4- SWOT-wr (2)

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Conestoga College *

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8035

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Marketing

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Feb 20, 2024

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MKT 8035 WORKSHEET # 4 SWOT TEAM # _________ SEC # ____________ Discussion among all group members should take place and answer the following questions. What are the Strengths of your Product(s) /Services moving into the Global Market? (Strengths and Weaknesses are internal to the Company) Strengths: 1. Record Annual Sales : Skechers announced record annual sales of $8.00 billion for 2023, indicating a strong financial position and brand appeal (Skechers U.S.A., Inc., 2024, para. 1). 2. Direct-to-Consumer Growth : There was a significant growth in direct-to-consumer sales, up 24.3%, showcasing the effectiveness of Skechers' retail strategy and online presence. 3. Global Brand Recognition : As a global footwear leader, Skechers' brand is widely recognized, which can facilitate market entry and acceptance in new regions. 4. Product Innovation and Diversity : The company's focus on comfort technology, along with a diverse product range including partnerships and collections with well-known personalities, positions it well for varied consumer preferences. What are the Weaknesses of your Product(s)/Services moving into the Global Market? Weaknesses: 1. Dependence on Wholesale : Despite growth in direct-to-consumer sales, a decrease in wholesale business sales was noted, which could indicate vulnerability in B2B relationships. 2. Inventory Management : Although there was a decrease in inventory levels, managing inventory effectively in a new market like Nigeria, with different consumer preferences and sizes, could be challenging. What are the Opportunities of your Product(s)/Services? (Opportunities & Threats are External to the Company) Opportunities: 1. Expanding Retail Footprint : With over 5,000 retail stores globally, Skechers has the opportunity to establish a strong retail presence in Nigeria, leveraging the growing retail sector. 2. E-Commerce Growth : Nigeria's growing internet penetration and e-commerce adoption present an opportunity for Skechers to expand its direct-to-consumer sales channel.

3. Partnerships and Collaborations : Collaborations with local celebrities or influencers in Nigeria could enhance brand visibility and appeal. 4. Product Adaptation : Adapting products to meet local tastes and preferences, such as designs suitable for the Nigerian climate and cultural preferences, could drive market acceptance. What are the Threats of your Product(s)/Services? Threats: 1. Market Competition : Nigeria's footwear market is competitive, with numerous local and international brands vying for consumer attention. 2. Economic Fluctuations : Nigeria's economy can be volatile, with fluctuations in currency and purchasing power affecting consumer spending. 3. Regulatory Challenges : Navigating Nigeria's regulatory environment, including import tariffs and business regulations, could pose challenges for Skechers. 4. Counterfeit Products : The prevalence of counterfeit goods in many emerging markets, including Nigeria, could undermine Skechers' brand integrity and sales.

Be sure to indicate your intext citations and references. Your Final Team Project will be much easier to put together. EXAMPLES: (for an Article – look at @APA for other formats) Intext Citation: (Authors's Last Name, Year of Publication, p.#) Reference: Author, (Year,Month Day). Title of Article. Title of Magazine . DOI or (Retrieved month day year, database name/URL Intext Citation(s): Skechers announced record annual sales of $8.00 billion for 2023, indicating a strong financial position and brand appeal (Skechers U.S.A., Inc., 2024, para. 1). References: Skechers U.S.A., Inc. (2024, February 1). Skechers Announces Record Annual Sales of $8.00 Billion for 2023 . https://investors.skechers.com/press-releases/detail/610/skechers-announces-record-annual- sales-of-8-00-billion-for Skechers U.S.A., Inc. (2024). Annual Reports . https://investors.skechers.com/financial-data/annual- reports Mark C. Green, Warren J. Keegan. (2018). Global Marketing (10th Edition) [Texidium version]. Retrieved from http://texidium.com

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