Opportunities can often come from some "left-field" inspiration. When an opportunity arises you need to be able to react quickly and capitalize on it.
While I am on the subject of the Atkins Diet who did it present a threat to? How about Krispy Kreme Donuts not to mention bread, cookies, potato chips, milk, yogurt, and the list goes on and on.
You might say, "No one could predict that the diet would catch on like it did." You would be right.
There was no way to prepare for this particular threat but you could look at the negatives of your product or service and be aware of areas to attack.
In the 1930's Coke had the most recognized package in the world the six-ounce swirling bottle design. There were six and a half million of these bottles in vending machines all over the country.
Pepsi decided to attack Cokes strength — its package and distribution method. Pepsi came out with the twelve-ounce bottle at the same nickel that Coke was charging.
Coke sales slumped across the country. Faced with twice as much product for the same price people chose Pepsi.
Coke not only had to enlarge their distinctive bottles and meet Pepsi's price but also retool all their vending machines that were only designed to carry the smaller bottles.
It was a very expensive threat to Coke.
The Bottom Line Of Your SWOT Analysis
As you can see there are always going to be opportunities and threats to your business.
Some will be real some will not. The movie industry was concerned that TV would empty movie houses.
Both are stronger today than they've ever been because they turned perceived weaknesses into strengths and opportunities.
Take a cold hard look at your business though the eyes of a SWOT analysis and you may find success where you never saw it before.
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Based in Bozeman, MT, Tom Egelhoff is the author of How To Market, Advertise & Promote Your Business Or Service In A Small Town, and The Small Town Advertising Handbook: How To Say More And Spend Less. He is also a seminar and workshop presenter and trainer. He may be reached at 406-585-0219 or PO Box 271, Bozeman, MT 59771-0271
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