Swot and Competitive Analysis
The strengths of Toddler Couture are the ability to sell clothing online, good customer service, a wide product range, and high-quality clothing. Being able to sell clothing online is a major strength in the retail sector today. The buyer’s decision-making process has changed dramatically in recent years.The weaknesses are not being a well-known brand, no global presence, and new brands can have a difficult time gaining trust from consumers. Since Toddler Couture is a new business we are not a well-known brand, it will take us awhile to attract new customers and for them to purchase clothing from us. Our opportunities are expanding into other markets, building a social media presence, economic growth, and working with parent influencers. Expanding into other markets is an opportunity because with expanding into new markets we will be able to target more customers. The threats are high competition, established brands, the current economic situation, and knock off brands. Due to the current economic situation, it can be hard opening up a new business. Knock off brands are a threat because they sell similar products at a cheaper price range.
Comparing Toddler Couture to Baby Dior and Dolce & Gabbana Kids can be successful. Although Baby Dior and Dolce & Gabbana Kids are well-known companies, their high price points make their customers inclined to move to a company that offers upscale children's apparel but at a reduced cost. Toddler couture will provide luxurious children's apparel that is nonetheless reasonably priced. Although Baby Gap, H&M Kids, and Carter's are among the leading manufacturers of children's clothing that is incredibly affordable, they are not necessarily in the luxury children's clothing sector. Nevertheless, our target customers are also their target customers. However, even though our apparel will be slightly more expensive, it will be of greater quality, so I do think that toddler couture will succeed in comparison to these brands. Additionally, Toddler Couture will have a stronger online presence.
