BMA SWOT MP 004 Review

What is the use of SWOT analysis in marketing planning?

A SWOT analysis helps you understand internal and external factors that can make or break your success toward your marketing goal.

When is the best time to conduct a SWOT analysis?

Conducting a SWOT analysis can benefit any business, any time

Who should be involved in SWOT analysis?

The top executives in the business. If you're a small-business owner, it may be just you and a partner. If you're involved in a big business, there may be several presidents and vice-presidents to take into account. Employees at every level of the business: mid- and low-level workers, along with suppliers and customers.

What is a SWOT analysis?

strengths, weaknesses, opportunities, threats

What are the four different SWOT marketing strategies?

~ S-O strategies: Focus on opportunities that are a good match with the business's strengths ~ S-T strategies: Focus on using a business's strengths to overcome its threats ~ W-O strategies: Focus on overcoming a business's weaknesses so the business can pursue opportunities ~ W-T strategies: Focus on ensuring that a business's weaknesses don't make it even more vulnerable to the threats it already faces.

What are a company's potential strengths?

~A good or service you offer that no one else in your area does ~The convenient location of your business ~Brand recognition associated with your company ~The skills and talents of your staff.

What are a company's potential opportunities?

~A new software development ~improved mechanical process ~A corporate merger ~the failure of another company ~The chance to introduce a new product or service

What are a company's potential threats?

~New competition moving into your neck of the woods ~A new tax that your business owes the government ~A New law you must follow ~Bad debt or cash-flow problems ~A new trend sweeping the public

What are the key guidelines to keep in mind when conducting SWOT interviews?

~One-on-one interview sessions work best ~Always explain the purpose of the interviews ~Assure the interviewees that their answers will be kept strictly confidential.

What are a company's potential weaknesses?

~lack of experience or expertise ~A bad reputation among the public ~Poor communication among staff members ~A weak brand name