SWOT Analyis

The key to any successful project is planning and strategic focus early in the process. Marketing is no exception. One of the most powerful tools for planning the strategic objectives of a company’s marketing efforts is the SWOT Analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This approach identifies the positive and negative characteristics of a product, the marketable potential of the product, and the marketing factors that impact its potential.

Score Consulting has successfully guided companies through the long range strategic planning process to define clear, realistic objective in their marketing plans. This experience has aided our customers in virtually every market including manufacturing, human resource products, and internet based products. This broad range of experience allows us to assist in strategic planning regardless of the customer’s industry or niche market.

Completing a SWOT Analysis can improve your long term marketing planning

The mechanics behind SWOT analysis are rather simple. This analysis can be completed using a number of spreadsheet templates or even a sheet of paper folded into four sections. In each section fill in the characteristics of the product in the following structure:

Strengths – The first step is to list all of the strengths of the product or service to be marketed. This is not a feature list, but a realistic list of the products capabilities. In other words, it lists the things the product does well. This could also include the tasks the product team or company like to do as a group. For instance, if your company really enjoys the sales process, then Sales is a strength.

Weaknesses – The weakness process is often the most difficult. Few people enjoy admitting to weaknesses. If this process is conducted with an open mind, you will likely produce a list of weaknesses that closely mirrors the products strengths. To extend the sales example, if your company loves the sales process, but is not meeting sales expectations, then sales production is a weakness even though Sales, as a whole, is a strength.

Opportunities – The Strengths process identified the strengths of the product itself. This process will likewise identify strengths of a product. However, in this process, the emphasis is placed on those strengths that stem from external factors not the product, product team, or even the company. For instance, a new need in the industry or a company exiting the marketing place may add to the strength of your product without any inherit change to the product itself. These strengths are listed as opportunities.

Threats – Just as the market can strengthen a product, it can also threaten the products marketing success. Identifying and mitigating these risks is vital to any marketing effort. Examples of common threats could include new legislation, new competition, or even the marketing campaign of a stronger or more flexible competitor.

Score Consulting’s SWOT Analysis:

Score Consulting has amassed years of experience defining and implementing marketing strategies. To our consultants, SWOT analysis is almost second nature. Having worked with a diverse customer base, we are able to identify market advantages and disadvantages that would elude individuals who are close to the product, company, or industry. If you are interested in an analysis of your products market position and industry advantages from a third party representative, contact Score Consulting directly and one of our experienced consultants will assist you in defining this crucial information.