By Mason FrederickSWOT Analysis. Image Credit: logicspot.comTo achieve great things, two things are needed; a plan, and not quite enough time.-Leonard Bernstein
One of my philosophies is this – ‘’If you want to be successful, learn from the successful.’’ A SWOT Analysis is a tool which successful businesses and business professionals use to help create and achieve their objectives and goals.
The SWOT analysis is a simple and effective business planning tool that can be used as part of your marketing plan, and during strategic planning. The technique was developed by Albert S. Humphrey in the 1960s and 1970s during a Stanford Research Institute convention.
The purpose of this simple analysis is to help you assess your business- your competitive advantage, internal weaknesses, external opportunities and threats.
After completing the analysis, you will gain insights on how to enforce your strengths, minimize or eliminate your weakness, capitalise on opportunities and respond to threats.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
How to Conduct a Swot AnalysisSWOT Analysis. Image Credit: essay.uk.comStrengths: Consider your strengths as characteristics that make your business unique in the marketplace, and give you an advantage over your competitors.
Examples:
Highly trained, passionate and competent staff
Business location
Established distribution channel
Weakness: Internalcharacteristics or elements that keep your business at a disadvantage, but which you can work around, minimize or completely eliminate.
Examples:
Low marketing budget
Lack of a marketing plan
Poor referral system
Opportunities: External factors your business can take advantage of. This may include:
New technology
Growing online trend
Favourable government policy
Threats: External factorscould be:
New entries in your industry
Unfavourable government policy
Competitors mass media advertisements
The SWOT Analysis is especially helpful when setting marketing goals and objectives. It will help you determine if you have the resources required to complete a project, or attain a goal.
Successful career men and women, also use this analysis, to evaluate their skills and grow their careers.
Are you ready to discover the key to crafting unbeatable offers your customers simply can’t resist? Whether you’re looking to attract new clients, drive more sales, or solidify your brand’s presence, this is the opportunity you’ve been waiting for! Read more about Business Join Connect Nigeria for an exclusive session where we reveal the tried-and-true … Continue reading Connect Nigeria Webinar: Unlock the Secret to Crafting Unbeatable Offers!
As 2024 draws to a close, companies across Nigeria are starting to take stock of their performance throughout the year. If you run a business, now is the time to begin that process for your enterprise. But more than merely looking back over the recent past, you’ll want to plan for the future. This … Continue reading How to Prepare Your Business for Q1 2025
Trying to get your T-shirt business noticed? Looking to reach potential customers in the real world, not just online? Well, you’re in luck! In this article, we’re going to explore some effective ways to market your T-shirt business offline and grow your local customer base. Read more about Business Get Out There and Attend … Continue reading How To Market Your T-shirt Business Offline
Nigeria leads Africa in smartphone adoption, driven by improved internet connectivity and affordable devices. Key factors include the country’s large population, urbanization, and mobile brands catering to various income levels. Popular brands like Tecno, Infinix, Redmi, and Itel offer budget-friendly options, while premium brands like Samsung and Apple attract those seeking advanced features. As … Continue reading Consumer Technology: Smartphone Penetration in Nigeria
One thought on “The SWOT Analysis: An Effective Marketing Strategy Tool”