If you’re a marketing or marketing student, an entrepreneur or a business professional – be prepared to learn about a few of the most fundamental and functional tools for marketers still practiced heavily now – the SWOT Analysis. Like many subjects in school that pupils seem to prevent (studying the quadratic formula in Calculus, reading a Brave New World for English lit or that extremely embarrassing topic everyone in health class is ashamed to learn about) – the detailed SWOT analysis is simply something you are going to need to confront learning and become used to writing no matter how complex our advertising approaches get. The detailed SWOT analysis will likely be around forever and will really help you get a grasp of the environment your product or service is becoming and what you need to give to your potential customers that your competitors have forgotten. So here it is in plain English – the good, the bad and the ugly of the detailed SWOT Analysis.
As an expert marketer that has been working in this area, representing a great number of companies throughout North America for over 15 years I always stand behind the benefits and effectiveness of creating and employing a detailed SWOT analysis. My proposal for you is that in the event that you’d like your marketing initiatives to perform to be a professionally developed plan then you have to think and behave like a professional marketer. In this guide, I am going to share with you…
O What’s Good about developing a proper SWOT Analysis”The Good”
O What is the downside of developing a suitable SWOT Analysis”The Bad”
O What if the SWOT analysis doesn’t appear to give value to my advertising plan? “The Ugly”
So why do seasoned advertising executives claim a detailed SWOT Analysis of your product/service can open your eyes to an opportunity you had never imagined? Let’s put it this way – if you are the owner of a brand-new company and you need to sell your business for your future employees who are ultimately responsible for reselling the idea of your business – it is most likely best that you have a clear sense of what your business is all about. Your business’ vision, mission and core values are essential to determine whether customers see your product/service for a need. Is your product category you are in thriving, full of competition or are you yesterday’s trend? These replies can be yours by breaking your company in a SWOT Analysis.
What is so good about a SWOT? The simplest way to answer this question – is located in the acronym – plainly said – a SWOT will tell you exactly what the strengths, weaknesses, opportunities and dangers are to your business phan tich swot. Strengths and weaknesses are attributes of your business which are identified internally -what is happening within your company’s surroundings? Some of the advantages you may have is that you were the first entrant to some category (i.e. Red Bull from the energy drink category), has your company won some awards, what makes you different from the competitors (would you have something they do not that hard to copy?) Weaknesses may be that you weren’t”one of the originals” and you’re lumped in with all the other gazillion forms of soap accessible today – you lack that”must-have” feature. Or perhaps your product or service is a seasonal item – therefore your key selling peak only happens during a certain quarter of this year – where case – how does the company endure for another 3 quarters? Strengths and weaknesses are easy to identify in the event that you really sit and think about what your company is, stands for and what it offers your clients. Opportunities and threats are identified – All these are facets that happen outside of your company which you’re not able to control. Going back into the Red Bull instance, the fact that the general public was discovering themselves more frequently exhausted and looking for a”pick me up” – paved the way for Red Bull to really pack a punch with all the public. And possibly, the simplest case of a threat is something most firms seem to be confronting now – the gloomy state of the market and the public cautious with their spending. These four facets are quick and easy ways to access your company and with a little thought – you may open your company up to chances you’ve got not have initially seen.
What’s so bad about a detailed SWOT Analysis – nicely for a first timer, so be prepared this is but one of a gazillion SWOT Analyses you may do on many different organizations and products. Sometimes the first few SWOT’s can take a fair bit of time to nail down the formula, but shortly it will become as simple as riding a bicycle.
The ugly of this detailed SWOT analysis is very rare but has seen the light of day. Perhaps the product category is so complex that a SWOT really does not answer any immediate questions to your business. Or you have finally finished what you believed was an amazing analysis, just to realize that after investing a great sum of money in your”dream project” you have entered into a overly-saturated market and your product (with no great additional value) will shortly be lost from the masses – YIKES! Also, some companies mistake their internal strengths as external opportunities – where your SWOT analysis becomes skewed and left non-helpful.
Therefore, even though a first timer you become frustrated with what makes an attribute external or internal, the simple fact that sometimes you need to study your category to really get into some interesting opportunities as soon as you become familiar with this process, there is a good possibility you will start to dream about SWOT analyses and begin implementing them to your everyday life – one of the fantastic things about a detailed SWOT analysis is that it is a basic structure that really sets your business into perspective to yourself, your employees and most importantly everything you need to supply your clients.