Marketing Test 11/23

What is SWOT analysis?

An organized way to look at each factor within a business

Describe a company's potential opportunities

Any favorable situation in the environment surrounding your business

Describe a company's potential weaknesses

Any limitation or shortcoming your business has that can keep you from achieving your objec-tives.

Describe a company's potential strengths

Any resource/capability your business has that can help gain competitive advantage in your industry.

Describe a company's potential threats.

Any unfavorable situation in the environment surrounding your business

Who should be involved in SWOT analysis?

Everyone The owner of the company Top executives and partners

Describe the use of SWOT analysis in marketing planning.

It helps zero in on the keep issues to keep in mind when formulating your next market move Strategic planning, able to look at your business with a proper perspective

Describe the key guidelines to keep in mind when conducting SWOT interviews.

One on one interviews work best, explain the purpose of the interview, make sure to ask what the basis of their answer is. Comments will be kept confidential.

A competing company has just gone out of business.

Opportunity

Describe the four different SWOT marketing strategies.

ST- using businesses strengths to overcome its threats SO-strategies focus on opportunities that are a good match with the business WO-strategies focus on overcoming a business's weakness so the business can pursue oppor-tunities WT-Strategies focus on ensuring that a business's weaknesses don't make it even more vul-nerable.

The company has an excellent reputation among its client base.

Strength

The company has invented a new product to introduce to the marketplace.

Strength Opportunity

A competing business has just opened up down the street

Threat

A new law has raised the company's taxes.

Threat

The company's technology is out of date.

Weakness Threat

When is the best time to conduct a SWOT analysis?

When ever your company must formulate a strategy. /ANYTIME