SWOT Analysis Of Tile

In 2017, my team in the company, Tile, wanted to promote brand awareness. We realized that sales were not as high as they could be due to Tile not having many people know what it is. To promote brand awareness, we wanted to open kiosks and partner with more retailers, eventually open our own stores, and we wanted to make it easier to show that you can customize it just how you want it. As can be seen in Exhibit 1, there are now strengths of Tile, such as promoting brand awareness and making the customization more known that were only opportunities back in 2017. During our research on creating a SWOT analysis for Tile, the weaknesses that we found was that Tile was not well known, there are similar product competitors, customization is hard

Sometimes, sales can only increase so much before they begin to drop. Certain products and businesses can only generate so much profit before sales can only drop. Back in 2017, my team and I predicted sales in 2018 to be $3,520,000.00 and in 2020 to be $28,160,000.00. We did reach these numbers, but over the past month in 2022, sales started to fall rapidly. Sales will drop after they reach their maximum point. By November 2022, Tile may have reached the maximum number of people and sold them the maximum amount of products that would be able to be sold.

A solution to this might be to launch a new Tile product to try and re generate more customers. It would cost Tile money to develop a new product, but if it can make sales rise again, it might be worth it to try. Also, Tile is only being sold in the United States. If they expanded globally to a new country, they might be able to get sales back. They would just have to look at the needs of different markets to see what country they would have a good chance at succeeding

In 2017, we were going to franchise. We ended up only staying in tiny kiosks and selling products in stores without really knowing if people noticed the product. We also had thoughts about buying one of the other similar tracking companies and working with their technology to generate money. We did not do this when our sales peaked in 2021 and this was our chance. If we had bought out or partnered with a tracking company, the sales may not have dropped fast. Tile may not have hit maximum