Rolls Royce has been the name of luxury since the year of 1994 while they worked with their special power of wheels. They are known worldwide for producing and selling of automobiles meant especially for luxury apart from the automobile parts selling.
Previously owned by BMW, but later the copyright was transferred to Rolls Royce with the brand name. They have been manufacturing their own motor vehicles since 2003 in London and from there itself, they own the manufacturing rights.
The company’s sales for a year are approximately equal to 1941 Million Euros which makes them one of the leading vehicle companies.
Strengths in the SWOT analysis of Rolls Royce
The strength of a company is what makes it the best in the market and different from others. Some of the strengths of Rolls Royce are:
- Parent Company Support: Over the years, Rolls Royce has received immense support from their parent company in terms of improving the technology and manufacturing systems. They have made technological advances and corrected their machinery over the years.
- World Wide Presence: The Company’s presence all over the world is astonishing since it has made its name in almost 50 countries in no time and with the increasing demand they might just keep on increasing the count.
- Brand Image: Every company has its own brand image which determines the quality of the product and its name among the crowd. Rolls Royce has been known to have a superb image because of its quality product and performance of the cars with the amount of luxury they are providing. The brand image has successfully increased their gross income over the past years.
- Variants: Rolls Royce has given the world many variants of luxury cars it is hard actually to look at the brand. Their premium section has been the most eyed one with cars like Phantom, Ghost, Phantom Drophead Coupe, and Phantom Coupe.
- Designs of Cars: The Company is not only popular for its amazing line of Luxury cars but also the designs it has created. Rolls Royce has created designs with the most skilled workers in terms of exteriors as well as interiors. The designs that are done interior wise are made to satisfy the luxurious needs of the customer and the exterior ones are for the longevity and best performance.
- Working Team: Like a proper working company Rolls Royce also recruits people after checking them thoroughly with the skills they have. They have a very strong technical and manufacturing team to back them up all the time.
Weaknesses in the SWOT analysis of Rolls Royce
The shortcomings of a company or the lack of terms of performance can be explained as the weaknesses of a company. The weaknesses of Rolls Royce are:
- Status: Rolls Royce is a brand that has made its name in the upper section of the world because of the prices of the cars it is selling. It is a luxury brand and shows dignity in the way it is showcased. Everyone belonging to a different class or category will just perceive they cannot afford it.
- Loyalty: Since Rolls Royce only targets a specific group of customers because of the prices of the vehicles it manufactures, it is almost impossible to keep up with the revenue or repetition in purchases since a limited crowd gets saturated after a point of time.
Opportunities in the SWOT analysis of Rolls Royce
Opportunities are those changes that are provided to the companies for creating something better than present and increasing the business. Opportunities for Rolls Royce are:
- Automation is the Key: With the advancements made in the industry of vehicles, Rolls Royce has an opportunity of making cars that are automatic or run themselves. Since they specialize in luxury cars so adding automation into the story, it can be another big leap.
- Technology in Cars: Technology is making the world go bigger and better, and Rolls Royce has to adopt the technology to make improvements in their technological systems. IOT can be integrated into the newly designed vehicles along with other features to bring out the biggest hi-tech vehicle of the era.
- Custom made Vehicles: Customers these days want cars that are a representation of their characters or lifestyle. A customization is an option that is growing day by day, and people are opting for cars that they can change
Threats in the SWOT analysis of Rolls Royce
Threats are the risks that can get the brand or the companies in danger resulting in loss of reputation or sales. Some of the dangers for Rolls Royce are:
- Competition is increasing: With every passing day, the competition for Rolls Royce is increasing from brands like Mercedes Benz, Lamborghini, and The other companies are producing vehicles with the same qualities.
- Increase in Cost: The cost of material required for the manufacturing of these cars is increasing and thus the total cost of the production in getting very high. Thus the cost of the vehicles is becoming very expensive even for the target customers.