“Millions of companies all over the world typically have the same goal -increase their profits through
selling products or services. Behind a great sales performance is a strong marketing plan that utilized much time and effort from planners. Planning is the most basic management function that goes first before everything else. Everything starts with a plan.
An organization typically holds strategic analysis to determine which direction it is heading. Likewise, the marketing department inside an organization must create a very sensible marketing plan that would detail all of their activities. Nevertheless, the primary goal in creating a sound marketing plan is to make an environmental scan inside and outside the organization. This scan of external and internal environment that an organization has to conduct is often known as a marketing SWOT analysis.
The marketing SWOT analysis is in a way different from strategic SWOT analysis because the former is mainly focused on marketing activities. For this reason, this article would only discuss the features of a Marketing SWOT analysis.
A marketing SWOT analysis is a helpful framework that can guide managers in making decisions particularly when coming up with a new product or service. The tool needs to consider four factors: strengths, weaknesses, opportunities and threats. Essentially, it can also benefit the marketing team by helping them evaluate the state of an existing product against competitors in terms of sales or market share.
For that reason,several information is required before one can begin creating a marketing SWOT analysis. Sales figures, competitors information ( if possible), secondary sources like surveys and research would be very helpful. Having said that, it must be remembered that the marketing SWOT analysis cannot answer all your questions or solve your concerns. Rather, it works as a truthful assessment of where your current product stands against competitors or how your new product can survive once it has entered the market.
A marketing SWOT analysis can be successfully done through the cooperation of key people who make decisions and have enough information about the situation. Nevertheless, the tool can help you determine potential threats that can be reduced if not altogether eradicated. Also, a marketing SWOT analysis can help your business explore opportunities that are available. Indeed, a marketing SWOT analysis is inevitable when designing a marketing plan.”