1st Central SWOT analysis evaluates the brand by its strengths, weaknesses, opportunities & threats. In SWOT Analysis of 1st Central, 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 1st Central to benchmark its business & performance as compared to the competitors, and make strategic improvements. 1st Central is one of the leading brands in the banking & financial services sector.
The article below lists the 1st Central SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the 1st Central SWOT Analysis:
In this article:
For 1st Central, 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 1st Central 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 1st Central :
1. Customer centric and exceptional Customer service
2. Rapidly growing company with ambitious business goals.
3. Employs a robust and flexible rating software which has enabled rapid growth and profitability.
4. Sophisticated end to end claims management system in place.
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 1st Central SWOT Analysis:
1. Only focused on UK customers means limited market share
2. Still in the process of making itself an established Insurance company
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 1st Central SWOT Analysis:
1. Geographical expansion through tie-ups
2.Introduce more products and services
3. Acquisitions would help the brand grow further
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 1st Central are as mentioned:
1. Entry barriers to the Insurance industry is low in Gibraltar because of less regulations, this poses of major threat from new entrants.
2. Increasing awareness among customers
There are several brands in the market which are competing for the same set of customers. Below are the top 3 competitors of 1st Central:
1.Collingwood Insurance Company
2.Ibex Motor Insurance
Hence this concludes the 1st Central SWOT analysis.
Continue reading more about the brand/company.
|1st Central Overview|
1st Central Group
Best Young Driver Insurance, Cheap New Driver Insurance
High standard of customer service, driving down the cost of car insurance
|1st Central STP|
Car and Pet Insurance
Working and middle class, Young and new drivers and motorists
Low cost, high standard insurance
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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