SWOT Analysis
From analysis of the SWOT table above, the Yuki bar’s biggest strength is seen to be its unique approach to a simple ‘bar’ concept. With a modern and specialised environment, the Yuki bar is an exclusive business that offers more choices, cheaper prices and ultimate convenience. The Yuki bar’s strengths grow with its location as it is central to the heart of Bunbury and directly opposite the taxi rank. Although there is no direct competition to the Yuki bar, other bars, pubs and clubs are located further down the main street which gives the Yuki bar the prime location for targeted customers.
However, as the Yuki bar is a new concept to the town of Bunbury, it has no established reputation which may prevent customers from wanting to ‘try it out’. This weakness is paired with the exterior attractiveness of the building. The location for the Yuki bar is an older building which is part of its appeal. However some customers may be turned off by this and expect the same for the interior of the building, which will in fact be quite modern with a clean and fresh appeal. There is also weakness such as; ease of getting permits and approvals, hiring staff and financing the business, which need to be considered. The Yuki bar may offer many opportunities, especially for the future. Being a well-advertised business, the concept of the Yuki bar may be open for franchising in the future. As the bar prides itself on being up and coming with the times and appealing to popular culture, the Yuki bar will constantly be updating his interior to match with current trends within the target market. However, this may be financially threatening to the business especially as the operating prices increase along with customer demand. Further threats to the business include; competition with other businesses in the area and rent, bills and operational costs. |
STRENGTHS:
A Strength is essentially a factor from within the company that has resulted in the success of the organisation · Ideal location – central to town, next to taxi rank · Far from competition - Most bars, pubs and clubs are further down the main street · Specialisation and uniqueness – New, nothing like it in WA, specialises in gaming, bar and longue facilities for 18 to 30 year olds · Modern – Hip and cool, appeals to the target age · More choices – More things to do in a bar, play games, drink, dance, lounge, eat · Branded image – Only one Yuki bar, exclusive · Clean, fresh, new environment · Relates to popular culture – what people are into these days · Cheaper menu prices for food and drinks · Appeals to the general age population of the South-West WEAKNESSES: A Weakness of an organisation can be detrimental to the survival of the company · New and not established – People may be reluctant to try it, no reputation, people’s high or low expectations · Funds – May find it hard to get sponsors or raise funds to support the business · Exterior attractiveness – Older building, may put customers off · Staff – prefer staff to be in the target age brackets of 18-30 · Permits – Ease of getting alcohol license, business permit, footway approval · Disability facilities – Will there be easy access for people with disabilities as well as facilities to make them comfortable and their time enjoyable? OPPORTUNITIES: An opportunity allows a company to increase profits by offering a gap in demand, a wider consumer base, or an opportunity to reduce costs. · Well-advertised – advertising through social media, posters etc. · Popular culture always changing therefore business will need to move with the times – Set the business up so it is easily adaptable to current trends so there is always a high demand · Possible future franchising THREATS: A threat can affect the company negatively, especially if the company is unable to adapt to the threat and mitigate its harmful effects · Operating costs will increase on demand · Rent, Bills etc. · Competition with other bars and cafés in the area - Other bars may lower their prices · Other gaming bars - only one other business in Australia. Located in Melbourne · Permits |