Changes in consumer tastes and habits are another threat. If the company’s products or services become outdated or no longer meet customer needs then this could result in lost sales and subsequent drops in revenue. Also, economic fluctuations or downturns can impact business operations because of reduced consumer spending.
In addition to these threats, there are opportunities for the company. Incorporating new processes or technologies can help the company grow and stay on top of industry advances. Market research provides valuable insights into the needs of customers that are then used to create more innovative offerings. Also partnering with other organizations who share similar goals & visions may enable access to resources & expertise not accessible alone allowing for potential business expansion & diversification initiatives