How to conduct a SWOT analysis

The SWOT analysis method includes Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis is a tool used to assess a company’s operations and its surrounding environment. This is the first step in planning, as it helps marketing professionals focus their efforts on key issues. Each letter of SWOT stands for strengths, weaknesses, opportunities, and threats respectively. Advantages and disadvantages are internal factors, while opportunities and threats are external factors. Refer to http://www.yeeyan.com/articles/view/1608/585

SWOT merely provides you with a method for analyzing problems; what’s really important is how you use it and draw conclusions from it

SWOT analysis steps 1. Determine what the current strategy is? 2. Identify changes in the company’s external environment (Porter’s Five Forces or PEST). 3. Determine the company’s key strengths and key limitations based on its resource profile. http://wiki.mbalib.com/w/images/4/41/SWOT_Analysis_model.jpg 4. Score and evaluate using a matrix or a similar method. Divide all the identified strengths into two groups, based on two criteria: whether they are related to potential opportunities in the industry or to potential threats. Use the same method to divide all disadvantages into two groups: one related to opportunities and the other related to threats. 5. Locate the results on the SWOT analysis chart: http://wiki.mbalib.com/w/images/f/f6/SWOT%E5%88%86%E6%9E%90%E6%A8%A1%E5%9E%8B2.gif. Alternatively, use a SWOT analysis table and fill in the strengths and weaknesses identified earlier under the categories of opportunities and threats respectively. http://wiki.mbalib.com/w/images/f/ff/SWOT%E5%88%86%E6%9E%90%E6%A8%A1%E5%9E%8B3.gif 6. Strategic Analysis 　　Here is an example of how a strategy can be derived using the Kornell SWOT analysis. http://wiki.mbalib.com/w/images/d/db/SWOT%E5%88%86%E6%9E%90%E6%A8%A1%E5%9E%8B4.gif Edit] When applying the simple rules of SWOT analysis successfully, it is necessary to have an objective understanding of a company’s strengths and weaknesses ； When conducting a SWOT analysis, it is necessary to distinguish between the company’s current situation and its future prospects ； A comprehensive approach must be adopted when conducting a SWOT analysis. When conducting a SWOT analysis, it is necessary to compare with competitors, such as whether you are better or worse than them ； Maintain the simplicity of the SWOT analysis method, avoiding complexity and excessive analysis ； The SWOT analysis varies from person to person. 　　Once the key issues are identified using the SWOT analysis method, the marketing objectives are also determined. The SWOT analysis can be used in conjunction with tools such as PEST analysis and Porter’s Five-Forces analysis. Students taking marketing courses are enthusiastic about the SWOT analysis method due to its ease of learning and use. When using the SWOT analysis method, it is easy to operate by entering various elements into the relevant tables.