Swot Analysis Of Marketing Plan

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.

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 weaknesses:

• Poor distribution – If you have a poor distribution channel for your products then you are likely to suffer. If the customers are not getting your products on time or even on the market, then that’s an obstacle for your marketing strategy.

• Not distinguishable feature – You cannot stand out in the market if your products are no different from the rest of the competitors. You need to have your own signature or an identity.

• Lack of online presence – In the modern era, online marketing is a key way to grab the customer’s attention. If you are not doing enough online, then you cannot succeed

These situations are known as threats. Threats develop come out of nowhere. So it is better to identify them as soon as possible. That way the SWOT analysis in marketing will have a contingency plan to thwart the threat. The following conditions can be considered as a threat:

• Competitors lower price -This has to be the toughest threat to deal with. If your competitor lowers the price of their product, then there are very few things you can do about it. People are always likely to go for things that are less expensive. However if your SWOT analysis in marketing has this noted down, then you are likely to have a backup plan for it. Offering better quality or promotional offers may help.

• Changes in consumer choice – If your consumers all of a sudden decide to change their choice then you are likely to be in trouble. Fashion trends are always going to change, and this becomes a threat if you are producing the same kind of goods or services.

• Economic condition – Inflation, exchange rates, taxes and so on are all economic factors. If these things change too often, then your company will be affected in the negative way. Doing a SWOT analysis in marketing will require you to keep such things on mind and come up ways to avoid