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Polished Diaper Cakes’ Pricing and Distribution Research Paper

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Updated: Aug 24th, 2020

SWOT analysis is a tool used to assist a business in assessing its relation to other competitive businesses. According to Henry (2008), SWOT analysis refers to strengths, weaknesses, opportunities, and threats. Strengths and weaknesses relate to the internal environment over which a firm has control while opportunities and threats are the external environments that the business has little control. Henry further explains that SWOT analysis is important to businesses. It assists them assess current environments in light to changing environment and competitors and help turn potential threats into opportunities while weaknesses into strengths. This paper, therefore, presents the SWOT analysis, as well as, pricing and distribution strategies of my Polished Diaper Cakes business.

Strengths

As a starting company, Polished Diaper Cakes has much strength. The first one is that it is open to feedback. Once the customer purchases the products and feels that some adjustments need to be made, the Polished Diaper Cakes welcome their views. It is from these views that the company will be able to deliver quality products to its customers. The second strength is the online marketing done to promote the products. The Polished Diaper Cakes use social media tools such as Facebook, Pinterest, Photos, and Instagram in the marketing of its products; it is a marketing strategy that offers a worldwide market for Polished Diaper Cakes. The last strength is the uniqueness of the products of Polished Diaper Cakes that it offers to the market (Hall, 2003).

Weaknesses

In as much as Polished Diaper Cakes Company has strengths, it also has its weaknesses. The first weakness is the fact that as the owner, I am the only one who operates the business with no assistance. The amount of work is, therefore, enormous for me leading to slowed services. The second weakness is that since most of the Polished Diaper Products are creatively made, it takes couples of hours for one person to make them (Henry, 2008).

Opportunities

The Polished Diaper Products has its opportunities too. There are chances and opportunities for this business to grow and become consistent with its marketing strategies. I can, therefore, hire an assistance to help me with the work and ensure more output to meet the needs of the customers (Henry, 2008). Another opportunity is the fact that the Company can have lower prices than its competitors thus attracting more customers. As a starting business, lower prices will ensure that it has a share of the market.

Threats

One of the threats to Polished Diaper Products is the large number of competitive firms offering the same goods and services. Some of these competitive firms had already established their share of the market and may reduce prices, just like my Polished Diaper Cakes Company, to retain its customers (Hall, 2003).

I operate the Polished Diaper Cake business at home. I have everything organized with a color scheme, theme, and gender. It, therefore, becomes advantageous in that I do not have to pay monthly rent. There are many price strategies that my business can adapt such as skimming, everyday low pricing and discounting, penetration, and competitive pricing (Kurtz & Boone, 2011). The effective one is the price penetration strategy. Since the prices of the Polished Diaper Cake range from $50 to $200, I need to check other online retailers who sell similar items so that I can make the prices reasonably low and competitive. The actual price will be based on what the clients want to incorporate in their gift. The business will provide a price quote or basic diaper cakes and the items that are more detailed will be charged higher. The basic distribution channel that the business will utilize is online marketing. I will utilize the website to reach consumers online and business card and flyers as modes of marketing strategies.

In conclusion, it is clear that the achievement of any business will depend on how best a SWOT analysis has been conducted. As the owner of the Polished Diaper Cake business, I must analyze its strengths, weaknesses, opportunities, and threats to achieve the business objectives. Strengths and weaknesses are internal factors while opportunities and threats are external factors that affect my business.

References

Hall, R. E. (2003). Starting a small business: A step-by-step guide to help you plan and start a small business. Haverford, PA: Infinity Publishing.com.

Henry, A. (2008). Understanding strategic management. Oxford: Oxford University Press.

Kurtz, D. L., & Boone, L. E. (2011). Contemporary business. Hoboken, NJ: Wiley

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IvyPanda. 2020. "Polished Diaper Cakes' Pricing and Distribution." August 24, 2020. https://ivypanda.com/essays/polished-diaper-cakes-pricing-and-distribution/.

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IvyPanda. (2020) 'Polished Diaper Cakes' Pricing and Distribution'. 24 August.

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