The company can overcome its weaknesses by using its strengths and investing on strategies which leverage its strengths to diminish its weaknesses. The company has well established and very valuable brand equity in the market. The company can use this to its favor by investing more heavily on building its brand for power tools and separating the kitchen, garden and home tools form the professional power tool brands.
This will enable the company to target the consumer based market and diversify its brand offering as well. Moreover the marketing and promotions for the consumer products can be personalized to their market segment, enabling them to identify the S&W branded tool they want to purchase, thus reducing confusion amongst the market. Aside from this the company will also have to sell of its old plants and invest in new plants which are innovative and more cost efficient. This can be done by letting go of the large scale costly inducing plants and investing in smaller manufacturing houses in different regions of operations where the demand is very high for its products. This will reduce costs pertaining to transportation of the goods as well as the costs associated with handling large sprawling plants. The company will also need to invest in the new market for cordless power tools as this segments is currently depicting a growing trend, and will continue do so in the future as well. Moreover a mutually beneficial relationship can be established with the distributors and the disseminating agents by providing with discounts and compensation/ commission on the more stock that they are able to sell through their channels.
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