What is the SWOT analysis?

Hello friend today we are going to talk about SWOT analysis in this podcast.

What is SWOT analysis?

SWOT analysis is a strategic planning technique which highlights the negative and positive factor in and out of the organisation so we can use that to make the decision in our business or marketing campaigns.

SWOT stands for

Strengths

Weaknesses

Opportunities

Threats

To execute this we use strategic metrics about our product or service which looks something like this

Now if you look this grid closely you can see one side denotes Internal factors while other points toward external factor

Internal factor – The factor comes within an organisation such as your strength and weakness

External factors – The factors which are outside of an organisation such as opportunity and threats

Now further looking toward the grid is show you there are two more factors in it

Positive factors – such as strength and opportunities

Negative factors – such as weaknesses and threats

This grid basically calculate your positive and negative points in and out of the organisation

Now lets understand the terms individually

How we can use SWOT in Marketing?

The trick is simple, we map SWOT of our competitor and we work on it

For example

If their strength is their reputation, it means we should also be building one

If their weakness is manufacture, we acquire it

If their opportunity in low pricing market, that is our potential market too

If their threat is that their material is outdated, it is an advantage for us

We use each and everything to make us better

We draw a graph like these and write down every point for every competitor and work on it as per our capacity and priority

I hope this is clear now 🙂