Published by MBA Skool Team, Last Updated: April 12, 2020
SWOT analysis of Hot Wheels analyses the brand by its strengths, weaknesses, opportunities & threats. In Hot Wheels 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 Hot Wheels to benchmark its business & performance as compared to the competitors. Hot Wheels is one of the leading brands in the media & entertainment sector.
The article below lists the Hot Wheels SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Hot Wheels SWOT Analysis:
For Hot Wheels, 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.
Hot Wheels Strengths
The strengths of Hot Wheels 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 Hot Wheels :
1. Brand recall is very high 2. Organizes contests for car enthusiasts which increase brand loyalty 3. Has books and movies dedicated to the brand
4. Has a presence all over the world
5. Wide range of products for the customers to choose from
6. Excellent branding through TVCs and print ads
Hot Wheels Weaknesses
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 Hot Wheels SWOT Analysis:
1. Not too many car accessories not available 2. Can be easily imitated
Hot Wheels Opportunities
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 Hot Wheels SWOT Analysis:
1.Can add more car accessories 2.Can add more product lines to its portfolio
Hot Wheels Threats
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 Hot Wheels are as mentioned:
1. Other retail toy stores 2.Outdoor games 3.Television
Hot Wheels Competitors
There are several brands in the market which are competing for the same set of customers. Below are the top 4 competitors of Hot Wheels:
1.Brooklin Models 2.Western Models
Hence this concludes the Hot Wheels SWOT analysis.
Hot Wheels has all the adrenaline and speed of car races in scale
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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