How SWOT Analysis is Used in the Strategic Planning (marketing Strategy) Process ?
Marketing strategy is a designed to achieve a long run objective. So. to design a marketing strategy, you should do some homework. You should do indepth analysis of the taste / preference / requirement of your market. This will let you know the Opportunities. Now you should find out your competitors and how strong they are in the market as well as what product benefits they are offering to the market. This will let you know the Threats involved.
Now, you should find out the resources (like funds, the office building, the location of building, the quality and sufficient quantity of staffs). available with you. All of these will let you find out your strangths and weaknesses.
This is why and how SWOT is used for making a marketing strategy
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Strengths weaknesses opportunities and threats,
A company will look at each one individually and then assess how to overcome weekness and threats (by learning tghe competition, etc) and play on the strengths and opportunities; perhaps they work in a niche market and have few competitors
References :
S = strengths
W = weaknesses
O = opportunities
T = threats
A firm evaluates internal strengths and weaknesses, as well as external (environmental) opportunities and threats to determine the strategy that gives them the greatest competitive advantage. The strategy should position the firm to capitalize on strengths while minimizing weaknesses. The external analysis portion (opportunities & threats) essentially means that you need to evaluate the market for attractiveness(i.e. profitability, growth, competition, etc).
References :
MBA
Marketing strategy is a designed to achieve a long run objective. So. to design a marketing strategy, you should do some homework. You should do indepth analysis of the taste / preference / requirement of your market. This will let you know the Opportunities. Now you should find out your competitors and how strong they are in the market as well as what product benefits they are offering to the market. This will let you know the Threats involved.
Now, you should find out the resources (like funds, the office building, the location of building, the quality and sufficient quantity of staffs). available with you. All of these will let you find out your strangths and weaknesses.
This is why and how SWOT is used for making a marketing strategy
References :