Plan: Preface

1. Have a clear SWOT analysis objective: The marketing team can discuss which topic needs immediate attention and this objective can be put to paper. This way, SWOT analysis can be conducted in an organized and effective manner. For example, if an organization intends to know whether or not to launch a new product – this becomes the primary objective of SWOT.
2. Conduct research to understand the target market and industry: For successful implementation of SWOT, there should be a thorough understanding of what the market has to offer. Insights obtained from research about technology, customer service, competitors, etc, can be used to conduct an exhaustive SWOT analysis.
3. Identify business’s strengths: An organization should understand what their strengths are, what are those features of their functioning which are better than the others in the market. Answers to these questions must be noted down. Workforce, location of the organization, product quality, etc. are some examples of an organization’s strengths.
4. Identify the business’s weaknesses: There are certain elements of the organization which needs improvement. Marketers should create a list of these elements which they believe are harming their reputation in the market. Acknowledging these weaknesses and working to eliminate them should be the intention of the analysis. This list can include aspects such as the reduction in product clients, constant downsizing of market share, lack of proper staff members et al.
5. Identify potential opportunities: Evaluate external factors which can be lucrative for business growth. These are not internal and there are chances of the same factor being a threat to the business as well. While listing opportunities, one should keep in mind that opportunities should not be a threat to the business. For example, launching a new feature after opportunity analysis might cause damage to business in case there are competitors who offer the same feature at lower costs.