Marketing 101: Small Business Owners What Is Your SWOT?

Are you a #smallbusiness owner? Do you know what your SWOT is? Well if you don't thats fine I providing some info that may help you figure it out.  

First let me tell you want SWOT Means: A SWOT analysis is a common tool for business analysis and marketing planning. The letters stand for strengths, weaknesses, opportunities and threats. 

A SWOT analysis is a common tool for business analysis and marketing planning. The letters stand for strengths, weaknesses, opportunities and threats.

Strengths

Strengths are capabilities and resources that give companies a competitive advantage. For example, a marketing manager who knows a rival company has a larger advertising budget might list that as strength for the rival company. A lack of sufficient marketing dollars may also qualify as a weakness for the marketing manager’s company. Other examples of strengths that may appear in a marketing SWOT analysis include notable brand name recognition and a proven, loyal customer base.

• . What does your company do well? 
• . How strong is your company in the market? 
• . Does your company have a dear strategic direction? 
• . Does your company's culture produce a positive work environment?

Weaknesses

A valid list of weaknesses is just as important in the marketing analysis. A company could suffer because it has poor brand recognition or customers regard the company’s products or services as unreliable or overpriced. Weaknesses are important in a SWOT because they suggest how best to position a company against a rival that is stronger overall.

• What could be improved at your company? 
• What does your company do poorly? 
• What should be avoided? 
• Is your company unable to finance needed technology?
• Do you have poor debt or cash flow?

Opportunities

Opportunities illustrate moves a company could make to enhance its position. In a marketing SWOT, that could include listing extensive cash resources and financing as a chance for a company to quickly grow market share by spending more money on advertising and promotion.

• What favorable circumstances are you facing? 
• What are the interesting trends? Is your company positioned to take on those trends? 
• Is your company entering new markets? 
• Is your company advanced in technology?

Threats

Threats are similar to weaknesses. A threat in a marketing SWOT shows how a company is vulnerable to developments in the marketplace. For example, an established company that has always relied on traditional advertising in its marketing could face threats from new, entrepreneurial companies determined to build market share through social networking.

• What obstacles do you face? 
• What is your competition doing? 
• Are the required specifications for your products or services changing?
• Is changing technology threatening your position? 
• What policies are local and federal lawmakers backing? Do they affect your industry? 

Considerations

OneRecourse.com uses the SWOT to help determine how best to use the your company’s marketing budget given other factors in the marketplace and the competitive landscape.