Yaanom Beyebi is a firm with the desire or intention of venturing into the manufacturing sector in Ghana. As we are told the market is promising and lucrative nevertheless very competitive.
However, before anyone can enter into any business venture, it is very essential to study the market and have an in-depth understanding about how the industry operates. This is done by analyzing all the factors affecting the business internally and externally in order to know what strategy to adopt to stay competitive.
SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. It is commonly applied to a product, project or business to assess its position in the competitive market. Taking into account every detail of the project, marketers try to get a picture of how it would fare in the market against competitors.
Strengths are internal factors that a firm may build on to develop a strategy. e.g. Access to a good distribution network, a well trained workforce, a creative and motivated workforce and good employee relations are strengths which can be instrumental in giving the business the needed competitive advantage.
Weaknesses are internal factors that a firm may need to protect itself against such as: a poor product range and ineffective promotion, high levels of borrowing and low rates of return, inefficient equipment and poor quality, all these factors can have serious effect on the possibility of venturing into a new market.
Opportunities are the external factors; these include an untapped market for a product, expansion in the business sector with many future opportunities of success, changes in government policy related to a particular industry. In Ghana the over the past decade the government has been supporting businesses and industry by promoting venture capital fund, BUSAC Fund, SPEED credit line and other business initiatives.