Once you make a situation analysis on your business, you will learn what marketing strategies you should implement to effectively sell your products and services. A crucial element in determining the best strategy is the SWOT analysis, which gives you a better understanding of how your business fares in the market.
To make the most out of your situation analysis, below are additional resources on how to conduct a SWOT analysis of your business the right way.
This article from QuickMBA.com points out the key environmental influences that affect business. The acronym stands for Political, Economic, Social, and Technological factors or issues that carries a huge impact on your business.
PEST analysis falls under external factors that affects your company and therefore, positive issues would fall under your SWOT’s Opportunities and negative issues would fall under Threats. Making a PEST analysis is a macro-environmental approach in filling in your SWOT’s external factors.
MarketingTeacher.com discusses practical advice on how to approach SWOT analysis at a micro level, specific and targeted to address definite issues in your business. Also featured on the article are examples of SWOT for different brands.
Heinz Weihrich, Professor of Management at the University of San Francisco talks about The TOWS matrix. Unlike the SWOT analysis, which utilizes the positive factors to reinforce the negative, the TOWS matrix addresses threats even before they happen and improve on your weaknesses systematically by building strategies from identifying relationships.
Written on Management for the Rest of Us, this short and easy-to-read article covers the basics of SWOT analysis for short-term marketing plans.
This example of an accomplished situation analysis, complete with detailed business and progress report, market summary and demographics, and marketing plan, from Mplans.com should serve as a template for those who would like to make an integrated marketing communications plan.
Should you have additional information, insight or you have an experience to share about making SWOT or situational analysis, feel free to comment below.