25 Dec 09 What is SWOT Analysis?
SWOT analysis is a tool used by marketer to assess the health of the product vis-à-vis the market. This is a very important tool that gives a marketer a complete idea about the product ecosystem. SWOT stands for:
- S – Strength
- W – Weakness
- O – Opportunity
- T – Threat
Strength and weakness are internal elements, which mean they are inherent to the product or organization. And opportunity and threat are external elements, which mean they are not inbuilt in, but are outside of the product or organization.
Opportunity is presented by the market, whereas, your competitors (both direct and indirect) can be a threat.
Benefit of SWOT analysis
- It helps you find out the opportunity that you can use to maximize the market penetration of your product or services.
- It helps you gauge your competition, and tells you what to avoid.
- It also brings the weakness of your product on the table, which you can eliminative before reaching to the market.
- SWOT analysis will help you make a better decision.
How to do SWOT Analysis?
Step 1: Find the strengths of your product
Step 2: Find the weaknesses of the product you are offering.
Step 3: Find the need gap (opportunity) in the market, based on the strength of your product.
Step 4: List the potential threats that you might face, if you cash in on the opportunity.
Notes:
- 1. Always Use Bullet points to do the SWOT. There is no need to write long descriptive points.
- 2. Do not reverse the order. Always start with analyzing S and W elements of SWOT followed by the analysis of O and T elements.
A parting thought
SWOT analysis is just a tool, and how well you use the tool will decide what result you will get from it. It is easy to get biased towards one’s own product and organization, but you should avoid this trap. Stay objective and stay focused when doing a SWOT analysis of your product or organization.
Tags: Benefit, Bullet Points, Ecosystem, External Elements, Gap, health, Internal Elements, Market Penetration, Marketer, Objective, Opportunity, Organization, Strength And Weakness, Swot Analysis, Tool
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