When a person is visiting a particular brand item shop, Doesn’t he/she have a little bit of confusion in his/her mind about whether to buy from here or look at the shop next door, which is also another famous brand. Doesn’t the mind ever wonder that what would have happened if all these brand shops could be found at one place and under one roof. Harrods made this dream come true. Being one of the largest retail shops, Harrods has brought together a collection of mega brands with all its items gathered for exploring and taking home the most desired products.
The Land of Make Believe
In Store and Online at harrods.com
The overall evaluation of a company’s strengths, weaknesses, opportunities, and threats is SWOT analysis. It involves monitoring the external and internal marketing environment.
EXTERNAL ENVIRONMENT- A business unit(Harrods) has to monitor key macro-environments forces like (demographic, natural, technological, political-legal, and social-cultural ) and significant macro-environmental actors that affects its ability to earn profits . As marketers we need identify the associated opportunities and threats. OPPORTUNITIES-To improve their status from declining, they can use many forms of promotions and opportunities. Increasing brand awareness through social media communications e.g cell phone application, which will keep their customers updated of the deal and offers. And sponsoring renowned magazines which will help them gain different segment audiences, thus increasing sales .
THREATS-Harrods is best known for theirs customer service, and they sell branded goods and products made by designers and artists . their threats are every brand shops opening up their individual retail outlets . Offering lower prices , discounts , rebate and a wider range of collections to brand loyal customers .
INTERNAL ENVIRONMENT-An organization’s internal environment is composed of the elements within the organization, including current employees, management, and especially corporate culture, which defines employee behavior. Although some elements affects the organization, others only affect the managers.
STRENGTHS -Harrods is well known for its unique customer service and visiting the store itself is magical experience. So place and product is our strengths . High quality processes and procedures. Thus adding adding value to our products and services.