The definition of strengths within a company refers to the competitive advantages a company possesses. These are internal factors which are controlled by the organization itself.
The concept of strengths encompasses those aspects that the entity performs well or supplies that makes it stand out amongst its competitors within the market. These strengths are what gives the company an advantage, allowing it to dominate the market.
Strengths are used above all to specify what your business does well. Once you detect the strengths of your company, you can focus on them and promote them when it comes time to implement your program of marketing.
Examples of Strengths of a Company
If a company is aware that it makes a cheaper product than the rest of the industry, it can establish this as a strength. It doesn't have to be the best in the industry to recognize it as a strength. Strengths may change depending on the type of business and the activity you do. Sometimes it is enough to present a value added to services.
This term falls within the analysis DAFO along with weaknesses, threats and opportunities.
- Customer Service: understand pricing, returns, and advertising and clear communication with customers.
- Environment: new companies are able to gain a foothold in the market thanks to this aspect. It addresses the company's responsibility to the environment and the policies it applies to make it beneficial.
- Logistics: refers to the manufacturing capacity and the costs incurred during the creative phase, as well as getting the product or service into the hands of the consumer.
- Innovation: commitment to new technologies in an attempt to adapt to market needs. It seeks to be the first to set new trends and anticipate future demands in the market.
- Staff: having a large staff, capable of being motivated and offering optimal performance in all kinds of situations, will ensure the success of the business.