Why is it an opportunity to have change in consumer taste? (In SWOT Analysis)
http://www.mindtools.com/pages/article/newTMC_05.htm
Be sure to read this whole article; then imagine you own a women's clothing line and you will be dealing with a change in the customers' taste(s) -- say, a swing to preference for longer dresses than for short ones.
Now go through the SWOT lists in that website and see where you are.
Is one reason because your business gets to expand and develop new methods to satisfy the needs of the consumers?
Any other suggestions?
Thanks.
That's a good start. After you've carefully read the article recommended by Writeacher, I'm sure you'll be able to expand on your ideas.
You haven't gone through ALL the questions in each of the sections:
S = five questions
W = four questions
O = six questions
T = six questions
You need to imagine a situation (like what I named above or something you think up) and then THOROUGHLY analyze it, using all those questions in SWOT in the website.
In SWOT analysis, "opportunity" refers to external factors that can potentially benefit a business or organization. Consumer taste is one such factor that can present an opportunity.
Consumer taste is constantly evolving and changing. When there is a shift in consumer taste, it can create an opportunity for businesses to adapt and capitalize on the changing preferences. Here's a simple explanation of why it can be considered an opportunity in SWOT analysis:
1. Identify the change in consumer taste: To recognize this opportunity, you need to stay updated on market trends, conduct market research, and observe any shifts in consumer preferences or behaviors. This could include changes in fashion, technology preferences, dietary preferences, or any other category relevant to your business.
2. Analyze the impact: Once you identify the change, analyze how it impacts your business. Is it a positive change or a negative one? For example, if there is a growing demand for eco-friendly products, it could be an opportunity for businesses to develop and market sustainable alternatives.
3. Exploit the opportunity: If the change in consumer taste aligns with your products or services, you can take advantage of the opportunity by adapting your offerings to meet the new demands. This might involve modifying existing products, launching new ones, or adjusting your marketing strategies to target the changing consumer preferences.
4. Gain a competitive advantage: Successfully adapting to changing consumer taste can give you a competitive advantage over your competitors. By being proactive and responsive to consumer demands, you can position yourself as a market leader or differentiate yourself from others in your industry.
Overall, change in consumer taste presents an opportunity by allowing businesses to stay relevant, meet evolving consumer needs, and potentially grow their market share. However, it's important to continuously monitor and adapt to these changes to remain competitive and seize the opportunity.