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What is SWOT Analysis? How is it useful for business — Adsutra

Leila Nazari Dr Mehmet Yildiz Felicia C. Sullivan

The question that strikes your brains is what exactly it is?

First, let’s notch down to the meaning of each alphabet

S- Strengths

W- Weakness

O- Opportunities

T- Threats

By now you must have had an idea that it stands for some analytical method, well it majorly is a tool or a business analysis that helps you with the growth of your business. Irrespective of whether your business is a startup or well established.

Strength and weakness is a factor that falls somewhat under your control and can be mended with some damage control.

But on the other hand, we have opportunities and threats, these are such factors that are abundantly influenced by external factors and forces.

Now we need to understand why do we need to do a Swot Analysis?

It is important to be armed and ready for the challenges that might appear in front of us before hands so that irrespective of the risk and threats we don’t fail at achieving the goals that we have set for our brand. This opens up our perspective with multiple folds and gives us a new direction to think towards for the growth of our business. This also helps us understand the opportunities and risks of the market and make them work in our favor.

How to do it effectively for the best results?

If your brand or company has just started its term in the market, you might not have a team of multiple people or even data to look forward to. In that situation, it is suggested that the comments and feedback from friends and relatives should be taken into consideration. The point is that the more diversity you have in opinion the more you can work creatively.

The questions that might help while conducting a Swot Analysis

  1. What are we best at?
  2. The unique selling point
  3. The best resources we have?
  4. The growth and achievement till date?

Weakness

  1. The points of improvement?
  2. The drawbacks and loopholes the brand has?
  3. The area that requires more training
  4. Customer complaints and suggestions for improvement

Opportunities

  1. How can we leverage situations in our favor?
  2. How can we turn our weaknesses into opportunities?
  3. The improvement in setting daily goals
  4. Study the change in the industry and analyze it turn them into opportunities or advantage
  5. Collaboration and support that might help us grow

Threats

  1. The hurdles in our path?
  2. What weaknesses are preventing us from meeting our goals?
  3. Who or what might be on the verge of becoming a future obstacle?
  4. What changes and advancement in the field of technology that might become a barrier in our growth?

The exercise aims to build up an ultimate strategy that needs to be taken care of and worked upon for the coming few months.

With goals and strategic planning, it gets easy and handy for users to reach the desired aim. The growth of a business is directly proportional to strategic marketing.

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