Marketing Planning and Practice
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Week3Lecture3.2Strengthsandweaknesses.pptxMarketing Planning and Practice UMKDQD-15-2 Week 3 Lecture 3.2
Presented by
Michelle Jackson
Module Leader
w/c 22 February 2021
SWOT Analysis
A SWOT analysis will help a business to identify its internal strengths and weaknesses, as well as any external threats and opportunities
By conducting a SWOT analysis, the business will be able to recognise problems both in the present and future that need addressing which, in turn, will help them to determine the overall business strategy.
Also, the SWOT analysis can help marketers to discover key unique selling propositions which can aid with creating compelling marketing messaging.
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SWOT Analysis
Having analysed data from the external and internal environments, it can be drawn together by using a SWOT analysis
Be realistic about the strengths and weaknesses of your organisation
Should always be specific - avoid grey areas
Apply SWOT in relation to your competition i.e. better than or worse than your competition.
Keep your SWOT short and simple - avoid complexity and over analysis
SWOT is subjective.
Which strengths can be used to attract and keep customers?
How strengths can be used to realise opportunities?
How can internal weaknesses that affect customers be strengthened
Actions that the organisation needs to take to avoid or lessen the effects of threats
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The SWOT Framework
The SWOT framework summarises the whole of the marketing audit and helps you to visualise a situation
Issues are not listed in any order nor do they denote importance
These factors are in the control of the organisation and can be used to determine objectives and priorities for planning, turning weaknesses into strengths.
For example, a weakness might be a product that has caused a lot of customer complaints, which could be divested, or more resources could be diverted to modify it and improve performance
The SWOT Framework
If you are using this framework for a particular market or product some of the factors will become more detailed and specific
Something that might be seen as strength for example a wide product range may also be a weakness if the company has to market too many line items.
Strengths and Weaknesses – Internal (Organisation)
Strengths
Your specialist expertise.
A new, innovative offer or service.
Location of your business.
Quality processes and procedures.
Any other aspect of your business that adds value to your product or service.
Weaknesses
Lack of expertise.
Undifferentiated products or services (i.e. in relation to your competitors).
Location of your business.
Poor quality goods or services.
Damaged reputation.
Opportunities and Threats – External (Industry)
Opportunities
A developing market such as the Internet.
Mergers, joint ventures or strategic alliances.
Moving into new market segments that offer improved profits/profile.
A new market.
A market vacated by an ineffective competitor.
Threats
A new competitor in your home market.
Price wars with competitors.
A competitor has a new, innovative offer or service.
Competitors have superior access to channels.
Taxation/benefit change on your product or service.
SWOT Example
Slimming World is an exclusive supplier to Iceland
Their current relationship can be viewed as a STRENGTH because it provides Iceland with a competitive advantage
