1. Stay Focused
Marketing planner often make a mistake of conducting one generic SWOT analysis for the entire business. A single, broad analysis leads to meaningless generalizations. Separate analyses for each product/market combination are recommended. For example: A single SWOT analysis for the Company will not be focused enough compare with separate analyses for each product category. 2. Search Extensively for Competitors
Information on competitor and their activity is an important aspect of a well-focused of SWOT analysis. While major brand competitors are the most important, the analyst must not overlook product, generic and total budget competitors. 3. Collaborate with Other Functional Areas
SWOT analysis promotes the sharing of information and perspective across departments. The final outcome of a proper conducted SWOT analysis should be a fusion of information from many areas. This cross-pollination of ideas allows for more creative and innovative solutions to marketing problems. 4. Examine Issues from the Customers’ Perspective
Marketing planner must also gauge the perspective of each customer segment that the firm attempt to target. Customers’ beliefs about the firm, its products, and marketing activities are critically important in SWOT analysis. The term “customers” is broadly defined to include customers, employees, stockholders, and other relevant stakeholders. 5. Separate Internal Issues from External Issues
Firm internal issues are the first “SW”, whereas external issue refers to “OT” in external environment. If an issue would exist even if the firm did not exist, the issue should be classified as external. Marketing options, strategies, or tactics are not the same as “O” (opportunities) in SWOT analysis....