A guide to Marketing SWOT analysis

Millions of companies all over the world typically have the same goal -increase their profits through selling products or services. Behind a great sales performance is a good marketing plan that planners rigorously spent time on. Planning is the first management function that precedes everything else. Everything begins with a plan.

An organization regularly holds strategic planning to identify which direction it is heading. Similarly, the marketing department within an organization must be able to create a feasible marketing plan that would detail their activities. Nevertheless, the primary goal in creating a sound marketing plan is to make an environmental scan inside and outside the organization. This scan of external and internal environment that an organization has to do is often referred to as a marketing SWOT analysis.

The marketing SWOT analysis is in a way different from strategic SWOT analysis because the former is mainly focused on marketing activities. Mainly because of this, the article only presents the features of a Marketing SWOT analysis.

A marketing SWOT analysis is a useful framework that can guide managers in making decisions especially when launching a new product or service. The tool normally includes four factors:strengths, weaknesses, opportunities and threats. Essentially, it provides an advantage to the marketing team by helping them assess the status of an existing product against competitors in terms of sales or market share. Therefore,several information is required before one can begin creating a marketing SWOT analysis. Sales figures, competitors data ( if possible), secondary sources like surveys and research can also be of great help. Yet, it must be remembered keep in mind that the marketing SWOT analysis is not the answer to all your questions or solve all the issues. Rather, it works as a truthful assessment of where your current product stands against competitors or how your new product can survive once it has entered the market.

A marketing SWOT analysis can be successfully done by involving key people who make decisions and have enough information about the situation. Nevertheless, the tool can help you learn potential threats that can be reduced if not altogether avoided. Also, a marketing SWOT analysis can help your business explore opportunities that are available. Indeed, a marketing SWOT analysis is inevitable when designing a marketing plan.

Article source: http://stepbeforeclosures.com/foreclosure/swot-analysis/a-guide-to-marketing-swot-analysis/