Strengths Weaknesses Opportunities Threats. SWOT analysis is in helping, and there’s no marketing team to identify their strengths, weaknesses, opportunities and threats facing the business. Done correctly guess what analysis will maximize the strengths and opportunities of a business and at the same time it will minimize the weaknesses and strengths the business faces.
Why You Should Perform A SWOT Analysis
When completing a SWOT analysis your strength should be aligned with the opportunities, and the threats should be aligned with the challenges the business is facing. Understanding that everything that you want to cover in a SWOT analysis is not of equal value so one has to find the critical factors that will have a big impact on the business.
SWOT analysis will help your marketing endeavors to build up on the vital strands which the business already has, look at ways to correct the weaknesses uncovered, finding ways to explore the opportunities uncovered in a bid to improve the performance of the business is marketing endeavors.
So your strength as a business should be considered as something which sets you apart from your competitors in a good way. Other critical components which differentiate you from the businesses that are competing with that you are, pranks should be other things that you as a business do very well. Strength can be your financials, relationships that you have with your clients, expertise in the field, the skill set which your team possesses to name but just a few. As a business if you provide a high quality service or product, in most cases that business tends to me have an advantage over competitors.
Opportunities that a business has are very important for the profitability Survival and growth of any business. The opportunities are all the elements within the business which can by management and marketing team. Opportunities can be a market segment that had been previously overlooked, improved customer relationship, even changing oil refining the product or service that you offer as a business. Opportunities should not be assessed alone, they should be evaluated based on the business’s ability to fully capitalize on that opportunity. Which means to have adequate resources and that will be able to implement and support the opportunities the business has found.
Be bottled up as all of those factors which affect effective performance of a business, this can also be financial, customer service, lack of proper skills, tarnished brand image to name but just a few. As each and every business is different, the weaknesses each business face will differ from the next.
So when we talk about the threats we should consider all the factors that will have a detrimental effect on the progress of the business. such as change in consumer behavior, new competitors, a change in the legislation or the laws
SWOT Analysis Advantages
It is a source of information for strategic planning.
Builds up on organization’s strengths.
Expose and reverse weaknesses.
Maximize its response to opportunities.
Overcome organization’s threats.
It helps in identifying core competencies of the firm.
It helps in setting of objectives for strategic planning.
Helps in knowing past, present and future so that by using past and current data, future plans can be mapped out.