SWOT Analysis
This article briefly provides in a few pages a comprehensive guide for marketers to develop a SWOT analysis. It is important for marketers to understand their firm's position in the marketplace, and to set realistic objectives within the marketing plan, as part of the organizational strategic plan. Note that this is an exercise and it requires the input of several key individuals to provide insight and input.
When Do You Use SWOT?
A SWOT analysis can offer helpful perspectives at any stage of an effort. You might use it to:
- Explore possibilities for new efforts or solutions to problems.
- Make decisions about the best path for your initiative. Identifying your opportunities for success in the context of threats to success can clarify directions and choices.
- Determine where change is possible. If you are at a juncture or turning point, an inventory of your strengths and weaknesses can reveal priorities as well as possibilities.
- Adjust and refine plans mid-course. A new opportunity might open wider avenues, while a new threat could close a path that once existed.
SWOT also offers a simple way of communicating about your initiative or program and an excellent way to organize information you've gathered from studies or surveys.