SWOT Analysis of Waterford Wedgwood - Admission/Application Essay Example

SWOT Analysis of Waterford Wedgwood Introduction The report is a discussion of the 250 year old glass and crystal making company Waterford Wedgwood. Before we go into the SWOT analysis of the company, let us first look into the rich history of the company. History Waterford was initially set up in 1783 ashore in the Irish harbor of Waterford. Its originators were two siblings, William and George Penrose, who were imperative designers and central exporters in the city. Their vision was to "make the finest quality crystal for drinking vessels and objects of magnificence for the home." More than two hundred years after the fact, the notoriety they created for making glass of unsurpassed excellence and quality has transcended the interceding hundreds of years. In actuality, medieval documents can show glass making existed in Ireland back in the focal point thirteenth century. An interchange century passed before the venture was revived. Waterford Crystal today has amazingly strong associations with its prestigious progenitor. There is today the same commitment to the uprightness of shade, to the same setup excitement and to the same journey for most significant quality levels possible. The expected cutting samples made celebrated by the artisans of Waterford transformed into the framework establishment for the creating thing run of the new association. The products are heavenly hand custom-made crystal stemware, giftware and lightingware - are arranged and created to the most imperative measures. The target buyers essentially see Waterford Crystal as the best for self and gift purchase. SWOT Analysis Strengths Recognized brand; extremely prominent around families – Waterford Wedgwood have along known rich history and they are best known for their nature of crystal merchandise. Products have modern and unique designs – Wedgwood after being reformed in the year 1951, came up with a different strategy of developing simple yet modern and unique designs. Diversified family extravagance items – they have a variety of product offerings in their luxurious segment for the rich families. collaborative and agreeable associations with celebrated designers and artists and also globally known gourmet experts Ceramic aggregations creating more than 67% of the income – the major market share lies in the manufacturing of ceramic items. Goodwill of Waterford – Waterford is a widely recognized firm with over 200 years of experiences and knowledge in the business sector. This expertise has helped Wedgwood to have sustainability in the market Code of corporate behavior reflects the organizations sympathy toward gurus, executives, and representatives. Hence, fits into the criteria for being a socially mindful firm and has made this data accessible to the overall population and thusly has secured great advertising Trained specialists – They have the best Europeans workers at their disposable who have been making crystal products for years and have in depth knowledge in the field. Handmade special, made crystal pieces – They have 3 types of crystals products, which gives buyer s a wide array of choice. They can choose to buy from the handmade section, the semi-hand made section and machine made products Standard processing methodology – Over the years they have established a standardization in their products which give them an added advantage and quality. multichannel appropriation system (counting wholesalers and game plans with select retail and division chains) high quality items being advertised ionic picture of the brand is strong to the point that the organization doesnt depend vigorously on promoting Weaknesses Increasing pattern in the negative NI from 2006 to 2007 – recently they face a negative income during the year 2006-2007 which was a big concern for them. negative 270.8 million Euros net salary for 2007 no unique deliberations made on publicizing, so as to fortify the picture of their items they will be requiring another promoting method – they do not have a planned marketing strategy which is very essential in today’s era of extensive competition in a state of accounting report bankruptcy; a setback relating to long haul Liability came about no vision articulation Centralized processing – The centralised process of manufacturing is a major loophole in their manufacturing system as it restrict their region of consumers. products are acknowledged as treasures which is decreasing the organizations deals – Their rich quality of the product have been used by families from one generation to another, this decreases the sales as one product is used for a lifetime and people do not feel the need to buy another product. Brands being advertised exclusively, influencing the organizations monetary execution – The other brands and their competitors has innovating branding techniques which are hindering their sales. markets extravagance home wares just, targets specialty advertise just Opportunities Opportunity of entering into ease creating markets of European nations – They should plan to enter new market and grab the untapped consumers to increase their market share. Europe is the best option for them because of its rich history and culture. decentralize fabricating – The manufacturing process needs to be globalised for the business to operate internationally Product line amplification – They need to increase their product and offer more options to their consumers. more circulation system tradition of value may help in gaining new product offerings and circulating channels Further improving its open picture by including something about morally processed items to its CSR approaches – It is very important to have Corporate Social Responsibilities for organisation in today’s business world. Wedgwood is Threats Potential threat for rivalry from European companies – Though they have opportunity of expanding in Europe, they will be facing immense competition from their rivals, especially because of the fact that they do not have strong marketing strategy. lack of enhancement Exchange rate variance – While globalizing one major issue that is faced by various companies is the difference in currency and their exchange rates. They will also be facing the same issue and it might hinder their profits if not handled properly. cost administration due to the scattering of Sales, the organization is exceptionally delicate to the trade rates everywhere throughout the globe where its working impact of the late credit crunch no notice of how morally the item is transformed, may make the buyer to purchase or favor an alternate brand over Waterford Wedgwood Crystal competitive Asian Companies may represent a real threat on the off chance that they choose they need to go universal The competitors have better designed products and a better distribution channel which will be posing a problem for Waterford Wedgwood. Recommendations Waterford Wedgwood is 200 years old company and has a rich presence among its customers. They should work on their strengths and come up with exclusive designs and different ranges for their customers. They should also think of globalizing and expanding their presence in Europe because of the presence of potential customers in those regions. The company has the experience and back up of Waterford which can help them in their business planning further. Another important aspect of today’s business world is the concept of marketing and promotion. All their competitors are using promotion to attract potential customers. Waterford Wedgwood in spite of having world class crystal products, are unable to create and attract new market because of their lack of promotion. They should work and come with an exciting promotion plan to further attract customers and gain back on their market share. Works cited Kollewe, Julia. "Waterford Wedgwood: 250 years of history." the Guardian, 2009. Web. 10 Apr 2014. . Read More