SWOT Analysis is one of those topics that seem deceivingly simple. Although Strengths-Weaknesses-Opportunities-Threats sounds very straight forward, it is sometimes difficult to put together a strong, comprehensive SWOT analysis (remember your in-class exercise experience). To learn more about SWOT, take a close look at the information compiled on this webpage: http://rapidbi.com/created/SWOTanalysis.html#howtodoaswot. It contains extensive lists for everything that could go under each of the SWOT categories, along with several examples. You should take a particularly close look at Opportunities and Threats, which is an area most of you struggled with in class.
(Note about the website: some of the title links at the top of the page don’t work, so you will just have to do it the old fashion way and scroll down the page to see the entire content).
I urge you to take your time and carefully review this information because you will most likely have to do a SWOT analysis for your first Exam.
Given our limited class time, I would like you to use this blog post for any SWOT related questions, concerns, or ideas you might have. Also, if you found a great SWOT example/website that you think your classmates should know about, share it here.
While I had a basic understanding of the SWOT analysis and why it is used, I found this website to really clarify and explain it in more detail.
ReplyDeleteWhat was impressed upon me was the fact that you have to think progressively; with what you have now, but also with what you MAY have in the future, therefore a company's SWOT must be revisited because of the changing environment within and outside the company. So, how many times should they be revised to be effective?
Great point Mary Ellen! The SWOT does indeed get revised very often. In fact, it should be revised any time a major decision is made or when any sort of planning is done, including putting together a new marketing plan or new marketing campaign for the company. SWOT is an integral part of the marketing planning process and the strategic planning process and they are both cyclical and ongoing.
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