Tgv Swot Analysis

What is a SWOT analysis?

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT Analysis is a business tool that can be used to aid in making strategic planning decisions. It will assist you in many areas which include your business planning, financial planning and product development. This will be a handy business tool that can help businesses grow proactively and purposefully. The SWOT Analysis will help you to identify your business’s strengths, weaknesses, opportunities and threats, so that you can you can address them accordingly and appropriately.

The SWOT Analysis is divided into two part - Inside Matters & Outside Matters.

Strengths and Weaknesses analysis are Inside Matter. Strengths is defined as the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission. It could be with regards to the work processes, organization, culture, staff product quality, production capacity, image, financial resources & requirements, service levels, other internal matters. The categories for weakness can be the same as that strengths. However, it represents the drawbacks that hinder an organization in executing strategies in pursuit of its mission.

The Outside Matters includes Opportunities and Threats. Opportunities are environmental factors that the organization may exploit for competitive advantage, whereas threats are environmental factors that hinder an organization in achieving a competitive advantage. Both opportunities and threats can be separated into these categories: market segment analysis, industry & competition analysis, impact of technology on organization, product analysis, governmental impacts or any other external matters.

T.G.I. Friday’s is rather successful as the company has nearly 1000 branches worldwide. They also have separate menus for lunch, dinner, and for the different alcoholic drinks, which make the dining experience more exquisite. Furthermore, it has a strong management team, thus T.G.I. Friday’s will be able to reach its potential by utilizing strengths and eliminating weaknesses.

Having a strong brand name is a major strength of T.G.I. Friday’s. This suggest that the corporation have brand popularity and market power. This gives T.G.I. Friday’s the ability to charge higher prices for their products because consumers place additional value in the brand. When they are given a choice, customers are loyal to T.G.I. Friday’s. Therefore instead of targeting all customers, TGI Friday's only needs to target new customers in order to expand their consumer base.