Swot Analysis Of Marketing Strategy

908 Words4 Pages
There are number of theories, which exhibit a greater effect on marketing plans of a business or an organization. Among all these, SWOT turns to be a perfect blend of internal strengths and weaknesses, along with the exterior opportunities and threats The name ‘SWOT’ includes – Strength, Weakness, Opportunity, Threats. The stress of this analysis is to develop a strong business strategy, considering all of your business’s strengths & weaknesses and the future opportunities and threats it may face in the marketplace. STRENGTHS Strengths are the factors that are going to help you get better results. Your company will do well if you can base your strategy around these things. Strength is an internal factor. This means you can control it.…show more content…
You can use its name and recognition to advertize your products for sale. • Locations of the business – If your company or shop is located in the city center then you are likely to have a very good business. It makes it convenient for your customers to be able to visit your shop. This is a big strength that you may have over your competitors. • Specialist in marketing expertise – When you have an expert in marketingthen you can develop a marketing strategy quite easily. He/she will have the required experience to form strategies based on experience. This is a massive boost when doing a SWOT analysis in marketing. • Introducing something new – What better way to capture the market than providing newer products? If your firm can come up with new ideas, then your marketing strategy will be based on innovation and novelty. WEAKNESSES Weaknesses are also internal factors that will derail you from making progress. When doing a SWOT analysis in marketing, you need to consider which things will make your marketing strategy look weak and unconvincing. The following factors can be called…show more content…
If you are not doing enough online, then you cannot succeed well. OPPORTUNITIES SWOT analysis in marketing will look at almost everything as an opportunity. This is because you never know what events or situations you can use as a marketing weapon. Things such as: • Advancement in technology – If your company buys newer technology. Or they come across newer ways to produce goods then that can be termed as an opportunity. This will help the company to strategize on a different way. • Increase in demand – A situation may arise when the demand for your goods may increase both locally and internationally. If that happens, then you need to seize the opportunity. You can advertize the fact that your good are wanted abroad and thus create a brand name for yourself. This is smart marketing. • Social Events – Nothing increases the demand for certain goods like social events. Gift items become hot in demand during Christmas. Fireworks are sold every minute day before New Year’s Eve. So when such an opportunity is opened up, the marketing strategy should be to take full advantage of the situation. Offer those discounts and other benefits so that your product is sold more.
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