SWOT= Stenghts, Weaknesses, Opportunity, Threats

What is a SWOT?

SWOT analysis is a marketing and business planning process that helps companies understand their Strengths, Weaknesses, Opportunities, and Threats. Understanding these factors subsequently helps you develop dynamic plans for your business.

Performing a SWOT analysis for your company is an important component to starting a marketing plan.

To carry out a SWOT analysis, honestly answer the following questions.

Strengths

Strengths come from within the company. This is the time to take full credit for what you do well, but be realistic. In looking at your strengths, also think about them in relation to what it is your company needs.

What do you do best?
What advantages do you have?
How have other people described your strengths?
What are your competitors' strengths?

Weaknesses

Weaknesses are within the company as well. Weaknesses are things you may not be doing effectively or efficiently. Find out if other people perceive weaknesses that you do not see. What may seem like criticism can really be an opportunity to shape your company or yourself in a way you otherwise might not have thought of.

What needs to be improved?
What should be avoided?

Opportunities

Opportunities come from factors outside of your control. These are in the environment that surround your business and should be tried to capitalize on.

Where are there opportunities facing you?
Is changing technology in your field creating new markets, new product opportunities?
Are social trends and government policies opening new doors for your company or for you?

Threats

Threats are also outside of your control just like opportunities but planning for them helps you get by if and when they happen.

What stands in the way of taking a new path?
What are the possible reprecussions?
What is the downside of doing nothing more than maintaining the status quo?
What is your competition doing?
How real and how big are these threats?

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