What is a SWOT Analysis?
A SWOT Analysis is procedure to evaluate your marketing strengths, weaknesses, opportunities and threats and the acronym is SWOT.
- Strengths
- Weaknesses
- Opportunities
- Threats
This process helps you to focus on:
- what you have to work with
- why you can improve, and
- where there are opportunities yet undeveloped.
It will prove to be an invaluable exercise.
It is by knowing these factors that you will be better able to define and reach the goals of the marketing plan.
Strengths:
What do I do better than my competitors?
What is my competitive advantage? What works well within my company?
What can my company really be proud of?
Weaknesses:
What is hindering me from selling more of my products or services?
What is the biggest internal obstacle to producing the product?
What do my competitors do better than me?
Opportunities:
Is there a part of my market has not yet been reached?
What consumers are my competitors not targeting?
What can be done to make the company work more efficiently to better meet the needs of my clients?
What area of my product or service is being neglected?
Threats:
What are the biggest threats from my competitors?
What is the biggest threat from the economy or the changing market?
What is the biggest internal threat that could hurt my products or services?
