Performing a SWOT Analysis

posted: July 14, 2010

USING THE COMMON "swot" ANALYSIS

You may have heard the term, "SWOT" analysis. It is often used in market planning to assess your company's strengths (S), weaknesses (W), opportunities (O) and threats (T).

SWOT reviews are needed to analyze how best to grow and outsmart your competition. The analysis will help you define marketing tactics that address strengths and opportunities that can put you in a competitive position.

SWOT ANALYSIS

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S=Strengths:
defining your company's strengths. It could be your product line, sales force, location, operation efficiency or other.

Determinants of Internal Strengths
  • management
  • brand / corporate identity
  • technology
  • channel distribution
  • service organization
  • cost leadership
  • resources
  • organizational structure
  • policies
  • operating procedures
  • consistence
  • compatibility

W=Weaknesses:
in comparison, you need to outline your company weakness. This too may by your product line, sales force, location, operation efficiency or other.

Determinants of Internal Weaknesses
  • Management
  • brand / corporate identity
  • technology
  • channel distribution
  • service organization
  • cost leadership
  • resources
  • organizational structure
  • policies
  • operating procedures
  • consistence
  • compatibility

O=Opportunities:
strategic opportunities may include a product line expansion, opening a new market, streamlining an operation for better efficiency, etc.

Determinants of Internal Opportunities
  • exploit competitor's move
  • new technology
  • new management
  • industry changes
  • new markets
  • macroeconomic changes

T=Threats:
in contrast, you need to also list the potential threats. This may include price competition, new competition from a major player, lack of employment skills, declining demand, etc.

Determinants of Internal Threats
  • exploit competitor's move
  • new technology
  • new management
  • industry changes
  • new markets
  • macroeconomic changes

 

Next topic

Our next topic will review your internal capabilities.

Don't forget to download our market model as we review the issues needed to formulate your marketing plan.

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