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SWOT Analysis

Conducting a SWOT analysis for the product is necessary to step to comprehensively examine the overall feasibility of the innovative product in case of a specific market. The approach of SWOT analysis is also applying in the case of innovative products of solar-charged jackets to determine the actual business feasibility of this product of innovation.

Strengths

A new innovative product in the form of the solar-charged jacket with the facility of mobile charging is the primary strength of the considered innovative product. The proposal of the new product for the potential customers can be helpful for the business producers to maximize profitability level. The targeted market size is another major strength for the producer to sell innovative products concerning the need for potential customers belongs to the geographical area of Loma Linda, City of California.

Weaknesses

The development of limited production for the customers can be established as the main weakness for the innovative company. It might be difficult for the company to meet product demands referring to the limited budget allocated to produce innovative products.

Opportunities

The new market for the innovative product is a central opportunity for the company to sell its product with the maximum profit margin. It is one great business opportunity for the company to successfully initiate the innovative idea of a solar-charged jacket in the market.

Threats

An existence of competition at the international business level can be characterized as one major threat to the business. It is important for the organization to offer something novel and cost-effective as compared to competitors to get maximum corporate benefits. An unpredictable weather condition is another major business threat for the innovative company.

Industry Analysis

The manufacturing industry is the targeted industry to introduce the innovative product of solar-charged jackets by the producers. The product of solar-charged jackets mainly located in the manufacturing and innovation sectors to meet the central needs of potential customers in this specific area ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"sKG6Lr3N","properties":{"formattedCitation":"(Eckmann & Young, 2017)","plainCitation":"(Eckmann & Young, 2017)","noteIndex":0},"citationItems":[{"id":1751,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/6UF72668"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/6UF72668"],"itemData":{"id":1751,"type":"book","ISBN":"978-0-9982916-8-0","publisher":"Sentia Publishing","title":"Sculpting Rough Ideas Into Elegant Business Plans: Ideas to Action","URL":"https://books.google.com.pk/books?id=IJQtMQAACAAJ","author":[{"family":"Eckmann","given":"H."},{"family":"Young","given":"K."}],"issued":{"date-parts":[["2017"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Eckmann & Young, 2017). A comprehensive analysis of the concerned industry is a necessary condition to examine the potential chances of business success and failures. It is noteworthy to examine the overall position of the manufacturing industry in the country to assess potential corporate opportunities ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"2W4oXkBz","properties":{"formattedCitation":"(Bottazzi & Secchi, 2003)","plainCitation":"(Bottazzi & Secchi, 2003)","noteIndex":0},"citationItems":[{"id":1770,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/WNYR438R"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/WNYR438R"],"itemData":{"id":1770,"type":"article-journal","container-title":"Review of Industrial Organization","issue":"3-4","page":"217-232","title":"Common properties and sectoral specificities in the dynamics of US manufacturing companies","volume":"23","author":[{"family":"Bottazzi","given":"Giulio"},{"family":"Secchi","given":"Angelo"}],"issued":{"date-parts":[["2003"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Bottazzi & Secchi, 2003). The innovative form of the manufacturing industry is a great opportunity for producers to introduce different forms of innovative products for the benefits of potential customers.

The location of the manufacturing industry for the innovative product of solar-charged jackets is greatly influenced by different and crucial factors. These domains are mainly characterized in the forms of available raw material, labor supply, the demand for the product, targeted market, and transportation ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"fpMDApFV","properties":{"formattedCitation":"(Platzer, 2012)","plainCitation":"(Platzer, 2012)","noteIndex":0},"citationItems":[{"id":1755,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/DUQ9K3JV"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/DUQ9K3JV"],"itemData":{"id":1755,"type":"paper-conference","publisher":"Library of Congress, Congressional Research Service","title":"US solar photovoltaic manufacturing: Industry trends, global competition, federal support","author":[{"family":"Platzer","given":"Michaela D."}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Platzer, 2012). It is noteworthy to mention that the wide-ranging prospect of government policy is also closely related to the functioning of the manufacturing industry. It is imperative for the producers to consider the involvement of these factors when it comes to introducing the innovative product of solar-charged jackets for the potential market.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Bottazzi, G., & Secchi, A. (2003). Common properties and sectoral specificities in the dynamics of US manufacturing companies. Review of Industrial Organization, 23(3–4), 217–232.

Eckmann, H., & Young, K. (2017). Sculpting Rough Ideas Into Elegant Business Plans: Ideas to Action. Sentia Publishing. https://books.google.com/books?id=IJQtMQAACAAJ

Platzer, M. D. (2012). US solar photovoltaic manufacturing: Industry trends, global competition, federal support.