SWOT analysis is a framework for identifying and analyzing an organization's strengths, weaknesses, opportunities, and threats. It can assist in business by being a tool that can help you analyze what your company does best now and devise a successful strategy for the future.
One of the main weaknesses that Discovery faces is their membership fees. Membership in Discovery Vitality often requires additional fees on top of existing insurance premiums or other subscription costs. This can discourage potential members who perceive the program as an added expense. A way that Discovery can turn this into a strength is if they decide to lower their fees. This will not only set them apart from other insurance companies, but it will also allow for now members as they will not longer view the program as an added expense
One of main threats that Discovery faces is the shifts in health trends. Shifting health trends can disrupt consumer behavior and priorities, affecting the demand for health and wellness programs like Discovery Vitality. A way to combat these ever changing trends would be for the business to stay ahead of emerging health trends through ongoing research, data analysis, and monitoring of industry developments. This proactive approach enables Discovery Vitality to anticipate shifts in consumer preferences and behavior and to keep up with new health trends.