BADM Principles of Marketing: Unit 3
Who should be involved in SWOT analysis?
An owner Managers Employees at every level Suppliers Customers
opportunity
Any favorable situation in our environment around the business
Threat
Any unfavorable situation in our environment around the business
Why is SWOT analysis important?
It helps you zero in on the key issues to keep in mind when formulating your next marketing move.
Weaknesses
Limitation or shortcoming
Strategic Planning
Long-range planning
What is SWOT analysis?
A SWOT analysis is an organized way to look at your business's strengths, weaknesses, opportunities, and threats. Conducting a SWOT analysis is the first step in the strategic-planning process.
Strength
A strength is any resource or capability your business has that can help you gain a competitive advantage in your industry
When is the best time to conduct SWOT analysis?
Conducting a SWOT analysis can benefit any business, any time. Whether your business is young or old, growing or dying, you always need to have a strategic plan in place. SWOT is a relatively quick way to get to the heart of the matter when it comes to that plan.
Describe the four marketing strategies that come from the SWOT matrix.
S-O strategies S-T strategies W-O strategies W-T strategies
What does SWOT stand for?
SWOT is an anagram that stands for strengths, weaknesses, opportunities, and threats.
Environmental Scanning
Surveys and interprets relevant data to identify opportunities and threats
What should you do before you begin a SWOT analysis?
Take some time to establish your objectives and goals. For larger businesses, it's also important to define the scope of the SWOT analysis.
List the basic guidelines for conducting SWOT interviews.
Use one-on-one sessions Explain the purpose Keep Answers confidential Start and finish with any category you choose
List three questions that help determine strengths.
What are our advantages? What do we do well (what is our expertise)? What are our assets? What resources do we have access to? Where are we making money?
List three questions that help determine opportunities.
What are the newest technological breakthroughs? What new needs of customers can we meet? What economic trends are beneficial to us? What niches have our competitors missed?
List three questions that help determine weaknesses.
What can we improve? What resources do we lack? Where are we losing money? What are our competitors doing better than we are?
List three questions that help determine threats.
What obstacles do we face? What is our competition doing? What economic trends are harmful to us? What technological trends are harmful to us? Where are we vulnerable? Do we have money problems?