SWOT Analysis Flashcards
What is a SWOT Analysis?
- a framework for analyzing a company’s internal and external environments and that stands for strengths, weaknesses, opportunities, and threats.
- o The Strengths and Weaknesses refer to the internal conditions of the firm—where your firm excels (strengths) and where it may be lacking relative to competitors (weaknesses). Opportunities and Threats are environmental conditions external to the firm.
What is a situation/SWOT analysis?
The essence of situation analysis is taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it.
What are the four areas that form the foundation of a marketing program?
- Identify trends in the organization’s industry.
- Analyze the organization’s competitors.
- Assess the organization itself.
- Research the organization’s present and prospective customers.
How to act on a SWOT analysis?
The task is to translate the results of the SWOT analysis into specific marketing actions that will help the firm grow. The ultimate goal is to identify the critical strategy-related factors that impact the firm and then build on vital strengths, correct glaring weaknesses, exploit significant opportunities, and avoid disaster-laden threats.
Strengths
Favorable internal activities, processes, and behaviors of a company (what the company does well). Factors that contribute to the success of the company and its brand.
Weaknesses
can prevent you from achieving company goals and objectives. Weaknesses are negative and internal factors that affect your organizational successes.
Opportunities
favorable external factors that could give an organization a competitive advantage
Threats
anything in the external environment that could cause damage to your organization, venture, or product
