How do I make a SWOT analysis?
To perform a SWOT Analysis, it consists of three steps:
Set up topics to gather relevant information - According to the subject and purpose of the analysis, look for relevant information. For example, when analyzing the competitiveness of a product, whether it is the composition, appearance, function of the product itself, or the market size of the same type of product, import and export regulations, etc., it is the scope of data collection.
Filter and categorize data - The collected data is filtered to remove data that is lowly relevant to the purpose of analysis and to avoid the impact of excessive data on the accuracy of the analysis. The data is then divided into four areas: strengths, weaknesses, opportunities, and threats.
For example, products with a relatively low price, products with a short shelf life, teenagers' preference for online shopping, and products close to saturation in the market are divided into advantages, disadvantages, opportunities and threats.
Analyze SWOT chart and develop strategy - Finally, take out a blank SWOT analysis form, fill in the above classified information, you can start the analysis, and formulate four strategies (enhance strengths, reduce weaknesses, seize the existing opportunities, eliminate potential threats), look for possible strategic direction, still need to evaluate before the implementation.
In general, after completing a SWOT analysis, there are four strategies:
to enhance strengths,
reduce disadvantages,
seize opportunities, and
eliminate potential threats.
Among them,
"SO" strategy means to use strengths and take advantage of opportunities;
"WO" strategy means to overcome weaknesses and take advantage of opportunities;
"ST" strategy means to use strengths and avoid threats,
"WT" strategy means to reduce weaknesses and avoid threats.
