Friday, November 20, 2009

SWOT Method of Analysis Provides Framework for your Marketing Plan

SWOT is a discovery tool. This method of brainstorming helps you understand your product or service more intimately than before. Here you will learn what it is, how important it is to the organization, what questions to ask, and how to organize the report.

This study should be one of the first exercises in preparing for your business or marketing plan. Understanding the elements in this process will affect the decisions you make in marketing. That is why we discuss it here.

What is it?

It's simply an acronym for the behaviors and influencers of a company. Specifically they are- Strengths, Weaknesses, Opportunities, and Threats that affect your business. This process can be a powerful means in gaining a clear perspective on your marketing strategy and tactics.
* Strengths: These are positive attributes that help achieve objectives.
* Weaknesses: Work against achieving stated goals.
* Opportunities: Conditions external to the organization that could help achieve objectives.
* Threats: Outside influence that would be detrimental to achieving goals.

How hard is it to prepare?
This is not a difficult technique to master. It can take as little as one brainstorming session to uncover the advantages and disadvantages your business faces in its marketplace.
By looking at your business with a magnifying glass and asking the hard questions, you will gain helpful insight. Ready to begin your analysis? 

Cindy Neky
Marketing Pathways
For more information visit Email Cindy

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