last decade. Some Challenges in the workplace include diversifying their employees, with only twenty-six percent of employees being a minority, and only forty-five percent of employees being women. Although Quicken Loans is faced with these challenges, they are currently working hard to improve upon
“We’ve created a company culture and environment that encourages people to take initiative and recognizes them for their accomplishments,” Dan Gilbert stated when talking about the company’s environment (Quickenloans.com). Some of the company’s top competitors in the mortgage lending market include Lending Tree and Wells Fargo Home Mortgage Inc. As a result, Quicken Loans has to adapt to the competition within the environment in order to stand out and succeed. With that being said, those are not the only environmental factors that affect Quicken Loans. Economic factors that Quicken Loans deals with is the high amount of money that the company loans each year. Political and legal factors that Quicken Loans has faced was becoming the defendant in a class action lawsuit in 2004. Employees accused Quicken Loans for violating the Fair Labor Standards Act and failing to compensate them for overtime work. In 2011, a federal judge ruled in favor of Quicken Loans. The demographic aspect of Quicken Loans includes where the organization takes place and who has access to it. Quicken Loans has a strong online presence but are mostly located in smaller U.S. cities, such as Detroit, Cleveland, Scottsdale, and Charlotte. As a result, the environment of Quicken Loans operates their company based on the economic advantage of their business with the thought of …show more content…
They examine and attempt to resolve each individual comment or complaint they receive from their customers. Research states that more customers have had a positive experience rather than a negative experience. Some current challenges that Quicken Loans currently face are similar to their SWOT analysis threats. The fluctuation of the current economy has proven to be a challenge for Quicken Loans, especially with the unsteadiness of the housing market over the last decade. Some Challenges in the workplace include diversifying their employees, with only twenty-six percent of employees being a minority, and only forty-five percent of employees being women. Although Quicken Loans is faced with these challenges, they are currently working hard to improve upon