SWOT analysis is one of the easiest ways to get started in marketing analysis, from understanding yourself to understanding your opponent and finding out the key to victory!
SWOT (Strength, Weakness, Opportunity and Threat) Analysis
Strengths and Weaknesses focus on the "internal" state of the analyzed company or product
Opportunities and Threats are the "external" environment of the analyzed company or product
SWOT Analysis
Strengths are those unique to your company, strengths that you can control, i.e.
What are the areas where you can outperform your competitors?
What services, products, and processes do you offer that are successful?
What are the soft strengths of the company? Knowledge, know how, contacts, skills, reputation, etc.
What are the hard strengths of the company? Such as customer quality, superior technology, excellent equipment, capital, etc.
Weaknesses are those elements that weaken your company! If you want to stay competitive, you have to make these weaknesses disappear or at least reduce their damage to you, i.e.
Are there communication gaps or barriers between teams ?
Is the company in a good location?
Are there areas of improvement in the company's products, services and processes?
Do you need to be competitive in the projects related to the company, but you have not got it yet?
What are the software and hardware resources that the company is currently lacking? Such as capital, talent, technology, equipment, etc.
Opportunities are external factors that help your company grow due to advances in the industry and changes in the environment, i.e.
Is your industry on the wave of growth? Do your customers have a high opinion of your company?
What activities or events are coming up in the future that will help your company grow?
Is your industry on a growth trend? Will this trend help customers to pay more attention to your company in the future?
Are there any new government regulations that will be released or removed that will positively help your industry?
Threats are external factors that you can't control. You can take precautions to minimize loss and damage in the event of an emergency, i.e.
What market trends are occurring that will negatively impact your company?
Will future technological developments affect your profitable business model?
Will changes in consumer habits or user habits affect your industry?
Are there strong potential competitors that are preparing to enter your market?
Do you have strong relationships with suppliers upstream and downstream of your product chain?
