Published in Automobiles category by MBA Skool Team
Corvette is one of the leading brands in the automobiles sector. Corvette SWOT analysis evaluates the brand by its strengths & weaknesses which are the internal factors along with opportunities & threats which are the external factors. Let us start the SWOT Analysis of Corvette:
Has been the recipient of several awards being a premium sports car
The brand manufactures lesser units of the car which helps retain its uniqueness and aspirational value
It is a strong performer in many racing events
It has a lineage to it which very few cars have
The brand is backed by the General Motors group
The brand keeps on innovating by coming up with stylish high performance concept cars
Above are the strengths in the SWOT Analysis of Corvette. The strengths of Corvette looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.
Strong competition from international brands have increased pressure on the brand
Fluctuating market condition of General Motors has reduced the brand’s performance
These were the weaknesses in the Corvette SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.
It is yet to explore new markets in term of geography, thus new markets opportunity
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
More branding and advertisingto make it a high recall brand
Above we covered the opportunities in Corvette SWOT Analysis. The opportunities for any brand can include prospects of future growth.
Its market share can be taken by the European manufacturers
People are increasingly preferring eco-friendly & more practical cars rather than cars for pleasure
Macro-economic factors that are against consumption of luxury goods
The threats in the SWOT Analysis of Corvette are as mentioned above. The threats for any business can be external factors which can negatively impact its business.
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