48. SWOT AnalysisBy Roger Bryan
SWOT analysis is a marketing investigation on the Strengths, the Weaknesses, the Opportunities and the Threats involved in your company.
First of all, you need to know that the Strengths and the Weaknesses are internal factors in this analysis, so they refer to the company. On the other hand, the Opportunities and the Threats are external factors, which mean they refer to the market you’re in.
This will give you an idea on how to create a SWOT Analysis:
Your company is in good shape if its strengths are the competitors’ weaknesses and if it can make threats into opportunities.
Strengths – what your company is really good at, what gives you advantage over your competitors. Can be anything from delivery to product package.
Weaknesses – what makes you in a worse position compared to the other companies. Once again, it can be anything. The more weaknesses you have the more you have to improve and the more vision you have.
Opportunities – how can you take advantage over the market’s situation. For example, technology is always an opportunity but can end up being a huge threat if your competitors use it before you.
Threats – what in the market can make your company loose clients and sales.