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Swot analysis
- 1. SWOT Analysis. Strengths - Small device – easy to carry around Lots of choice of songs Mp3 will be able to hold hundreds of songs Spotify is cheaper than iTunes Fast playing – no downloading As its new, more people will take interest Advertisements create more money for the company. Very easy to use – suitable for anyone. Its legal. Can listen to a range of music; create playlists to their interests. Weaknesses - Need Internet access – this could be limited. Wont be free, pay a small fee for spotify account. Restricted to only spotify software, may not have desired song. Restricted to streaming songs instead of downloading them. Batteries in MP3 player could run out., which will need to be purchased again. Limited artists chosen. Lacks appeal, as subscription has to be played. Advertisements could get repetitive. Subscriptions could be over priced. Pay for subscription but may not get full use out of it. Quality of music may not be as good as it is streamed. MP3 don’t have mobile network access. Only WIFI. Opportunities - Take away apples market – increasing sales. Raise awareness of spotify. Increase sales of spotify. Opportunity to create products with the same software. Create phone app and Internet app, which will be popular. Develop from music into books, music videos and other features. To create an MP3 player to have network access so that it can be listened to whenever and wherever. Different designs MP3 to the audience taste such as change the colour, add stickers to MP3 so it is personal and unique. Threats - Other companies thinking of a similar idea but with their software. If spotify had a technical problem then money would be lost and interest. Another music company using this idea however making the software free. Someone may create a similar app for peoples phone, which will be much easier. People may already enjoy using iTunes and do not want to change. Already strong existing companies. Other companies such as iTunes have music videos, books, magazines where as spotify would just include music. Advertisers may struggle with the amount of space they have to advertise their company on the mp3. Which may result in fewer sales to spotify. People perception that they are old fashioned and out of date.