SWOT Analysis SLP
In the SLP for Module 2, conduct SWOT analysis for your task based on the situation analysis in SLP 1. This is the second step of this cumulative research project. Revise the sections in SLP 1 and include them in this paper, following the marketing plan outline.
A thorough situation analysis in the Module 1 SLP is the foundation for a SWOT analysis. Develop statements of the company’s internal strengths and weaknesses and external opportunities and threats. If there is any question as to whether a fact or issue is external (these lead to opportunity and threat statements) or internal (these lead to strength and weakness statements), ask this key question, “Would this issue exist if the company did not exist?” If the answer is yes, then the issue should be classified as external.
Note: Remember that alternative marketing strategies and tactics are not opportunities. Opportunities and threats exist independently of the firm. Strategies and tactics are what the firm intends to do about its opportunities and threats relative to its own strengths and weaknesses.
The SWOT will play a critical role (along with an in-depth understanding of target market needs/preferences and competition) in the development of goals, objectives, and marketing strategies and programs. Key strengths need to be matched to opportunities and converted to capabilities that help serve customer needs better and lead to competitive advantage. Goals, strategies, and program ideas stem from an attempt to convert weaknesses into strengths and threats into opportunities. Some alternatives will also come from thinking about how to minimize the repercussions of weaknesses and threats that cannot be converted, and/or how to avoid them altogether. Follow the instructions below to identify strengths, weakness, opportunities, and threats.
A. Strengths and Weaknesses (Internal)
Think about internal conditions; those things that management has some control over that are relevant to future success and effectiveness. The task is to identify internal strengths, which must be taken into consideration as management plans for the future. Remember, a strength is any internal characteristic that improves effectiveness. Look for factors that help the company improve positioning in the marketplace, enhance financial performance, and most importantly, fight off threats and take advantage of opportunities in the external environment.