The purpose of SWOT Analysis is to measure company's strength, weakness and focusing on opportunities in the market so that they can explore them and get revenue from their operations.
What Is The Purpose Of SWOT Analysis? Why Is It Necessary To Do A SWOT Analysis Before Selecting A Particular Strategy For A Business Organization?
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Swot is helpfull for us before starting a new business,if we see first like swot then we will start a business in a good way,we will first cover weekness and threats.so according to my point of view it is the vital part of a business
SWOT Analysis
Strengths
Strengths
- The Indian textile industry is autonomous and self-governing.
- There is easy availability of low cost and proficient manpower that contributes extensively in the growth of the industry.
- Raw material is easily accessible – this acts as a major
contributing factor in controlling the costs and minimizes the
operational effort. - The economy is growing rapidly and one can observe a potential international and domestic market.
- When we talk about the highest yarn exporters, India is known as one
of the largest exporters in the international market. India accounts
for around 25% share of the global trade in cotton yarn. - The fiber industry is growing at a rapid speed as large varieties of cotton fiber are available easily.
- The apparel industry holds about 12% of the total export across the globe.
- The industry has an added advantage of having numerous segments which help in the provision of a huge variety of products.
- The textile industry of India is one of the highly disintegrated industries.
- Few segments of this industry are not highly productive.
- There is a huge dependency of the industry on cotton.
- The mill segment is gradually declining.
- Labor laws are not very favorable.
- The power and interest rates, and indirect taxes are high.
- Inadequacy of technological development which in turn is responsible for affecting the productivity.
- The act of generating economies of scale lacks.
- The textile industry records an annual growth of around 6-8%.
- A shift towards the market of branded ready-made garment is being observed.
- More number of emerging malls and retail industries are providing
opportunities to industry’s segments like handicrafts and apparels. - There is a provision of more FDI and investment opportunities.
- Withdrawal of quota restriction is contributing immensely in market development.
- The global needs are being catered with product development.
- An upsurge in the purchasing power and disposable income of Indian customers has opened room for new market development.
- Competing with other progressing countries like China.
- Striking a balance between the quality and price of products.
- Satisfying the demands of people all across the globe and at the same time, steadily improving the quality of the products.
- Striking a balance between demand and supply.
- Environmental and international labor laws.
- Removal of quota system will fluctuate the export demand.