State Farm SWOT Analysis

Published in Banking & Financial Services category by MBA Skool Team, Last Updated: April 26, 2020

Here is a detailed SWOT analysis of State Farm covering strengths, weaknesses, opportunities and threats.

State Farm Strengths

  1. Strong position in domestic US market with a good market share
  2. Strong revenues of the company
  3. Employee strength of about 65,000+
  4. High growth rate of the company owing to modern services
  5. Brand recognition and customer loyalty
  6. High credit rating adds to credibility and brand value

Above are the strengths in the SWOT Analysis of State Farm. The strengths of State Farm looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.

State Farm Weaknesses

  1. Overdependence on US market
  2. Litigation issues faced by the company

These were the weaknesses in the State Farm SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.

State Farm Opportunities

  1. More focus on retirement insurance and pension policies
  2. Buoyant asset management market
  3. Mutual funds offer a strong growth opportunity for the firm

Above we covered the opportunities in State Farm SWOT Analysis. The opportunities for any brand can include prospects of future growth.

State Farm Threats

  1. Fiercely competitive insurance market in US 
  2. Recession in US and weakening of financial markets
  3. Frequent occurrence of natural disasters

The threats in the SWOT Analysis of State Farm are as mentioned above. The threats for any business can be external factors which can negatively impact its business.

Read Similar SWOT analysis

Hence this concludes the State Farm SWOT analysis.

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About State Farm

The table below gives the brand overview along with its target market, segmentation, positioning & USP

State Farm Overview
Parent Company

State Farm Insurance

Category

Insurance

Sector

Banking & Financial Services

Tagline/ Slogan

Like a good neighbor, State Farm is there

USP

Company offering wide range of insurance products for everyone’s need

State Farm STP
Segmentation

Individual life insurance, health insurance, Home insurance, Auto insurance, Mutual Funds

Target Market

Individuals, Home buyers, Auto buyers, Mutual Fund Investors

Positioning

An expert in providing life, health and non-general insurance and financial solutions to its customers


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.

Browse marketing analysis of more brands and companies similar to State Farm. This section covers SWOT Analysis along with Segmentation, Target Market, Positioning & USP of more than 2000 brands from over 20 industry sectors.

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