Swot analysis is a framework used for analysing and identifying an
organisations strengths, weaknesses, opportunities and threats . These 4 words
make up the principle of the theory. By using this method of analysis you are able
to identify the core influences on your business which determine its success, therefore highlighting the potential threats to your business and opportunities
for growth. By doing this it means that as a business you can pre-empt any future
impediments to your business and have a thought out strategy to overcome them and
adapt. For prime in particular this analysis is helpful to be able to identify
future business opportunities in a constantly evolving social media climate.
The process of a SWOT analysis includes using external sources and
media content to identify these factors. Each segment of the analysis is
equally important. When compiling a swot analysis you must look at the 3 Cs
which are customers, competitors and the company itself. (Wang, 2007) Businesses must adapt to
be able to co-exist and compete in the interrelated environment of the sector,
which is why understanding the environment is fundamental to product placement.
(Bethany Shaw, Catriona Veal, Oliwer Bule and Benedikt Schiebel)
With Prime being a new product/brand introduced to the sports
sector, it was key the fundamentals of the business remained strong. The founders of the brand already had a considerable social media
following which contributed to their success, largely based on the influences reputation (McNicoll, 2023). This is evidenced by their following on Instagram; KSI having 12.6M (KSI, 2023), Logan Paul 25.1M (Paul, 2023) and Prime drinks 1.5M (Prime, 2023). The key weakness for the business was the limited range of flavours,
however, they turned this into a positive, by creating great anticipation form fans/customs over the anticipation over the release of new flavors, which in turn creates more traffic for the business. This has been utilised causing great anticipation from fans/customers for the release of new flavours giving the business more traffic. This has
created for the brand to introduce new flavours over a period of time whilst maintaining their original customer base. The main threat for the business is the supply issues which do not correspond with the UK demand, however, due to this factor customers go to increasing lengths to be able to obtain Prime,
and some customers have even turned to the wholesale market to be able to
obtain the product.
References:
KSI (@ksi) • instagram photos and videos (no date). Available at: https://www.instagram.com/ksi/ (Accessed: March 2, 2023).
Logan Paul (@loganpaul) • instagram photos and videos (no date). Available at: https://www.instagram.com/loganpaul/ (Accessed: March 2, 2023).
McNicoll, A. (2023) Prime time: The rise and rise of energy drinks, The Week UK. The Week. Available at: https://www.theweek.co.uk/news/uk-news/959911/prime-time-the-rise-and-rise-of-energy-drinks (Accessed: March 2, 2023).
Prime (@drinkprime) • instagram photos and videos (no date). Available at: https://www.instagram.com/drinkprime/ (Accessed: March 2, 2023).
Wang, K.-cheng (2007) A process view of SWOT analysis, Proceedings of the 51st Annual Meeting of the ISSS - 2007, Tokyo, Japan. Available at: https://journals.isss.org/index.php/proceedings51st/article/view/470 (Accessed: March 2, 2023).
(Bethany Shaw and Catriona Veal)
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