SWOT Analysis of YETI
Yeti is co-founded by two Brothers Ryan and Roy Seiders Austin, Texas in 2006. The main purpose of this creation is to bring transformation in everyday cooler to elite products which could exceed the expectations. The durability of the coolers was also revolutionized with the high standards. The designs of the Yeti are for the outsiders’. It is the product which is designed for keeping the colds coldest and hot hottest than any other product on market. Yeti is the excellent product with good quality and good prices (Yeti, 2018). Yeti is to analyze its products internally and externally with the help of SWOT analysis. Here is the SWOT analysis;
They Yeti’s founder found the need for the excellent quality of thermal products which must be suitable for the consumer needs. They recognize the market for such products and made efficient use of their abilities for developing the market to such products. Within the short span of time, it is able to create its strong brand image in the consumer mind. It has very strong commercial appearance and people remember it. It has reach to the huge audience, and prove themselves reliable in terms of the promises their product has made (Palmer, 2017).
The main weakness of the Yeti product is the prices it has, as cash is the king, and because of the expensive products, many people are unable to afford the products of Yeti. And this is the main reason of the competitor’s growth and gaining the competitive advantage over Yeti. Despite of having excellent quality, but if the prices are high, sales would be limited. The cost structure of the Yeti is high, which means they have to sell the products in higher prices to cover the cost and profits (Wiki wealth, 2018).
Yeti has achieved the great success in the coolers, colsters and ramblers, it has seen the expanded market itself by depending on the target market. At first, it came up with the coolers but avail the opportunities it also came up with the cups for keeping the products hot. It should avail the opportunity of growing geographically, so that it could be able to enter in the international market. Yet should also look for the low cost structures, so that prices could be kept low in order to increase the sales volume.
The threat from the competitors is great and very high, as the consumers who cannot afford are switching to the rivals or substitute products. The target audience is limited which is why the revenue streams are also limited, and reinvestment is also limited. Thus, Yeti needs to understand this point. The industry of the thermal products have no barriers of entry and Yeti can face the threat form new entrants (Palmer, 2017).
Palmer, N. 2017. NP marketing analysis. Yeti. [Online], Available at: http://npalmer5.blogspot.com/2017/03/hello-everyone.html, [Accessed on: 30th November, 2018].
Wiki wealth, 2018. SWOT analysis of Yeti. [Online], Available at: http://www.wikiwealth.com/swot-analysis:yeti-coolers-inc, [Accessed on: 30th November, 2018].
Yeti, 2018. About us. [Online], Available at: https://intl.yeti.com/, [Accessed on: 30th November, 2018].