14.01.2019 How ta Undertake tha Perfect SWOT Analysis
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In the world of marketing, a SWOT analysis doesn’t mean
Special Weapons and Tactics teams based in the United
States (although that would be rather exciting). It’s an
acronym for Strengths, Weaknesses, Opportunities and
Threats, itis a tool commonly used by businesses when
future planning. Figure 1 shows how a SWOT is laid out.
ASWOT analysis is used to highlight both internal and
external factors affecting the business. The Strengths and
Weaknesses are Internal, whilst Opportunities and
Threats are External.
hitps:blog.oxfordcollegeotmarketing.com/2016/05/25/undertaking-s-swot-analysis!
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414.01.2019 How ta Undertake tha Perfect SWOT Analysis
Weakness
Opportunity
Figure 1: SWOT Analysis Diagram
With a SWOT analysis (opposed to a TOWS: Threats,
Opportunities, Weaknesses, Strengths), we start by
looking at the internal factors first.
Strengths can be identified by asking what advantages
the organisation has and what its unique selling
proposition (USP) is. It is important to consider what
other people in your market see as your strengths i.e. a
brand name, patient or a workforce with a particular
skillset,
Weaknesses would include: what your organisation could
do to improve, what you should avoid (be it due to brand
name/reputation, resource etc.) and what factors
ultimately lose your organisation sales
‘When identifying strengths and weaknesses, it’s
important to compare your organisation to its
competitors. Some of your proposed strengths could be a
necessity in your organisation’s market and therefore not
actually a strength,
It’s also critical to be honest! Lack of honesty is a
common pitfall in undertaking a SWOT analysis, so
remember this is an internal document that is being used
to critically assess your current position. Utilising realistic
information will ensure that a high-quality output is
achieved.
Once you've identified the internal factors, you need to
move onto the macro factors - these are external
opportunities and threats. You can use a PESTEL analysis
to ensure you've covered all the factors. A PESTEL,
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2814012019 How to Undarlake the Perfect SWOT Analysis
analysis identifies Political, Economic, Social,
Technological, Environmental and Legal factors - these
are all based on the macro environment.
For the opportunities section, you need to identify what
good opportunities are open to your business - some of
these will come via the organisation's strengths. You may
find that through the PESTEL analysis you identify some
interesting trends. For example, the UK's Referendum on
the EU would be a political consideration - how does the
referendum outcome create opportunities or challenges?
Or, a change to China's one child policy (legal and social),
how could this open up opportunities for a pram
distributor?
‘And finally, your SWOT analysis should assess your
threats. What are the threats facing your business right
now, and what are your competitors doing? For example,
how is technology affecting your business?
When teaching marketing qualifications, we often ask
students to consider a SWOT analysis for organisations
that have since gone out of business. What were the
potential threats or opportunities might they have seen?
‘And how would they have been able to change their
business model to adapt to market changes. This
highlights both why a SWOT is so important and also how
it can be effectively used.
Asa final note, itis worth ordering strengths,
weaknesses, opportunities and threats by priority, This
helps clarify what your organisation needs to deal with
most importantly.
If you are interested in learning more about how to
undertake a SWOT analysis and how it can be used within
a strategic marketing plan, why not consider the CIM
Diploma in Professional Marketing. This marketing
qualification is ideal for professionals who want to
develop their knowledge and practical knowledge in
marketing and marketing strategy. For more information
about the marketing diploma qualification from The
Oxford College of Marketing, call one of our course
advisors on +44 (0)1865 515255 or email
enquiries@oxfordpeg.com.
This post was written by Oxford College of Marketing tutor,
Georgina Park
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