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There are a number of problem solving techniques used by different management schools of thought. A SWOT analysis can be used by a company, as well as an IBO, to identify any problems that exist and methods to solve them. A SWOT analysis is a powerful technique to understand your Strengths and Weaknesses and look out for the Opportunity and Threats faced by you or the company.
Business SWOT (Strengths, Weakness, Opportunities, Threats) analysis can help you understand the business better and help you manage or eliminate threats that exist to succeed in your business ventures. In a business context you can create innovative ideas to carve a niche for yourself in the market.
From a personal context, a SWOT analysis can help an IBO develop their individual careers in a way that brings out the best in their talents, abilities and opportunities.
Business SWOT Analysis Strengths In case of ITV ventures, the strengths are the global marketing strategy adopted by them which includes the use of internet, TV and telephone. All three are powerful communication media used by the company to promote their product. The infomercials aired by ITV Ventures are viewed by millions of people globally. When an IBO buys call credits for a specific infomercial, calls are received from potential customers that viewed the infomercial and are interested in the product. The marketing strategies used by the company thus benefit the clients as well as the IBO who partners with ITV Ventures. Another strength is the fact that ITV Ventures products are natural health products. These products promote wellness using all-natural ingredients, which can eliminate side effects compared to other medicines and synthetic products. Weakness The weakness of a company tells you which areas you need to avoid or improve in order to have an edge over competitors. You can make a list of the factors which make you lose sales and be realistic about the problems faced by the company. ITV ventures has overcome a major weakness faced by other multi-level marketing companies. In other companies, representatives are expected to call up or approach customers and convert them into clients. ITV ventures has reduced this burden off the IBO shoulders by airing infomercials with phone numbers displayed so that only clients who are interested in buying the product call up the IBO. This saves time and effort of converting uninterested clients. Opportunities Any company needs to constantly upgrade their technologies to stay in the top tier of their industry. Changes in government policies, social patterns, lifestyle changes, and changes in markets need to be considered from time to time. The most crucial factor for success in any business is being in touch with the latest trends and opportunities. In the case of ITV Ventures, they combined TV with effective phone sales to introduce live calls to an IBO. This is a new and innovative concept used to generate sales and ITV Ventures is the ONLY company using this innovative approach. Threats Make a list of the obstacles faced by your company and the ways to overcome them. If there are technology changes threatening your company find a way to convert these changes into opportunities. Think outside of the box and make any threats an ally in your business. This SWOT analysis can be followed at an individual level as well to create an edge over others in generating sales. |
Benefits of ITV Ventures 
