The Model agency industry has experienced exponential growth due to the increased need of advertising company products. This has led to increased investments in the area. There are many modeling agencies in the country, and while the old one boasts of an established brand image, he knew ones have an advantage of the establishment of new ideas in the industry, something that attracts most of the clients (Brooks, Heffner & Henderson, 2014). Modeling agencies usually experience a lot of competition which has been made worse by globalization and social media. Some strengths have been essential in ensuring the companies survive the fierce competition while others have minimally influenced the industry as shown in the graph below. The graph depicts that the companies that have favorable internal environment must focus on the external factors in a scale of 10. The following market comparison of different modeling agencies using the SWOT analysis explains their viability in the industry.
BMA Model Agencies
Founded in 1983, the main strength of the modeling agency is its choice of directors. The company has been keen on selecting directors who have been in the industry for long thus offering them the compelling experience needed to run the company successfully. BMA Model Agency major weakness is that it lacks the interest to expand their market and this limits their models. The agency has a big opportunity presented by its diversity of models as it has been able to provide models of all ages, ethnicities, and personalities. This makes it a preference among the major clients (Hollensen, 2015). The major threat faced by the company is the existence of fierce competitors in the market.
It was established in 1977 in New York. The strength of the company is that it created a strategic plan that is frequently changed to meet the market demands. The weakness of the enterprise is that although it has established its presence in many countries, it lacks diversity as it focuses on the young models. Elite Model created an opportunity by glorifying the status of their models, and this has created different classes of models thus giving a variety to the clients. The major threat to the company is competition from more diversified model agencies.
Select Model was founded in 1977, and it is based in London. Its main strength is the introduction of new faces to the business very often thus giving the clients wide of fresh variety to choose from. The company, however, experiences a weakness of failing to focus on all models and focusing on the big names which cause an imbalance in the case they chose to work for another agency as they are not easily replaceable. The company has created opportunities by connecting too many companies in the fashion and advertising industry. Like Elite Model, Select Models also lack diversity ad this limits chances to deal with diversified clients.
The company was established in 1971, and its main strength is that it has built its brand image which is relied upon by customers when choosing modeling agencies. The company's weakness does not follow the dynamics of the market swiftly thus losing its competitive advantage. The vast knowledge of the market is an opportunity that has led the company to have informed decisions. The modeling industry wants more than just models, and Nevs faces a threat as it has failed to consider the personality of their models.
Founded in 1968, the company has been in business long enough, and this has not only built its brand name but also attracted the best models and clients to work with. The main weakness experienced by the company is the lack of diversifications of models. The company has an opportunity for expanding into other markets as it has more models and a better experience in the market. The main threat of the company is increased cybercrimes perpetrated in its name where frauds contact clients and potentiation model purporting to be Model.
This model agency was founded by a former model thus creating a great strength in that she can ascertain to what the market truly requires. The board of directors is also made of experienced people in the industry, and this leads to better decision making. The main weakness of the agency is that it is very selective in its collection of model and this limits their choices (Brooks et al., 2014). The board of directors has been in the industry for long, and they can reach out to companies they have worked with before thus expanding the market of the business. The main threat experienced is the business dynamics as the company has not fully conformed to them.
Based in London, Base Model offers a wide variety of models to clients both local and international. The main strength of the agency is that it has perfected its marketing thus landing the most prestigious clients. However, its lack of diversity when dealing with models has led to limited opportunities as many clients appreciate mixed identities in their work (Hollensen, 2015). The agency has an opportunity to grow further by increasing its model but t experience fierce competition from more established companies.
The company has gotten a name from its specialization in high-end modeling thus being preferred by luxury fashion companies and advertisement companies. However, this limits its clients and models due to its specification. The specialization has placed it ahead of other agencies, and this creates a significant opportunity for the company (Hunger, & Wheelen, 2014). The main threat is that most of the clients deal with a variety of products and focusing on the high end has limited the company's expansion.
This Agency group was established in 1973, and the main strength is that it has managed to master how to balance between its models and client thus offering a good business environment. One of its weakness is failing to establish training to the models that match the competitors. The brand image built over the years makes the company a priority for many models and clients. However, recent modeling agencies are offering fierce competition to the company.
Given that all the companies are based in London, they compete against themselves. They all have been in the business long enough, and the increasing client list ensures that they all stay in business. However, the companies that have more diversified models regarding age, sizes, and ethnicities have a competitive advantage over those that focus on models with a particular personality. The competitors should focus on specialization where they deal with a particular type of market and this way they will minimize competition. However, the specialization should be well strategized because it can easily lead to the loss of the market share.
Brooks, G., Heffner, A., & Henderson, D. (2014). A SWOT analysis of competitive knowledge from social media for a small start-up business. The Review of Business Information Systems (Online), 18(1), 23.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Hunger, J. D., & Wheelen, T. L. (2014). Essentials of strategic management. Pearson.
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