SWOT analysis

Handicraft is known as a type of work where useful and decorative procedure are made completely by hand and using simple tools.


First of all we are doing SWOT analysis of Handicraft

STRENGTHS 

1. Large, diversified and potential market. 
2. There is large product variety and range is available because of diversified culture.
3. It has strong, diversified and supportive retail infrastructure. 
4. Diversified product range that service different market. 
5. Cheap labor rates that result to competitive price. 
6. Need low capital investment. 
7. There is flexible production flexibility. 

WEAKNESSES

1. Lack of infrastructure and communication facilities. 
2. Unawareness about international requirements and market. 
3. Lack of co-ordination between government bodies and private players. 
4. Inadequate information of new technology. 
5. Inadequate information of current market trends. 
6. Less interest of young people in craft industry. 
7. Lack of skilled labor. 
8. Lack of promotion of products 

OPPORTUNITIES 

1. Rising demand for handicraft products in developed countries such as USA, Canada, Britain, France, Germany, Italy etc. 
2. Developing fashion industry requires handicrafts products. 
3. Development of sectors like Retail, Real Estate that offers great requirements of handicrafts products. 
4. Development of domestic and international tourism sector. 
5. E-Commerce and Internet are emerged as promissory distribution channels to market and sell the craft products. 

THREATS

1. Competition in domestic market.
2. Balance between high demand and supply.
3. Quality products produced by competing countries like China ,South Africa.
4. Better Trade terms offered by competing countries.
5. Increased and better technological support and Rend facility in competing countries .

The PESTLE analysis of handicraft is very necessary; we can do the PESTLE analysis as following