How to Use SWOT Matrix to Formulate Strategy For Internet Business (Part 2) By Dr. LM Foong
(This information is brought to you by http://2ff1db-q3atu0p0my5t4ffpydj.hop.clickbank.net/) In the last post, I covered how you can use the SWOT Analysis Template to collect information about the four SWOT factors. Then you use the SWOT Matrix to scale down the long list of the four factors. After that, you used the matrix to short list the four SWOT factors into two each for the Strengths, Weaknesses, Opportunities and Threats. Now you are ready to use the popular SWOT Matrix or TOWS Matrix to formulate strategy for your Internet Business. To begin with, a SWOT or TOWS Matrix is a matrix table that contained the Four SWOT factors and four categories of Strategies. Let's take a closer look how this SWOT Matrix works:The matrix is a table like consist of four quadrant that allow you to name the four categories of strategies which is listed blow:1. 2. 3. 4.
Strengths-Opportunities (SO) Strategy Weaknesses-Opportunities (WO) Strategy Strengths-Threats (ST) Strategy Weaknesses-Threats (WT) Strategy
With the four categories of strategies listed, then go back to the SWOT or TOWS matrix and placed the respective SWOT factors into the respective quadrants of the matrix. Next step is to do a matching among them. What do I meant? You can understand better if you examine the example below:• • • • • • • •
S1 - Regular writer in article directory S2 - Own several ebooks in management W1 - Little internet marketing knowledge W2 - No knowledge in Internet Research O1 - Internet market is huge and expanding O2 - Demand for research on the Internet increases T1 - Competition is very high T2 - Website page ranking position is not assured
To formulate a Strengths-Opportunities (SO) Strategies, you match : S1 - Regular writer in article directory with O2 - Demand for research on the Internet increases. What you need to imaging is that with the strength you have, how to you take advantage of the opportunities stated in O2? Here is an an example: "Submit quality and targeted articles to high ranking article directory and authority website such as Wikipedia". As one of the SO strategies may be considered. Similarly, you do the matching for other three categories of strategies. Click on Graphic SWOT Matrix to read how to do the matching with the four categories of strategies