SWOT analysis is an important marketing tool for any organization. It acts useful in all the stages right from planning to execution of strategies in the companies. The first two (Strength and Weakness) are internal features and the last two (Opportunity and Threat) are external. Strength and opportunity are positive factors while weakness and threat are negative ones. The main objective of a company should be to transform the negative factors into positive ones using the various techniques so that the customers will get the maximum value for the products and services they are offered henceforth increasing the returns of investment of the business and thereby benefiting the overall growth of the company.
Here we have compiled a list of 10 best SWOT analysis that can be used for marketing.
In this strategy, we first identify the positive and negative features within and outside the business. For example the internal strengths of a company would be the uniqueness of their products and services, the marketability of the products, location, etc and poor brand image and lack of proper infrastructure could be termed as weaknesses present within the company. At the same time, the external factors both positive and negative ones should be taken into consideration. A strategy should be based on the best of internal and external strengths and the goal should be to minimize the weaknesses to the lowest level.
In the recent times, sports is no longer related to a physical activity which people enjoy but it has taken the shape of a commercial enterprise with media, advertisement, endorsements and promotions becoming a big part of it. Most of the sports companies take the help of high profile sporting events to promote and create awareness for their brands. The above template is a pointer to that.
A company which aims to touch the foreign shores and market their products internationally needs to keep in mind that if their product is something which already has a consumer base then it is best to form an alliance with the present competitors. But if the product is a new one and yet to be promoted then it would be easy to capture the market. The marketers also need to identify major opportunities and threats faced by the company and also the motivation behind entering the foreign markets. The above template is a guide to that.
The online revolution has completely changed the business scenario where most of the companies are selling their goods on the internet. The E-commerce platform has resulted in increased growth and opportunities for every business and at the same time, the competitiveness has also enhanced. This analysis discusses the various pros and cons of doing online business in the present times.
Digital marketing is the most common way of marketing in the new millennium. Here the strengths and weaknesses of a company are matched against the opportunities and threats to form major marketing strategies. The digital marketing is primarily based on data collection which can be of two types; primary and secondary. The data is then processed through a qualitative and deductive research method.
In this strategy for an Educational Institute, there should be a continuous room for improvement to match the evolving factors, both external and internal. The point of concentration should be on what can happen in the future rather than looking at the past. The external factors are ever changing which thereby have an impact on the internal factors of a company. The process is in relation to the development of the Institute’s missions and goals.
An analysis where you can understand the positive and negative aspects of your business with relation to marketing, this also works towards exploring the present strengths and discovering new opportunities to enhance your marketing strategy in the best possible way. At the same time, it helps in uncovering the existing weaknesses and uncovering potential threats so that timely action can be taken to prevent the roadblocks.
It is seen that when there is a collective effort involving industry, academics and government then the resulting success presents a good example for creating a platform for virtual marketing. The above template is based on the results of a long research and development SWOT study where it was found out that manufacturing costs can be lowered by mass production and marketing thereby increasing the profits.
Here we are looking at what is the company’s strength and weaknesses and also that a weakness can be transformed into strength if we work on it. At the same time, a strength can also turn into a negative factor if it is not utilized properly. So the correct identification of a company’s positives and negatives is an important thing which should not be neglected.
This technique works in three steps; tools, tasks and deliverables. First, we need to sort out the available tools of our business like database development, market identification, etc and then create tasks like form a business strategy, gather and translate VOC data, etc. The deliverables are of two categories; one is major deliverables like documenting profit goals and opportunities and the other is supportive deliverables like competitive benchmarking of data and mapping of the behaviour of different market segments.
