Marketing plan - SWOT analysis

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Strategically analyze your business. Find out what your strengths, weaknesses, opportunities and threats are. Increase your strengths, minimize your weaknesses, exploit your opportunities and avoid the threats. Check out: http://www.business-plan.co.za

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Marketing plan - SWOT analysis

  1. 1. Marketing Plan - SWOT Analysis Business PlanMarketing Plan -SWOT Analysis
  2. 2. Marketing Plan - SWOT Analysis Business PlanStrategically analyze your business. Find out what your strengths,weaknesses, opportunities and threats are. Increase your strengths,minimize your weaknesses, exploit your opportunities and avoid thethreats. Click hereyear again. And, no, Im not referring to ChristmasIts that time ofThe SWOT analysis which stands for Strengths, Weaknesses,Opportunities and Threats is a critical feature of the overall marketingplan and emerges from an audit of the marketing function. It shouldcover the whole company and scrunch down into the detail of eachbusiness segment and product. It effectively looks at the currentenvironment and business practices but if conducted properly, willprovide the management and owners of the company, with a clearunderstanding of where the organisation is headed.Too often the SWOT analysis process will end up as a jumbled list ofissues and the more effective ones will help identify needs, whatpeople buy and crucially help you to understand your competitors.Once it is completed you will have a list of issues, it is then necessaryto consider the impact of those issues and craft a solution.You will often see examples of a SWOT analysis drawn up as a matrixin quadrants and if youve read the previous article you will know that
  3. 3. Marketing Plan - SWOT Analysis Business Planthese emanate from two key variables; internal (company) andexternal factors.Lets take just one of these quadrants - Threats - this one elementcan then be further divided into another matrix which can be drawnup to show the likelihood of it occurring along one axis and the levelof its impact on the other. In this way you end up being able to trackcertain events and place them in one of the quadrants as follows;High likelihood, major impactHigh likelihood, low impactLow likelihood, high impactLow likelihood, low impact.Where would you place your efforts, resources and money to combatthe threat? If it is both highly likely to happen and the effect on yourbusiness would be great, then its a sort of no brainer. Similarly,although you need to be aware of the potential, you wouldnt need tospend too much time worrying about or planning to avoid, an event inthe fourth quadrant.Strategically analyze your business. Find out what your strengths,weaknesses, opportunities and threats are. Increase your strengths,minimize your weaknesses, exploit your opportunities and avoid thethreats. Click here
  4. 4. Marketing Plan - SWOT Analysis Business PlanExamples of the above can be anything you like; for example it couldbe that you are a retailer and one of the major supermarket chainsapplies for planning permission to open a store just down the road.The local authority you know could be keen to attract this sort ofbusiness to regenerate the area, so its probable that this will goahead. The effect on your business could be catastrophic dependingon what your business is. So you really need to work out what to doabout it; open an on-line shop, stock more diverse items that may beoutside the normal range for the superstore, you may even considermoving your business.An example of low likelihood but high impact would be a fire so athorough risk assessment and preventative measures such as;insurance, staff training, provision of suitable fire extinguishers, visitfrom the local fire officer to advise you etc, would be necessary.The same process should be completed for each of the SWOTelements until the final analysis is completed. The end result will be athree or four page summary of the critical findings, which will slot intothe marketing plan and provide a much clearer understanding of whatis needed to ensure the business survives into the future.
  5. 5. Marketing Plan - SWOT Analysis Business PlanSteve Ferns is a Chartered Marketer and member of the Chartered Institute ofMarketing. He has held senior management and board level posts in both UK listedcompanies and local government over the past 20 years dealing with national and localpoliticians and other stakeholders. Throughout his career he has specialised inturnaround situations and business regeneration.He has extensive experience in people management and along with marketing, advisescompanies and individuals on UK employment practices and HR. He is a lay member ofthe Employment Tribunals has lectured in business studies and been chair of governorsat a local school. His company website is http://tacticks.co.uk and provides moreinformation on some of the services offered which includes a free one hourconsultation.Article Source:http://EzineArticles.com/?expert=Steve_Ferns

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