SWOT analysis for the company LIDDUP Term Paper

SWOT analysis for the company LIDDUP - Term Paper ExampleInnovation can lead a business towards a boffo path but only when it is done take holding in mind the real problems faced by the consumers. Each & every product we use at once is the result of an macrocosm. The purpose of the innovation is very important & also its acceptance by the society is also important. The people who developed mobile phones, first of every last(predicate) put due weight age on the necessity of talking while moving. Otherwise fixed phones were enough for communication. Therefore its necessary for the innovators to keep a constant touch with the intended market. This helps them in getting better ideas & better inputs for the product they are going to launch. Innovation also has a devise link with creativity. Creativity is the inborn trait of an entrepreneur who effortlessly succeeds in his work & can work with a team by providing them proper advocate & leadership. Creativity is the inborn talent of a person which can be nurtured with the help of proper research, in order to make a unique product. once again the term Invention is just an idea. Until & unless the product becomes commercially viable, it cant be called an Innovation. Innovation requires a lot of development & design work. Both innovation & creativity, together paves the way for wealth creation only if the new product is accepted by the market. (Swann, 2009, p.23) Strategy The term strategy was initially used in wars for developing tactics to win over the enemy. Business is also a kind of war, where the rival firms are call uped as enemies & everyone fight with each other to arrive at the maximum market share & maximum sales. In this war the weapon is strategy. A strategy is a tool used for managing the organizations resources in order to mitigate risks & optimize resources. This is the simplest definition of the term strategy. However in real life, the organization faces a lot of complexity to form & maintain a strategy. The anticipation of the future risks & benefits is termed as SWOT analysis in the language of management. It helps in getting knowledge about the past & thinking about apparent solutions to an existing or potential problem. The method involves detailed study of the market, the company & competitors. The analysis includes two parts the internal environment includes the strength & weaknesses of the company which is controllable by the company itself. The external environment consists of the threats & opportunities which are completely controlled by the outside sources like market & competitors. (U.S. Department of Agriculture, Risk Management Agency, 2008, p.1) The focal delegate of our discussion would be a new product, which is a cooler that comes with built-in LED lighting, developed by a company named LiddUp. Here we will consider the features of the product, SWOT analysis of the product, evaluation of the current strategic plan of the firm & formation of our own stra tegies to improve the business. The Product LiddUp cooler is the brain child of Jayson Sandberg of Las Vegas who has 27 years of sales & customer service experience. He was assisted by Taylor Gwiazdon who graduated from Brentwood High School in 2004 with an engineering degree & presently, he is the bailiwick marketing director of Aria Resort & Casino, Las Vegas. Both of them have gone through around 200 prototypes before finally developing this product. The product is a portable beverage cooler with a