SWOT: STRENGTH, WEAKNESS, OPPORTUNITIES AND THREATS

June 5, 2024

The swot analysis is a strategic planning technique used to help a person or organization identify strength, weaknesses, opportunities, and threats related to business competition or project planning.

Swot analysis is an analysis that ensures that objectives for a project are clearly defined and that all factors clearly related to the project are properly identified. The SWOT analysis process now involves four areas: Strength, weaknesses, opportunities, and threats. Both internal and external components are considered when doing SWOT Analysis, as both have the capacity to impact a business or project.

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The following is a summary of SWOT Analysis components.

Strengths(S): Strength in SWOT Analysis is the characteristics within an organization that are considered to be necessary for the greatest success of the project. Strengths are resources and capabilities that can be used for competitive advantage. Examples of strength that are often cited include

Strong brand names
Good reputation
Cost advantage of proprietary know-how.

Weaknesses(W):

Weaknesses are the factors within the SWOT analysis formula that can prevent achievements or success within a project. Weaknesses include a weak internal communication, lack of proper funding, lack of inadequate amount of materials and so on. Weakness can derail or destroy a project before it even begins. Other weaknesses include:

Weak Brand name
Poor Reputation
Ineffective and high cost structure.

Opportunities(O):

Opportunities are classified as external elements that might be helpful in achieving the goals set for the project. These include other businesses that want to work with the business to help achieve success, the positive assessment by the general public and market conditions that could make the project desirable to the section of the market. Additional opportunities include:

Arrival of new technology
Unfulfilled customer need
Taking business courses (Training)

Threats(T):

These are external factors that could gravely affect the success of the business or project. The critical threats that are critical to any SOY Analysis include a negative public image, no readymade market for the final product, the lack of vendors to readily supply raw materials to the business and so on. Some other threats include:

Trend changes
New regulations
New substitute products.

S Strength	W weaknesses	O Opportunities	T Threats
~What does your business or organization do better than your competitors.	~What does your organization need to improve upon?	~What market trends could lead to increase in sales?	~What are the advantages competitors have over your organization?
Things your company does well.	Things your company lacks	Underserved markets for specific products	Emerging competitors
Qualities that separate you from your competitors.	Things your competitors do better than you	Few competitors in your area	Changing regulatory environment
Internal resources such as skilled, knowledge staff.	Resources limitation	Emerging needs for your products or services	Negative press media coverage
Tangible assets such as intellectual property, capital, property technology etc	Unclear unique selling proposition.	Press/media coverage of your company	Changing customer attitudes towards your company

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STRENGTH

WEAKNESSES

OPPORTURNITIES

THREATS

-Capacities.

-Competitive advantage.

-Resources, assets, and people.

-Experiences, knowledge, and data.

-Financial Services, returns

-Marketing reach

-Innovative aspects

-Location, geographical

-Price, value, and quality.

-Processes, systems, IT, Communications

-Advantage of proposition

-Lack of Capabilities

-Gap in competitive strengths

-Reputation, presence, and reach

-Timescales, deadlines, and pressures.

-Financials

-Cash flow, cash drain.

-Continuity, supply chain.

-Effects on core activities

-Reliability of data, plan, and project

-Management cover & succession

-Market development

-Industry or lifetime trends

-Innovation and technology development

-Global influences

-Market dimensions, horizontal, vertical

-Target market

-Geographical import, export

-Major contracts, tactics, and surprises

-Business/ product development

-Political and economic effects

-Legislative effects.

-Competitive intentions

-Market demand

-Innovative technologies, services, and ideas.

-New contracts and partners

-Loss of resources

-Poor management strategies

-Economic condition home, abroad.

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Summary

Strength:

What does your company do well?
What qualities differentiate you from your competitors?
What internal resources can you leverage as a strength?

Weaknesses

What does your company lack?
What do your competitors do better?
What are your resource limitations? (Team, photographer)

Opportunities

Underserved Markets
Cross-selling opportunities
New products/ services
Alliance for co-branding (anyone you could team up with)

Threats

Emerging competitors
Changing regulatory environment
Negative brand sentiments (Brand perception, is there any negativity around your brand)
Changing customer altitudes (People are becoming environmentally conscious-People are changing to environmentally friendly products)

Understanding Customer Expectations & Mastering Product Knowledge

ASSIGNMENT:

Do a SWOT analysis for each of your products, swot analysis for your business

STRENGTH QUESTIONS

What makes your company unique?
What does your company do well?
Which areas are you most successful in?
What resources do you have that gives you an advantage over others? What makes you stand out from your competitors?
What relevant resources do you have?
Do you have unique processes or services that separate you from the competition?

WEAKNESSES QUESTIONS

What areas need the most improvement?
What negative things about your business do you hear from customers?
Why do you feel limited?
What could your business do better?
What reasons do customers select competitors over you?

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OPPORTUNITIES QUESTIONS

Where could you find additional promising customers?
Which outside trends will have a positive impact on you?
Which upcoming events could prove helpful in growing your business?
Is there a product/ service area that others have not yet covered?
What kind of messaging and branding resonates most with our audience?
Which are the best opportunities soon?
What niche can you try to attack and cover with your offerings?
Will your market experience growth in the future?

THREATS QUESTIONS

Are your competitors becoming stronger?
What threats could harm you?
What competitors might you face soon?
Which trends will have a negative impact on you?
Is the market on a downward trajectory?
Are there any recent developments which may create challenges for you?
What obstacles, economical, coming from the market or from competitors are you going to face?
New technologies may affect business trends?
What new products are coming out on the market?