SWOT Test- Marketing 1
What is a SWOT analysis?
Analysis of strengths, weaknesses, opportunities, and threats in/surrounding your business
Who should be involved in a SWOT analysis?
Anyone who can help. Executives, presidents, VPs, employees, suppliers, customers, etc.
W-T Marketing Strategy
Ensuring that weaknesses don't make a business more vulnerable to threats it already faces
What are the key guidelines you must keep in mind when conducting a SWOT analysis?
Establish objectives and goals, define scope of analysis, and interview those involved in analysis.
S-O Marketing Strategy
Focus on opportunities that match a business's strengths
S-T Marketing Strategy
Focus on using strengths to overcome threats
How is a SWOT used in a marketing plan?
It's used to emphasize strengths, minimize weaknesses , capitalize on opportunities, and avoid external threats.
Describe a company's potential opportunities.
New tech, new customer needs, beneficial economic trends, new niches not yet filled by competitors
Describe a company's potential threats.
Obstacles faced, competition, harmful economic and technological trends, areas of vulnerability, money problems
W-O Marketing Strategy
Overcoming weaknesses so you can pursue opportunities
Describe a company's potential weaknesses.
Things to improve, resources you lack, places money is being lost, things competitors do better
When is the best time to conduct a SWOT analysis?
When there's limited time to make a decision
Describe a company's potential strengths.
Advantages, skills, assets, resources, places money's being made
