SWOT Analysis

SWOT is the English acronym for Strengths, Weaknesses, Opportunities and Threats (Risks) and is very important to your marketing plan. After completing the analysis of business and marketing, you will have the information necessary to identify their SWOTs and pests.

Their strengths and weaknesses are determined by internal factors, while opportunities and threats (OT) are dictated by external forces. Sometimes, it is recommended to identify opportunities and risks first, to learn more quickly what the strengths and weaknesses of the product should be considered before. For example, if you find that your competitor is to lose an exclusive distribution contract in the next two months, you can use this information to quickly fill a room in the market. However, many of the risks will be based on weaknesses you've discovered.

Whatever look first, you need to understand what you are looking for. To mount your OT, ask yourself the next. There was a problem or Opportunity identified in your:

• Philosophy or mission of the company?
• Features, benefits or qualities of the product?
• Competitive advantage of the product? (there is competitive advantage?)
• Methods of distribution or distributor satisfaction?
• Pricing structure? Its price is higher or lower than the competitor?
• Awareness of the target market for your product?
• Behavior of the target market for the product (or its category)?
• Brand loyalty of the target market?
• Activities of the competition? (new product launches, price changes, new businesses, etc.).
• Market in general? (changes in needs, trends, behaviors, etc.)

When creating your list of opportunities, consider the following terms:

Problem solving - identify the problems that have generated complaints and can give a great advantage to your product. For example, interviewing a client can reveal things like: "I always mash potato chips in the grocery bags on the way home." Contact Pringles, brand potato chips. A new package can give the advantage that your product or service needs in the market.

Cycle use the product - which the steps by which the buyer is to buy, use and dispose of the product? This method can generate new product ideas (or just ideas for improvements or packaging), service or other options exchanges.

Ideal scenarios - sometimes customers phrases like, "I would ..." can lead to a proposal for a completely new product. For example, someone somewhere probably said, "I would like to check my emails anywhere!"

Other areas may also need to be studied depending on your company, product or market.

Now identify the strengths and weaknesses. Strengths can be defined as any company resource available that can be used to improve your market share or financial performance. The weaknesses are any company's resources that can cause a loss of competitive advantage, position or financial status. Rate the strengths of your product (or company) in these categories on a scale of 1 to 5. You can also sort each by importance. Remember that many of its weaknesses will be based on risks that you identified above.

External (market-oriented)

1. Reputation of company / product.
2. Share.
3. Ability of the company / product to meet the needs and market trends.
4. Value your company brings to market.
5. Quality of your product.
6. Quality of service and customer support (or another service area).
7. Quality / effectiveness of promotions and other marketing efforts made.
8. Descriptive document
9. Distribution.
10. Geographical advantages.

Internal Factors :

• Operational leadership.
• Financial strengths.
• Manufacturing capabilities.
• Responsiveness of the workforce.
• Extend these categories according to the needs of your product or company.

Remember that usually a risk can also be an opportunity and a strength can also be seen as a weakness - it all depends on the viewpoint of the beholder. For example, you can see their wide range of products as a strength, while their clients may find it confusing and have trouble finding what they need. Put yourself in the consumer and be objective when making their determinations.