SWOT Analysis: Helping You Strategize Well for Brand BuddingJul 30,18
For the budding Brand Strategists and Marketing Professionals, SWOT Analysis is an important topic to focus on. So, we get into minute details when entrusted with the task of assignment submission for the topic. Let’s understand more about SWOT.
What is SWOT Analysis?
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Performing an analysis of an organization’s SWOT is about assessing its vulnerabilities as well as its immune system. The analysis thereupon helps to strategize future initiatives from the business perspective. Of course, it also helps to plan against any kinds of contingencies that the business might face.
Strengths can be defined as the advantages the business has in the market and how it utilises that effectively for consistent growth.
Weaknesses bring out the gaps which need to be filled for the sake of consistent growth and showcase the end impact if that doesn’t happen.
This highlights the opportunities in the market, which the business can utilise basis the strengths
Threats are the external forces which hamper the growth of the business
As you work on a SWOT analysis assignment, you need to identify a project or business you are doing that for. You can then research on the various internal and external factors that impact the business. For instance, factors like company policies on resourcing and financing cast a major impact on the functioning of different departments. Hence, these come under internal factors and support or weaken the structure. As a consequence Strengths and Weaknesses of business are considered the internal factors.
While Opportunities and Threats for any business are determined by several external forces in play. For instance, a recent policy change by the government may impact the import duty, causing the business to suffer some losses.
The team of experts working on your SWOT analysis assignment will inculcate several relevant examples in the assignment to make things clearer. They might elaborate on the SWOT analysis for a new brand to strengthen your concepts and make the assignment impactful for the reader/assessor.
While we can speak on and on about SWOT analysis, ever wondered why is this required.
SWOT Analysis: The Uses
SWOT Analysis is not a task to be conducted for the heck of it. But because the business house has to draft the next strategies accordingly. They need to make short term and long term plans to take the business to the next level. So effectively
- SWOT Analysis helps in Strategy Building
- SWOT Analysis helps in achieving the Goals
How Do We Do That?
- When the business house ‘zeroes on’ the problems, they progress to the next step by finding solutions
- With several new opportunities knocking at the door, functions need to be aligned accordingly
- Resourcing can be done accordingly and functional barriers need to be removed
- It assists in timely planning for everything
Sample SWOT Analysis:
So there are various ways to reach the organizational SWOT. One of them could be through interviewing or questioning the staff.
For instance, ABC wants to understand its SWOT and hence, aligns its staff across levels, to fill in an anonymous questionnaire and survey. Once that is done, the data could be mined by research professionals to arrive at Organizational SWOT.
Good employee-based initiatives, Good financial standing
Bad implementation of employee-based programs resulting in employee dissatisfaction, ineffective usage of finances
Favourable government policy, scope to differentiate products
Expanding the competitor base, obsolete technology
So this is how the ABC Organization will come to know about the several obvious or latent factors that are impacting its business. Management now has the opportunity to work on their weaknesses and be prepared to face the threats. They can use the strengths to their advantage and tap the opportunities for prospective growth in the future.
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