One of the most fundamental aspects of marketing is understanding the SWOT Analysis. In many undergraduate marketing courses, this is a main point of discussion throughout a majority of the semester. It isn't a perfectly comprehensive model for marketing and there are always more details that can go into the analysis of a company's marketing campaign. However, the SWOT Analysis is a fundamental and basic entry point to know where a company stands in their marketing and what their future might be from a marketing perspective.
- Strengths: The current strengths of a company in terms of their marketing campaigns and overall business strategy
- Weaknesses: Both perceived and unperceived weaknesses within the business that can and should be improved on
- Opportunities: Opportunities that could come up within the next few months or years that the company may capitalize on
- Threats: Looming threats to the business such as competitors, economic changes, product innovations, etc.
Discussion QuestionsIdentify a specific business and perform a SWOT analysis of that business, in consideration:
- How will the company discover their unperceived strengths and weaknesses therein?
- What strengths are most valuable to the business and what weaknesses are most detrimental?
- If not capitalized on, how much will potential "opportunities" threaten our business?
- how can we avoid looming threats while maintaining a forward-focused approach?