Conducting a SWOT Analysis
A SWOT Analysis takes is a method for examining the Strengths, Weaknesses, Opportunities, and Threats facing a business. It can give you insight into your company's position in the competitive arena. When carrying out a SWOT analysis to determine how you rate against a competitor, the following guides should be used: Strengths
Consider your company's strong points. This should be both from your own and your customers' points of view. Don't be modest; be realistic.
What distinct advantages does your company offer?
Why do customers say they enjoy doing business with you?
Is there anything you currently offer that can not be copied by a competitor, now or in the future? Weaknesses
Evaluate your company's weaknesses not only from your perspective, but also from the perspective of your competitors. It's sometimes difficult to think about and discuss your weaknesses, but it is best to be realistic now and face any unpleasant truths as soon as possible.
What does your company do that can be improved?
What does your company do poorly?
What should be avoided?
What do your competitors do better than you?
Do competitors have a particular market or segment locked up? Opportunities
Next consider the areas in your market that offer you room to grow. Opportunities can come from changes in technology and markets on both a broad and narrow scale; changes in government policy related to your industry; changes in social patterns demographics and customer lifestyle changes; and local events, such as the closing of a store near you.
What and where are the interesting opportunities in your market?
What are the important trends occurring in your local area as well as across the nation?
What do you anticipate happening in the future that may represent an opportunity? Threats
Although we don't like to think about them, we all face threats in our businesses. Many times they're out of our control, such as a...
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