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.
There’s a lot of information on the web about how to successfully market your business and its products online. But there isn’t as much insight concerning offline marketing, where much of the business world still operates. Read more about Business You have come to the right place if you’ve been looking for advice concerning … Continue reading 10 Best Offline Marketing Ideas for Your Business
Product management is an interesting career path that sits at the intersection of business, technology, and user experience. A product manager plays a crucial role in shaping the vision, strategy, and development of products that meet the customer’s needs and drive business growth. Read more about How To If you’re passionate about innovation, problem-solving, … Continue reading How To Become a Product Manager
The emergence of blockchain technology is proving to be one of the most significant events of the last few years. It’s offering up new possibilities in sectors as diverse as finance and agriculture, health and logistics. Real estate hasn’t escaped blockchain’s positive impact. In recent times, blockchain and real estate have intersected. In this … Continue reading 8 Lucrative Business Ideas that Intersect Blockchain and Real Estate
Allen Ifechukwu Onyema is a big deal in Nigeria. He was born in 1964 and is famous for being a lawyer and a businessperson. He’s the big boss of Air Peace, a famous airline he started in 2013. Read more about Personality Early Life and Education Onyema was born in March 1964 in Benin … Continue reading Men You Should Know: Allen Ifechukwu Onyema
One thought on “The SWOT Analysis: An Effective Marketing Strategy Tool”