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Using SWOT Analysis to Develop a Marketing Strategy

SWOT analysis is a straightforward model that analyzes an organization’s strengths, weaknesses, opportunities and threats to create the foundation of a marketing strategy. To do so, it takes into account what an organization can and cannot do as well as any potential favorable or unfavorable conditions related to the company’s products or services.

Importance of SWOT Analysis in Developing a Marketing Strategy

Often viewed as a key step related to planning, SWOT analysis is deceptively simple despite the immense value it delivers. The system combines information from the environmental analysis and separates it into two components: internal issues (strengths and weaknesses) and external issues (opportunities and threats).

This level of analysis enables an organization to determine whether there are factors present that will aid in the achievement of specific objectives (due to an existing strength or opportunity) or if there are obstacles that must be overcome before the desired outcome can be realized (due to weaknesses or threats).

What is SWOT analysis?

As mentioned above, the process of SWOT analysis evaluates your company’s strengths, weaknesses, market opportunities and potential threats to provide competitive insight into the potential and critical issues that impact the overall success of the business. Further, the primary goal of a SWOT analysis is to identify and assign all significant factors that could positively or negatively impact success to one of the four categories, providing an objective and in-depth look at your business.