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Cross-SWOT Analysis of Korean Rental Business

 


Cross-SWOT Analysis of Korean Rental Business


Cross-SWOT is one of the strategic analysis methods based on SWOT analysis. SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats, which are used to analyze the internal and external environment of a company or organization to understand the current situation and establish future strategies.

Cross-SWOT is a method of arranging the four elements of SWOT analysis in the form of a two-dimensional matrix and then establishing a strategy by considering the interaction between the different elements. For example, you can combine the strengths and opportunities of a company to create a new product or market strategy, or find countermeasures to overcome weaknesses and threats.

Cross-SWOT takes SWOT analysis one step further, allowing individual elements to interact and find new strategies, rather than being analyzed independently.



Strengths
Increasing Demand Due to the Spread of Rental Culture among Young People
Expanding the number of consumers who want to use it temporarily, such as well as office workers
Increased customer attractiveness due to the provision of a variety of rental products and services


Weaknesses
High customer dissatisfaction with the quality or condition of rental products
Uncertainty in pricing over rental period
Additional cost issues such as repair and maintenance of rental products


Opportunities
Mobile rental market expansion due to increased non-face-to-face experiences caused by COVID-19
More consumers want one-time use
Demand for Smart Home and IoT devices grows


Threats
Risk of losing market share due to entry into new competitors
Risk of increased customer dissatisfaction due to instability in logistics and delivery services
Risk of declining pricing competitiveness over the rental period

Based on the Cross-SWOT analysis above, the Korean rental business can establish various strategies. Examples include improving the quality of rental products and improving customer satisfaction, developing mobile applications to expand the mobile rental market, and working with competitors to maintain price competitiveness.

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