Marketing - SWOT Analysis

Steps for conducting a SWOT analysis

1) Establish your goals and objectives 2) Narrow your scope! 3) Fill in key issues in each category. 4) Develop a plan of action for your business

W is for Weakness

A disadvantage, limitation, or shortcoming a business has that can keep it from achieving goals

What is a SWOT analysis used for?

A simple tool that allows businesses to analyze their strengths, weaknesses, opportunities, and threats.

O is for Opportunity

Any favorable situation in the environment surrounding the business that could help the business gain a competitive advantage in the industry.

S is for Strength

Any resource or capability that a business has that can help it gain a competitive advantage in the industry

T is for Threat

Any unfavorable situation in the environment surrounding the business that could help competitors gain an advantage in the industry.

When should a SWOT analysis be conducted?

Can be conducted any time or as often as needed!

Who should conduct a SWOT analysis?

Can be conducted by anyone involved with a company, and it's a great idea to pull in multiple perspectives.

Benefits of SWOT Analysis

Can be used by any company in any situation; Little to no cost; Provides a visual overview of the business; Allow companies to prioritize what's important; Discover issues ; Filter for a great deal of information; Gain insight into competitor strategies

Internal factors of a SWOT analysis

Factors that a business can control ; strengths and weaknesses are internal factors of a SWOT analysis

External factors of a SWOT Analysis

Factors that are beyond the control of the business. Opportunities and threats are external factors of a SWOT analysis. The business can only control how they react to these factors.

Product based strengths

Features, benefits, top sellers, etc.

What is the goal of a SWOT Analysis?

Identify issues and provide guidance for strategic decision making

Process based strengths

Innovation, great employees, ease of assembly, etc.

Why do businesses use SWOT analysis?

Provide guidance and direction in developing strategies and plans; Analyze what's working for their business and what isn't; Look at market trends and how trends could affect the business; Analyze their position relative to their competitors; Prioritize projects and tasks