Strategic analysis is a tool that businesses use to map out their current positions before they develop strategic plans for future direction and growth. Name your strengths, including aspects of your company culture that make you resilient and equipment you own that gives you excess capacity.
The system combines information from the environmental analysis and separates it into two components: This level of analysis enables an organization to determine whether there are factors present that will aid in the achievement of specific objectives due to an existing strength or opportunity or if there are obstacles that must be overcome before the desired outcome can be realized due to weaknesses or threats.
What is SWOT analysis? Further, the primary goal of a SWOT analysis is to identify and assign all significant factors that could positively or negatively impact success to one of the four categories, providing an objective and in-depth look at your business.
Highly useful for developing and confirming your organizational goals, each of the four categories provides specific insights that can be used to cultivate a successful marketing strategy, including: Strengths - Positive attributes internal to your organization and within your control.
Strengths often encompass resources, competitive advantages, the positive aspects of those within your workforce and the aspects related to your business that you do particularly well, focusing on all the internal components that add value or offer you a competitive advantage.
Weaknesses - Factors that are within your control yet detract from your ability to obtain or maintain a competitive edge such as limited expertise, lack of resources, limited access to skills or technology, substandard services or poor physical location.
Weaknesses encapsulate the negative internal aspects to your business that diminish the overall value your products or services provide. Opportunities - Summary of the external factors that represent the motivation for your business to exist and prosper within the marketplace.
These factors include the specific opportunities existing within your market that provide a benefit, including market growth, lifestyle changes, resolution of current problems or the basic ability to offer a higher degree of value in relation to your competitors to promote an increase in demand for your products or services.
One element to be aware of is timing.
Threats - External factors beyond the control of your organization that have the potential to place your marketing strategy, or the entire business, at risk.
The primary and ever-present threat is competition. However, other threats can include unsustainable price increases by suppliers, increased government regulation, economic downturns, negative press coverage, shifts in consumer behavior or the introduction of "leap-frog" technology that leaves your products or services obsolete.
Though these forces are external and therefore beyond your control, SWOT analysis may also aid in the creation of a contingency plan that will enable you to quickly and effectively address these issues should they arise.
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Using SWOT Analysis to Develop a Marketing Strategy By: Adam Colgate SWOT analysis is a straightforward model that analyzes an organization's strengths, weaknesses, opportunities and threats to create the foundation of a marketing strategy.
Jun 30, · Strategic analysis is the process of analyzing your company's position, relative to your internal and external environments.
The most common method is . In business, a strategic business unit (SBU) is a profit center which focuses on product offering and market segment. SBUs typically have a discrete marketing plan, analysis of competition, and marketing campaign, even though they may be .
Marketing strategy is a long-term, forward-looking approach to planning with the fundamental goal of achieving a sustainable competitive advantage. Strategic planning involves an analysis of the company's strategic initial situation prior to the formulation, evaluation and selection of market-oriented competitive position that contributes to the company's goals and marketing objectives.
The business concept comprises your vision of the company, explaining the value your product or service will bring to the customer, why you are especially qualified to offer it, as well describing your offering's uniqueness and growth potential within your industry.