Understanding the dynamics of the competitors in the industry helps assess the potential opportunities of every business venture by differentiating the similar products or services offered by the company against other business organizations (Monger, 2006). Considering the factors that directly and indirectly affect and influence the entirety of the business operations contributes to the competitiveness of the whole functioning of the business.
As such, it is important to review and critically examine the specific individuals or groups of individuals that manage parts or chains of operations that are relevant to the operations of the company and to realistically assess potential levels of profitability, opportunity and risk based on five key factors within an industry so as to determine the long-term profitability of a market or market segment. This study will provide an analysis of the environment in which the organization/event must Operate.
This should include a brief discussion on each of the following: SWOT analysis A SWOT Analysis is a structured approach to evaluating the strategic position of a business by identifying its strengths, weaknesses, opportunities and threats. It provides a simple method of synthesizing the results of the marketing audit by summarizing the company’s strengths and weaknesses as they relate to external opportunities and threats (Elliot, 1997).
Strengths and weaknesses will derive from the internal marketing audit analysis. Opportunities and threats will derive from the external marketing audit analysis. Strengths – location, ease of access, prize money attracts lots of media, Layne Beachley attracts lots of attention, time – before summer so good time to go the beach and attract people to surfing. Weaknesses – can’t predict weather or surf conditions, ability to draw crowds to womens surfing event, havaianas pulling out of event
Opportunities – raise the status of womens surfing, ability to affiliate with charities to raise awareness, raise the profile of surfers, new event – lots of improvement can happen, improve on similar surfing events Threats – other surfing events, other sporting events, events/ festivals in the Sydney area that may attract potential consumers of the surfing event. Strengths, weaknesses, opportunities and threats (SWOT) analysis is a synthesis technique used to identify potential management opportunities for a business, property or organization as part of strategic planning, management or marketing.
The technique is applied systematically to summarize the major SWOT that has been examined from other analyses of the business, such as market, site and competition analyses. A matrix is developed that allows for cross-referencing information from various analyses to determine common themes. The major and recurring themes build to become the SWOT of the business (Katsikeas et al, 2002). To illustrate the nature of the analysis, examples of this analysis are presented in the context of a community better positioning itself for Havaianas Beachley Classic.
Strengths are characteristics that give the community competitive advantages such as a unique recognizable historical district or close proximity to natural and historical attractions. Weaknesses are aspects of the business that have performed poorly or not to expectations. For a community, this may be a poorly organized hospitality sector, or little available accommodation. Opportunities are usually the result of a combination of strengths and weaknesses.
For example, with a limited accommodation capacity and a unique historical district there may be opportunities to develop surfing events. Threats are more difficult to identify since many threats are usually external factors that includes economic, environmental, and political factors that cannot be controlled by the community, but must be considered in the analysis process. In the case of the community, they may include a weak regional economy or restrictive historical legislation (Katsikeas et al, 2002).
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