How to do swot

How to do swot

SWOT analysis — the powerful tool allowing to estimate prospects of the project or idea, to generate new decisions or to prove them. In spite of the fact that SWOT was entered into practice in the middle of the 20th century, it and is quite popular to this day among managers and marketing specialists. The essence of a method is reduced dividing significant factors into some categories: strong and weaknesses, and also opportunities and threats.

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Instruction

1

Decide on strengths of the project. This category will include all those qualities, features and differences from competitors who favourably allocate idea or a product from a number of analogs. It is worth looking at "child" eyes of the potential consumer and to find out that will be able to attract it. The known name or rather long stay in the market can act as strength, after all consumers are already familiar with it and they do not need to be convinced that the product deserves attention. One more argument in your advantage — scientific proofs of efficiency of a product or use of opinion of the expert, celebrated and dear personality. It is possible to refer to the same category also the price if it is lower, than the price of competitors. However there is a row of image goods for which advantage is, on the contrary, higher price. It is possible to refer to strengths also high quality of production or originality of idea.

2

Weaknesses, on the contrary, prevent to sell a product or idea effectively. Pay attention that those factors which in one case are strengths, in other can appear in this column. For example, if the product is known for a long time, however about it already there was not the best opinion, to change a situation happens very not easy. Low price can be considered as a sign of bad quality and cause suspicions. Weakness is too narrow group of potential buyers. To sell products which use infrequently rather difficult, especially, if they cost expensive. The same shakes also novelties: consumers have no experience of use of this product, therefore the level of trust is very low.

3

Opportunities, as well as threats, are external factors. They depend on a situation in the market, actions of competitors, etc. Here it is possible to carry increase in number of potential consumers: increase in birth rate if you sell goods for children, the growing popularity of movements in environment protection if you position the product as environmentally friendly.

4

Threats — probable negative scenarios of succession of events. Growth of popularity of a product, can lead to increase in number of competitors who will offer probably similar goods or service for smaller money. Or, for example, the recession in economy predicted by experts, crisis which can prevent successful sales.

5

Having compared all four categories, it is much easier to estimate prospects of idea or the project. Knowing weak and its strong parties, you will be able to develop strategy of a conclusion of a product to the market, competently beat shortcomings and even to turn them into advantages. Having analysed probable threats, it is much easier to be prepared for the most adverse succession of events in advance. In too time, having estimated future opportunities of the project, it is possible to choose the correct line of its development.