SWOT Compare comments on SWOT Analysis and Marketing Strategy
SWOT analysis is a model used to analyze an organization’s strengths, weakness, opportunities and threats so as to create a foundation for decision making, planning etc. In order for SWOT analysis to make a foundation for a marketing strategy the analysis takes into account the objectives of the organization. That is to say what does the organization want to achieve through the marketing strategy. Further, it takes into account the abilities of the organization; what it can and cannot do as well as any potential favorable or unfavorable conditions related to the company’s products and or services. To learn more about the role of SWOT analysis in marketing strategy, a spokesman from SWOT Compare provided comments. When asked to explain about SWOT analysis, the spokesman stated that; “SWOT is a key step related to planning despite its simplicity and its results add a lot of value to an organization or business. The SWOT analysis combines information from the organization’s environment and divides it into two components; the external and internal components. These components have the elements of SWOT embedded into them: internal component: strengths and weaknesses and external component: opportunities and threats. SWOT enables organizations and businesses to analyze these elements relating to the organization or business and determine whether there are factors present that will help in achieving a specific objective as a result of a strength or opportunity or if there are obstacles as a result of weaknesses or threats. All this as a result of SWOT analysis which is deceptively simplistic in nature.”
The spokes a as asked ho “WOT a al sis a d arketi g strateg li k; to this he respo ded that; the goal of a “WOT analysis is to identify and assign all significant factors that could impact negatively or positively on the four elements; by doing this the analysis provides an in depth look into the organization or business primarily on the objectives of the business. Further, SWOT provides competitive insight into organizations or businesses in respect of potential and critical issues that impact on the success of the business. Once the specific values relating to the business have been established through a SWOT analysis then ou a de elop our arketi g strateg ased o the i for atio glea ed fro the “WOT a al sis. The spokes a further pro ided a e a ple i respe t of the li k et ee “WOT a al sis a d a usi ess’s arketi g strateg . He stated that once knowledge of the businesses strengths, management would be able to use this information to pursue opportu ities that are est suited for their usi ess. As a result this ould de rease the usi ess’ ul era ilit to threats. Another example was that of where weaknesses in respect of external threats had been identified, the management team ould o e up ith pla s to i i ize or eli i ate su h a threat a d this ould thus i pro e the orga izatio ’s or usi esses defensive strategies. The spokesman stressed the point that a SWOT analysis is as good as the persons who carry out the evaluation as these persons strongly influence the analysis itself.
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