Know what a SWOT analysis is Evaluate a marketing mix using relevant marketing tools.

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Know what a SWOT analysis is Evaluate a marketing mix using relevant marketing tools

SWOT ANALYSIS – What is it? SWOT Analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieving that objective Internal External

Why do we use SWOT? Identification of SWOTs is essential because subsequent steps in the process of planning for the selected objective may be derived from the SWOTs. First, the decision makers have to determine whether the objective is attainable, given the SWOTs. If the objective is NOT attainable a different objective must be selected and the process repeated. SWOTs are used to highlight where areas of development are needed.

A Strength Could be: Your specialist marketing expertise. A new, innovative product or service. Location of your business. Quality processes and procedures. Any other aspect of your business that adds value to your product or service.

A Weakness Could Be: Lack of marketing expertise. Undifferentiated products or services (i.e. in relation to your competitors). Location of your business. Poor quality goods or services. Damaged reputation.

An Opportunity Could be: A developing market such as the Internet. Mergers, joint ventures or strategic alliances. Moving into new market segments that offer improved profits. A new international market. A market vacated by an ineffective competitor.

A Threat Could be: A new competitor in your home market. Price wars with competitors. A competitor has a new, innovative product or service. Competitors have superior access to channels of distribution. Taxation is introduced on your product or service.

Today’s Tasks What is SWOT analysis? What is it used for? – Do research and give introduction to it and explain what it does etc. Draw up your product’s SWOT analysis in a quadrant using the example handouts.