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Company > JB Hi-Fi: Business Model, SWOT Analysis, and Competitors 2023

JB Hi-Fi: Business Model, SWOT Analysis, and Competitors 2023

Published: Feb 14, 2023

Inside This Article


    In this blog article, we will delve into the business model, SWOT analysis, and competitors of JB Hi-Fi, a leading Australian retailer of consumer electronics and home appliances. As we explore the business model of JB Hi-Fi, we will examine its key strategies for success, including its focus on providing a wide range of products at competitive prices. Additionally, we will conduct a SWOT analysis to evaluate the company's strengths, weaknesses, opportunities, and threats in the dynamic retail industry. Lastly, we will identify and analyze the key competitors that JB Hi-Fi is likely to face in the year 2023.

    What You Will Learn:

    • Who owns JB Hi-Fi and the background of the company's ownership.
    • The mission statement of JB Hi-Fi and how it guides their business operations.
    • The various ways in which JB Hi-Fi generates revenue and makes money.
    • An in-depth explanation of the JB Hi-Fi Business Model Canvas and how it is applied.
    • The major competitors of JB Hi-Fi in the market and how they compare.
    • A comprehensive SWOT analysis of JB Hi-Fi, highlighting its strengths, weaknesses, opportunities, and threats.

    Who owns JB Hi-Fi?

    Ownership Structure of JB Hi-Fi

    JB Hi-Fi is a publicly listed company on the Australian Securities Exchange (ASX: JBH). This means that the ownership of JB Hi-Fi is distributed among various shareholders who hold shares of the company's stock. Let's take a closer look at the ownership structure of JB Hi-Fi.

    Institutional Shareholders

    Institutional shareholders are organizations that invest in the stock market on behalf of their clients, such as mutual funds, pension funds, and insurance companies. These institutional investors play a significant role in the ownership of JB Hi-Fi. They often hold large amounts of shares, which can influence the company's decision-making processes and overall direction.

    Some notable institutional shareholders of JB Hi-Fi include major investment firms like Vanguard Group, BlackRock, and State Street Corporation. These institutions have substantial stakes in the company and are known for their expertise in managing investments.

    Retail Investors

    Retail investors, also known as individual investors, are everyday people who buy and sell shares of JB Hi-Fi through brokerage accounts. These investors can include both small and large shareholders, ranging from individual retail customers to high-net-worth individuals.

    Retail investors play a crucial role in the ownership structure of JB Hi-Fi. Their collective ownership can significantly impact the overall ownership distribution and influence the company's decision-making through voting rights during annual general meetings.

    Founders and Management

    The founders and management team of JB Hi-Fi also hold a significant stake in the company. Terry Smart, Richard Murray, and Greg Richards are the co-founders of JB Hi-Fi and have been instrumental in its success. They have a vested interest in the company's performance and growth, as their wealth is tied to the value of their shares.

    The management team, led by the CEO, also holds shares in JB Hi-Fi. Their ownership aligns their interests with those of the shareholders, as they work towards maximizing the company's profitability and creating long-term value for the investors.


    In summary, JB Hi-Fi is owned by a diverse group of shareholders, including institutional investors, retail investors, and the company's founders and management. This ownership structure ensures a wide distribution of ownership and a variety of perspectives in the decision-making processes of the company.

    What is the mission statement of JB Hi-Fi?

    JB Hi-Fi's Mission Statement

    JB Hi-Fi's mission statement is to provide customers with the best range of entertainment and technology products at the most competitive prices. Through their mission, JB Hi-Fi strives to create an exceptional shopping experience for their customers by offering a wide variety of high-quality products and delivering outstanding customer service.

    The company's mission statement reflects their commitment to meeting the needs and desires of their customers. By offering a diverse range of entertainment and technology products, JB Hi-Fi aims to cater to the varying interests and preferences of their customers. Whether it is the latest smartphones, televisions, gaming consoles, or music albums, JB Hi-Fi ensures that they have a comprehensive selection to satisfy different tastes and demands.

    Furthermore, JB Hi-Fi's mission statement emphasizes their dedication to providing the most competitive prices in the market. This commitment aligns with their belief in making technology and entertainment accessible to everyone. By offering affordable prices, JB Hi-Fi aims to enable more people to enjoy the latest gadgets, movies, music, and games, enhancing their overall entertainment experience.

    In addition to their product offerings, JB Hi-Fi recognizes the importance of exceptional customer service. They understand that a positive shopping experience not only involves the availability of products but also the assistance and support provided to customers. Through their mission statement, JB Hi-Fi emphasizes their commitment to delivering outstanding customer service, ensuring that customers receive the support and guidance they need to make informed purchasing decisions.

    Overall, JB Hi-Fi's mission statement encapsulates their dedication to providing customers with the best range of entertainment and technology products at competitive prices, while also delivering exceptional customer service. This mission serves as a guiding principle for the company, shaping their strategies and actions to meet the evolving needs and expectations of their customers.

    How does JB Hi-Fi make money?

    Retail sales

    One of the primary ways JB Hi-Fi makes money is through its retail sales. As a leading electronics retailer in Australia and New Zealand, JB Hi-Fi offers a wide range of products including consumer electronics, home appliances, and entertainment products. Customers can visit JB Hi-Fi stores or make purchases online through their website.

    With a vast selection of products from popular brands, JB Hi-Fi attracts customers looking for the latest gadgets, home appliances, and entertainment devices. The company's retail sales generate substantial revenue, driven by the high demand for technology and entertainment products in the market.

    Online sales

    In recent years, JB Hi-Fi has also capitalized on the growing trend of online shopping. Their robust e-commerce platform allows customers to browse and purchase products conveniently from the comfort of their homes. Online sales have become an increasingly significant source of revenue for JB Hi-Fi, as more consumers embrace the convenience of online shopping.

    Through their online store, JB Hi-Fi expands its reach beyond physical store locations, enabling them to reach customers nationwide. Online sales contribute significantly to the company's overall revenue, especially during peak shopping periods and promotional events.

    Services and installation

    Apart from retail and online sales, JB Hi-Fi generates revenue through various services and installation offerings. They provide services such as product repairs, extended warranties, and installation assistance for electronics, appliances, and home entertainment systems.

    These value-added services not only generate additional income for JB Hi-Fi but also enhance the overall customer experience. By offering services like installation, setup, and repairs, JB Hi-Fi ensures that customers can maximize the benefits of their purchases and rely on the company for ongoing support.

    Commercial sales

    In addition to catering to individual customers, JB Hi-Fi also targets commercial clients. They provide business solutions for corporate clients, educational institutions, and government organizations. JB Hi-Fi's commercial sales division offers specialized products, services, and support tailored to meet the unique needs of these clients.

    Commercial sales contribute to JB Hi-Fi's revenue through bulk orders, ongoing service contracts, and specialized product offerings. By leveraging their expertise in technology and electronics, JB Hi-Fi has successfully established a strong presence in the commercial sector, further diversifying their revenue streams.


    JB Hi-Fi's revenue streams are diverse and multifaceted. Through retail and online sales, provision of services and installation, as well as commercial sales, the company maximizes its earning potential in the competitive electronics retail market. By continuously adapting to changing consumer preferences and expanding their offerings, JB Hi-Fi remains a prominent player in the industry, ensuring a steady flow of revenue for the company.

    JB Hi-Fi Business Model Canvas Explained


    The Business Model Canvas is a strategic management tool that allows businesses to visualize, evaluate, and improve their business model. In this section, we will delve into the JB Hi-Fi Business Model Canvas to gain a deeper understanding of how this renowned Australian retailer operates.

    Key Partnerships

    JB Hi-Fi has established key partnerships with various suppliers and distributors to ensure a wide range of products are available to its customers. These partnerships allow JB Hi-Fi to access the latest technology, appliances, entertainment products, and other merchandise. By collaborating with renowned brands, JB Hi-Fi can offer high-quality products and maintain a competitive edge in the market.

    Key Activities

    JB Hi-Fi's key activities revolve around retailing products across multiple categories such as consumer electronics, home appliances, gaming, music, movies, and more. These activities include sourcing products from suppliers, managing inventory, maintaining physical stores, and operating an online platform. The company focuses on providing exceptional customer service, ensuring that customers have a seamless shopping experience both in-store and online.

    Key Resources

    JB Hi-Fi's key resources include its extensive network of physical stores, its online platform, its inventory management system, and its highly skilled employees. The physical stores act as a crucial resource for customers to explore and experience products before making a purchase. The online platform offers convenience and accessibility to customers, allowing them to browse and buy products from the comfort of their homes. The inventory management system ensures that products are readily available to meet customer demand, while the knowledgeable and friendly staff contribute to a positive customer experience.

    Value Proposition

    JB Hi-Fi's value proposition lies in offering a wide range of products at competitive prices. The company aims to provide customers with a one-stop-shop for all their electronic and entertainment needs. In addition to competitive pricing, JB Hi-Fi focuses on delivering excellent customer service, ensuring that customers receive personalized assistance and advice from knowledgeable staff. Furthermore, JB Hi-Fi offers exclusive promotions, special discounts, and loyalty programs to enhance the overall value proposition for its customers.

    Customer Relationships

    JB Hi-Fi places great emphasis on building and maintaining strong customer relationships. The company strives to create a personalized shopping experience by providing exceptional customer service both in-store and online. JB Hi-Fi's knowledgeable staff are trained to assist customers with product selection and provide expert advice. Moreover, the company engages with its customers through various channels such as social media, newsletters, and loyalty programs, fostering a sense of loyalty and trust among its customer base.


    JB Hi-Fi utilizes a multichannel approach to reach its customers. The company operates a vast network of physical stores across Australia and New Zealand, allowing customers to physically browse and purchase products. Additionally, JB Hi-Fi maintains an online platform that provides customers with the convenience of shopping from anywhere at any time. The company leverages social media channels, email marketing, and other digital platforms to communicate with its customers and promote its products and promotions.

    Cost Structure

    JB Hi-Fi's cost structure is primarily composed of procurement costs, rent and utilities for its physical stores, employee salaries, marketing expenses, and IT infrastructure maintenance costs. Procurement costs include acquiring products from suppliers and managing inventory. Rent and utilities are incurred to maintain the physical stores. Employee salaries reflect the importance JB Hi-Fi places on having knowledgeable staff to provide exceptional customer service. Marketing expenses are essential for promoting the brand and attracting customers, while IT infrastructure maintenance costs ensure the smooth operation of the online platform.

    Revenue Streams

    JB Hi-Fi generates revenue through the sales of a wide range of products across various categories. The company earns income from both its physical stores and its online platform. Revenue streams mainly consist of product sales, extended warranties, installation services, and other value-added services. JB Hi-Fi also benefits from vendor subsidies and marketing contributions, further contributing to its revenue streams.


    By analyzing the JB Hi-Fi Business Model Canvas, we can appreciate the key elements that contribute to the company's success. JB Hi-Fi's strong partnerships, diverse product range, exceptional customer service, and multichannel approach position the company as a leading retailer in the Australian market. Through its value proposition and customer-centric approach, JB Hi-Fi continues to thrive and meet the evolving needs of its customers.

    Which companies are the competitors of JB Hi-Fi?

    Major competitors

    • Harvey Norman: Harvey Norman is a prominent competitor of JB Hi-Fi in the consumer electronics and appliances industry. With a significant presence in Australia and New Zealand, Harvey Norman offers a similar range of products and services, including televisions, computers, home appliances, and furniture. The company's extensive network of stores and strong brand recognition make it a formidable rival to JB Hi-Fi.

    • The Good Guys: Another major competitor of JB Hi-Fi is The Good Guys, which specializes in home appliances and consumer electronics. With a focus on delivering value to customers, The Good Guys offers a wide range of products at competitive prices. The company's commitment to customer service and its extensive network of stores across Australia make it a direct competitor to JB Hi-Fi.

    • Officeworks: While primarily known for its office supplies, Officeworks has expanded its product range to include consumer electronics, such as computers, printers, and audio equipment. With its conveniently located stores and a strong emphasis on affordability, Officeworks poses a competitive threat to JB Hi-Fi, particularly in the technology and office equipment sectors.

    Online competitors

    • Amazon: As a global e-commerce giant, Amazon's entry into the Australian market has significantly impacted the retail industry. With an extensive range of products and competitive pricing, Amazon poses a significant threat to traditional brick-and-mortar retailers like JB Hi-Fi. Moreover, Amazon's Prime membership program offers additional benefits, including fast shipping and access to exclusive deals, making it an attractive alternative for tech-savvy consumers.

    • Kogan: Kogan, an online-only retailer, has gained popularity in recent years by offering a wide range of consumer electronics, appliances, and home goods at competitive prices. By operating solely online, Kogan can minimize overhead costs and pass on the savings to customers. This online-only business model, combined with its aggressive marketing strategies, makes Kogan a notable competitor to JB Hi-Fi in the online retail space.

    • eBay: As one of the world's largest online marketplaces, eBay provides a platform for individuals and businesses to buy and sell various products, including consumer electronics. With a vast selection of new and used items, often at discounted prices, eBay offers consumers an alternative to traditional retailers like JB Hi-Fi. Additionally, eBay's auction-style listings and buyer protection programs contribute to its appeal among bargain hunters and tech enthusiasts.

    Niche competitors

    • Apple: While not a direct competitor across all product categories, Apple competes with JB Hi-Fi in the premium segment of consumer electronics, particularly in the realm of smartphones, tablets, computers, and audio devices. With its strong brand loyalty, innovative products, and dedicated retail stores, Apple attracts a specific customer base that may overlap with JB Hi-Fi's target market. Therefore, JB Hi-Fi needs to differentiate itself by offering a broader range of brands and price points.

    • Bunnings Warehouse: Although primarily known for its hardware and home improvement products, Bunnings Warehouse also competes with JB Hi-Fi in certain categories, such as outdoor entertainment systems, power tools, and home automation. With its extensive network of stores and a reputation for offering competitive prices, Bunnings Warehouse appeals to customers seeking convenience and value, potentially diverting sales from JB Hi-Fi in these specific areas.

    • Rebel Sport: While seemingly unrelated, Rebel Sport competes with JB Hi-Fi in the fitness technology and wearable devices sector. As health and fitness become increasingly popular, Rebel Sport has expanded its product offerings to include smartwatches, fitness trackers, and other related accessories. This overlap in product categories creates competition between the two retailers, particularly when it comes to attracting customers interested in fitness-related technology.

    JB Hi-Fi SWOT Analysis


    1. Strong Market Position: JB Hi-Fi has established itself as a leading player in the retail sector, especially in the consumer electronics and home appliance segments. With a wide range of products and a robust distribution network, the company enjoys a strong market presence.

    2. Reputation for Competitive Pricing: JB Hi-Fi is known for its competitive pricing strategy, offering customers value for money. By consistently offering lower prices compared to its competitors, the company has built a reputation as a cost-effective shopping destination.

    3. Diverse Product Portfolio: The retailer offers a diverse range of products, including smartphones, televisions, gaming consoles, home appliances, and music. This wide product portfolio allows JB Hi-Fi to cater to the needs of a broad customer base, increasing its market reach.

    4. Strong Brand Identity: JB Hi-Fi has successfully established a strong brand identity over the years. The company is known for its knowledgeable and friendly staff, excellent customer service, and a commitment to providing a seamless shopping experience. This brand image helps in building customer loyalty and attracting new customers.


    1. Limited International Presence: While JB Hi-Fi has a strong presence in the Australian and New Zealand markets, its international expansion has been relatively limited. This lack of global presence restricts the company's growth opportunities and exposes it to potential risks associated with overdependence on the domestic market.

    2. Vulnerability to Technological Disruptions: The consumer electronics industry is highly susceptible to rapid technological advancements. JB Hi-Fi needs to continuously adapt to emerging technologies and trends to remain relevant in the market. Failure to do so could result in the company losing its competitive edge and market share.

    3. Reliance on Suppliers: JB Hi-Fi relies on a network of suppliers to maintain its product inventory. Any disruptions in the supply chain, such as delays or quality issues, could adversely impact the company's ability to meet customer demand and maintain its reputation for product availability.


    1. E-commerce Growth: The increasing trend of online shopping presents a significant opportunity for JB Hi-Fi to expand its reach and tap into a larger customer base. By enhancing its online platform and investing in digital marketing strategies, the company can attract tech-savvy customers who prefer the convenience of online shopping.

    2. Expansion into New Product Categories: JB Hi-Fi can explore opportunities to diversify its product offerings. For example, expanding into emerging markets such as smart home technology or wearable devices could help the company stay ahead of the competition and capture new customer segments.


    1. Intense Competition: The retail industry, particularly the consumer electronics segment, is highly competitive, with numerous players vying for market share. Competitors with strong brand recognition, competitive pricing, and innovative marketing strategies pose a threat to JB Hi-Fi's market position.

    2. Economic Uncertainty: Economic downturns or fluctuations can affect consumer spending patterns, potentially impacting JB Hi-Fi's sales. Changes in disposable income, interest rates, and consumer confidence levels can significantly influence customer purchasing behavior.

    3. Online Retail Giants: The presence of online retail giants, such as Amazon, poses a threat to JB Hi-Fi's market share. These platforms offer a vast selection of products at competitive prices, attracting price-conscious consumers away from traditional brick-and-mortar retailers. JB Hi-Fi needs to develop strategies to effectively compete with these digital giants.

    Key Takeaways

    • JB Hi-Fi is an Australian retail company, founded in 1974, and it is currently owned by shareholders who hold shares in the company.
    • The mission statement of JB Hi-Fi is to deliver the best home entertainment solutions with the lowest prices and the highest level of customer service.
    • JB Hi-Fi primarily makes money through the sale of consumer electronics, home appliances, music, movies, and other entertainment products both in-store and online.
    • The JB Hi-Fi Business Model Canvas demonstrates the company's key activities, resources, partnerships, and value propositions, highlighting its focus on providing a wide range of products, competitive pricing, and exceptional customer service.
    • Competitors of JB Hi-Fi include other retail companies operating in the consumer electronics and entertainment industry, such as Harvey Norman, The Good Guys, and Amazon.
    • JB Hi-Fi's SWOT analysis reveals strengths like a strong brand reputation and extensive product range, weaknesses such as reliance on the Australian market, opportunities in expanding online sales, and threats from intense competition and economic fluctuations.


    In conclusion, JB Hi-Fi is an Australian retail company that specializes in consumer electronics and home appliances. It is owned by its shareholders, who have invested in the company to support its growth and success. The mission statement of JB Hi-Fi is to deliver a world-class shopping experience to its customers by offering a wide range of products at competitive prices.

    JB Hi-Fi makes money through various revenue streams, including the sale of consumer electronics, home appliances, music, movies, and gaming products. The company also generates income from its online platform and provides installation and repair services to its customers.

    By analyzing the JB Hi-Fi Business Model Canvas, we can see how the company effectively manages its key activities, resources, and partnerships to deliver value to its customers. The canvas highlights the importance of strong supplier relationships, efficient operations, and effective marketing strategies in driving the company's success.

    In terms of competition, JB Hi-Fi faces competition from both online and brick-and-mortar retailers in the consumer electronics industry. Key competitors include Harvey Norman, The Good Guys, and Amazon.

    A SWOT analysis of JB Hi-Fi reveals the company's strengths, such as its strong brand reputation and extensive product range, which have contributed to its market leadership. However, the company also faces challenges, such as increasing competition and changes in consumer preferences. Opportunities for growth include expanding into new markets and leveraging digital platforms to enhance the customer experience. Nevertheless, JB Hi-Fi must also be mindful of potential threats, such as economic downturns and changing consumer buying behaviors.

    Overall, JB Hi-Fi has established itself as a leading player in the consumer electronics industry, driven by its customer-centric approach, diverse product range, and efficient business operations. As the company continues to adapt to evolving market conditions and leverage new technologies, it is well-positioned to maintain its success and deliver value to its stakeholders.


    What are the strengths of JB Hi-Fi?

    Some of the strengths of JB Hi-Fi include:

    1. Strong brand presence: JB Hi-Fi is a well-known and recognized brand in the electronics retail industry, which helps attract customers and build trust.

    2. Wide range of products: The company offers a diverse selection of products, including consumer electronics, appliances, home entertainment, gaming, and music. This wide range allows them to cater to a broad customer base.

    3. Competitive pricing: JB Hi-Fi is known for its competitive pricing strategy, offering customers affordable prices and value for money. This helps them stand out in a highly competitive market.

    4. Efficient supply chain management: The company has a robust and efficient supply chain management system, which allows them to maintain a wide product range in stores and offer quick delivery to customers.

    5. Strong customer service: JB Hi-Fi focuses on providing excellent customer service, with knowledgeable and friendly staff who can assist customers with their queries and provide product recommendations.

    6. Online presence: The company has a strong online presence, allowing customers to shop conveniently from their website, providing an additional channel for sales and customer engagement.

    7. Loyalty program: JB Hi-Fi's loyalty program, "JB Hi-Fi NOW", offers exclusive discounts, rewards, and personalized offers to its members, encouraging customer loyalty and repeat purchases.

    8. Store locations: JB Hi-Fi has an extensive network of stores across Australia and New Zealand, strategically located in high-traffic areas, making it easily accessible to customers.

    9. Strong supplier relationships: The company has established strong relationships with suppliers, enabling them to negotiate better pricing and secure exclusive deals, which they can pass on to customers.

    10. Diversification into other markets: JB Hi-Fi has expanded into new markets, such as commercial sales, education, and corporate sectors, diversifying their revenue streams and reducing dependence on consumer retail sales.

    What is JB Hi-Fi competitive strategy?

    JB Hi-Fi's competitive strategy can be summarized as follows:

    1. Low prices: JB Hi-Fi aims to provide customers with competitive pricing on a wide range of products. They often offer discounts and promotions to attract customers and drive sales.

    2. Product range and selection: JB Hi-Fi offers a diverse range of products, including consumer electronics, appliances, home entertainment, and music. They strive to provide customers with a comprehensive selection of products to meet their needs.

    3. Customer service and experience: JB Hi-Fi focuses on delivering excellent customer service and enhancing the overall shopping experience. They have knowledgeable staff who assist customers with their inquiries and provide recommendations.

    4. Multi-channel presence: JB Hi-Fi operates both physical stores and an online platform, allowing customers to choose their preferred shopping method. This multi-channel presence offers convenience and accessibility to a wide customer base.

    5. Strong supplier relationships: JB Hi-Fi maintains strong relationships with suppliers, which enables them to negotiate favorable terms and access a wide range of products. This helps them offer competitive pricing and ensure product availability.

    6. Specialized product offerings: JB Hi-Fi differentiates itself by providing specialized product offerings, such as high-end audio equipment, gaming consoles, and home theatre systems. This attracts customers seeking specific products and builds a loyal customer base.

    7. Continuous improvement: JB Hi-Fi focuses on constant improvement and innovation to stay ahead of competitors. They monitor market trends and customer preferences to adapt their product offerings and strategies accordingly.

    Overall, JB Hi-Fi's competitive strategy revolves around offering competitive prices, a wide product range, excellent customer service, and a multi-channel presence, while also focusing on innovation and differentiation.

    What is the 4 piece in SWOT analysis?

    The 4 piece in SWOT analysis refers to the four key elements that are analyzed to assess the strengths, weaknesses, opportunities, and threats of a business or organization. These elements are:

    1. Strengths: The internal characteristics and resources that give the organization an advantage over competitors. These can include factors like a strong brand reputation, skilled workforce, unique products or services, or efficient processes.

    2. Weaknesses: The internal factors that put the organization at a disadvantage compared to competitors. These can include issues like limited financial resources, outdated technology, poor management, or lack of market knowledge.

    3. Opportunities: The external factors and trends in the market that can be leveraged to the organization's advantage. These can include emerging markets, new technologies, changing customer preferences, or favorable government regulations.

    4. Threats: The external factors that pose potential risks or challenges to the organization's success. These can include factors like intense competition, economic downturns, changing consumer trends, or regulatory changes.

    What are SWOT analysis opportunities examples?

    Some examples of opportunities in a SWOT analysis are:

    1. Market growth opportunities: Identifying emerging markets, new customer segments, or untapped geographical areas where the company can expand its products or services.

    2. Technological advancements: Leveraging new technologies or innovations to improve operations, enhance product offerings, or create new business models.

    3. Strategic partnerships: Collaborating with other companies or organizations to gain access to new markets, share resources, or develop new products/services.

    4. Changing consumer trends: Identifying shifts in consumer preferences or behaviors that can create opportunities for product innovation or new market segments.

    5. Government policies and regulations: Understanding regulatory changes or government initiatives that can create opportunities for new products/services or market growth.

    6. Mergers and acquisitions: Evaluating potential mergers or acquisitions that can provide access to new markets, diversify product offerings, or enhance competitive advantage.

    7. Globalization: Expanding operations or entering new international markets to increase market share and capitalize on global opportunities.

    8. Competitor weaknesses: Identifying weaknesses or gaps in competitors' offerings that can be exploited to gain market share or differentiate from competitors.

    9. Economic trends: Analyzing economic indicators and trends that can create opportunities for cost savings, increased consumer spending, or new market segments.

    10. Changing demographics: Recognizing shifts in population demographics that can create opportunities for new products/services or target specific customer segments.

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