SWOT Analysis –Traders Joe’s
Strength: What is trader Joe‘s the best at?
The strength on which Trader Joe’s is commonly known for is quality products and recognition for branding; this is one mechanism which puts them apart from other competitors. Trader Joe’s is gratified of their distinctive commodities for the reason that their merchandise lack genetically modified ingredients, artificial flavors and artificial preservatives. The foundation is uniqueness, if the business and organizations may employ this strength to attract more clients to buy at their shops. Nowadays when one walks into their nearest grocery stores, will observe fresh products which is genetically engineered. Everyone is growing more aware of genetically engineered (GE) food stuffs since it has a serious threat to the health and safety of individuals. This is where Traders Joe’s differentiates from other stores and competitors; they offer quality products at fair prices. Reasonable pricing is strength to Traders Joe’s products which they provide. Traders Joes responds to their secret to moderate price by purchasing directly from supplies and they negotiate for the best price. Through this way, they skip middle men which save every single cent. Furthermore, they buy their products in bulk, and therefore they do not charge suppliers fees for placing something on the shelf (Gomber et al., 2017).
Weakness: What is trader Joe’s worst at?
Traders Joe’s lacks in marketing as well as expansion of location. In current world, social media has altered on how businesses markets and do commercialize. Trade Joes has been left behind in advertising. Trader Joe’s would be popular with greater advantage if the customers knew who they are, the products they sell and the uniqueness in their services. Most companies have shifted to social media to do marketing to enlarge their business. For instance, you are scrolling down on Instagram and you see an ad by Wal-Mart concerning cereals, the attention makes one to be eager on what the ad is all about. Most businesses are starting to understand that current age band is entrenched in social media and it is fruitful technique to attract attention. Techniques that Trader Joe’s might change lack of advertisement will be to simply put more money in it. There is high demand for quality foodstuffs across the world; if trader Joe’s does not supply it to the people another company will deliver. Trader Joe’s is supposed to invest opening stores in other areas. It may be expensive at the beginning, but they may get where the money is based depending on the kind of market strategy.
Opportunities: What changes in the grocery retailing Trader Joe’s is supposed to exploit to employ to their advantage?
There should be a door to door delivery service via a friendly trader Joe’s worker. Traders Joe’s is supposed to employ social media and the incorporation of technology in the grocery retailing business to their advantage. There is a get market for online shopping. Trader Joe’s may employ these ways if they hit then they can make them permanent choice (Nguyen, 2019).
Threats: What are competitors doing that may damage Traders Joe’s?
Like all business, they all face threats. Retail stores such Fresh and Easy they also organic stores just like Traders Joe’s. They provide Non-GMO commodities. Fresh and Easy companies seems to be going downhill, I can therefore deduce that its competitors nowadays are The Whole Foods Market Inc., The Kroger CO etc. These traders are capitalizing faster on the social media which Trader Joe’s has failed to incorporate. Competitors are consistently branding their products which customers can count on anytime they go to store. The rivals are expanding and are establishing numberless locations of rivalry grocery store chains.
References
Gomber, P., Sagade, S., Theissen, E., Weber, M. C., & Westheide, C. (2017). Competition between equity markets: A review of the consolidation versus fragmentation debate. Journal of economic surveys, 31(3), 792-814.
Nguyen, X. T. (2019). For Canadian Love of Trader Joe’s: First Sale Doctrine, Reputational Harm, and Lanham Act’s Extraterritoriality. BUJ Sci. & Tech. L., 25, 570.