Published by MBA Skool Team, Last Updated: April 27, 2020
SWOT analysis of Corvette analyses the brand by its strengths, weaknesses, opportunities & threats. In Corvette SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like Corvette to benchmark its business & performance as compared to the competitors. Corvette is one of the leading brands in the automobiles sector.
The article below lists the Corvette SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Corvette SWOT Analysis:
For Corvette, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
The strengths of Corvette looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of Corvette :
1. Has been the recipient of several awards being a premium sports car
2. The brand manufactures lesser units of the car which helps retain its uniqueness and aspirational value
3. It is a strong performer in many racing events 4. It has a lineage to it which very few cars have
5. The brand is backed by the General Motors group
6. The brand keeps on innovating by coming up with stylish high performance concept cars
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Corvette SWOT Analysis:
1. Strong competition from international brands have increased pressure on the brand
2. Fluctuating market condition of General Motors has reduced the brand’s performance
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Corvette SWOT Analysis:
1. It is yet to explore new markets in term of geography, thus new markets opportunity 2.The engine size can either be reduced or re-tuned to generate more power as it has been noticed that it has less power comparatively 3. More branding and advertising to make it a high recall brand
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Corvette are as mentioned:
1. Its market share can be taken by the European manufacturers 2. People are increasingly preferring eco-friendly & more practical cars rather than cars for pleasure 3. Macro-economic factors that are against consumption of luxury goods
There are several brands in the market which are competing for the same set of customers. Below are the top 5 competitors of Corvette:
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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