Marketing Templates
SWOT Analysis How-To Guide
By Carrie Shearer
SWOT ANALYSIS HOW-TO GUIDE
Your Template for Assessing Strengths, Weaknesses, Opportunities and Threats
CONTENTS
Introduction
3
Four Components of SWOT
4
SWOT Looks at the Big Picture
5
Guidelines for a Marketing SWOT Analysis
5
Five Questions a Marketing SWOT Analysis Should Answer
5
Internal Versus External Factors
6
Strengths
9
How to Analyze Strengths
10
Questions that Help Define Strengths
11
Weaknesses
13
Another Way of Looking at Weaknesses
14
Five Questions to Ask When Considering Weaknesses
15
Opportunities
17
Ways to Exploit Opportunities
18
Five Questions to Ask When Considering Opportunities
19
Threats
21
Five Questions to Ask When Considering Threats
22
Examples of Threats
23
How to Conduct a SWOT Analysis
24
General Rules for Conduction a Successful SWOT Analysis
24
Seven Steps in Conducting SWOT Analysis
24
Six Criteria for Writing a Good SWOT Analysis
28
Four Ways to Gather Information for the SWOT Analysis
29
Appendix
31
Additional Resources: Articles, Seminar Recording
Author
31
32
About the Author, About MarketingProfs
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INTRODUCTION
SWOT Analysis it is a strategic tool to help an organization identify and
evaluate the Strengths, Weaknesses, Opportunities and Threats of a project,
product, plan or business decision.
It is a framework for creating an unbiased view of your organization’s
internal strengths and weaknesses versus the external opportunities and
threats which could hamper success. It is not a list of what should be done.
It is a tool to help you develop a strategy to distinguish your organization
from others providing similar products or services.
SWOT helps you
look at where you
are today and
where you need to
go in the future.
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INTRODUCTION (cont.)
Four Components of a SWOT Analysis:
We will cover each of these in greater detail later in this guide.
The following is a thumbnail description of the components that
comprise the analysis.
Strengths
These are tangible and intangible positive factors inside your
organization. They are advantages or distinctive competencies your
company has that set you apart from your competitors. Most
important, they are factors that are within your control.
Weaknesses
These are limitations or deficiencies within your organization. They are
missing resources or competencies which might hinder performance.
As you develop this list, consider both the organization’s and the
customers’ perspectives.
Opportunities
These are major external factors that could provide your organization
with a competitive advantage. They are factors your company could
exploit to become more successful.
Threats
These are major unfavorable external situations that could impede
your organization’s continued success. They are factors your company
must defend against to be successful.
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INTRODUCTION (cont.)
SWOT Looks at the Big Picture
The goal of the SWOT Analysis is to summarize your organization’s strategic
situation so you can determine your next steps. Therefore, it is necessary to
focus only on major factors rather than to create a laundry list of every
possible strength, weakness, opportunity and threat.
Guidelines for a Marketing SWOT Analysis:
!
Focus on a specific segment important to marketing’s future success.
!
Focus only on key factors.
!
Compare your organization’s strengths and weaknesses against
competitors by focusing on competitive advantage.
!
Answer the question, “Which means that ________________,” to help
determine if the factor you are considering is important.
Five Questions a Marketing SWOT Analysis Should Answer:
!
What are our marketing objectives?
!
What do our customers want?
!
How do we differentiate ourselves from our competition?
!
How can we improve our marketing?
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How can we distinguish our internal strengths and weaknesses
from external opportunities and threats?
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INTRODUCTION (cont.)
Internal Versus External Factors
The four elements of the SWOT analysis can be delineated into
factors that are internal and external to your organization:
!
Internal: Strengths, Weaknesses
!
External: Opportunities, Threats
Internal Factors
Internal factors are the strengths and weaknesses within your organization
that impact current and future success or profitability.
By looking within your organization you can
develop strategies that:
!
Capitalize on strengths to create external
opportunities
!
Overcome internal weaknesses
!
Minimize the negative effects of
organizational weaknesses
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INTRODUCTION (cont.)
Three Categories of Internal Factors:
Consider internal factors from three perspectives:
1. Organization
!
Corporate culture
!
Resource availability
!
Company image
!
Operational efficiency
!
Operational capacity
!
Brand awareness
!
Market share
!
Financial resources
!
Patents or trade secrets
!
Key staff
2. Customers
!
People who currently purchase
your products
!
Exclusive contracts
!
Investors
3. Competitors
!
Companies who sell similar
products or services
!
Brand awareness
!
Market share
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INTRODUCTION (cont.)
External Factors
External factors are elements in the external environment that could affect
your organization’s ability to succeed and deliver value to your customers in the
future. They can pertain to customers, market trends, suppliers or partners.
Four Categories of External Factors:
You can examine external factors from many perspectives.
The most common perspectives include:
1. Competitive Environment
!
Mergers or acquisitions within your industry
!
New competitors entering the marketplace
!
Price wars
!
Technological changes
2. Economic
!
Changes in the economy
3. Political/Regulatory
!
Legal changes in your industry
!
Political changes that could affect your industry
!
Regulatory changes that might affect your industry
!
Tax law changes
4. Societal
!
Socio-cultural changes in the market
!
Demographic changes
!
Overall market growth
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STRENGTHS
Strengths are positive factors within your organization that add value to your
products or services or provide a competitive advantage. They are factors
that differentiate your organization from other companies offering
the same products or services. They allow your organization to exploit
external opportunities or respond to external threats.
Strengths may be positive qualities of your marketing staff such as their
knowledge, backgrounds, education, credentials, contacts, reputations or
skills. They may also be tangible assets such as available capital, equipment,
credit, customer base, distribution channels, copyrighted materials, patents,
or other resources within your organization. In essence, they are assets that
help your organization meet customers’ needs or overcome problems.
It is crucial to be objective when considering organizational strengths. This is
neither the time for false modesty nor the time for seeing your organization
through rose-colored glasses.
The fact that something has historically been an organizational strength does
not mean that this will continue. New entrants to the market, changes in
market trends, new products, or changes in the economy can affect the
success of your products or services. Additionally, strengths can become
weaknesses if your organization fails to nurture their continued growth.
Think about your organization’s strengths in relation to your competition. For
example, if everyone in the market offers high quality products, then doing
so is a business necessity rather than an organizational strength.
To help you identify strengths, consider why your customers do business with
your organization. What differentiates your organization from your competitors?
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STRENGTHS (cont.)
How to Analyze Strengths
Since the value created by a SWOT Analysis is only as effective as the
factors you define, it is important to evaluate your strengths from several
perspectives. One way to do this is to consider your strengths in terms of
organizational ability and the strength of the resource.
When looking at organizational ability, consider the following:
!
Adaptability
"
How quickly can your organization adapt to changing
circumstances, both internal and external?
!
Expansion
"
Can your organization continue to grow in the market or have
you saturated the market?
"
How easy would it be for your organization to enter or create
new markets?
When considering the strength of your resources, think about the following:
!
Accessibility
"
!
!
How easy is it to obtain resources within your organization?
Excellence
"
What is the quality of your organization’s resources?
"
Are they up-to-date and cutting edge when necessary?
Allocation
"
How are organizational resources distributed?
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STRENGTHS (cont.)
Questions that Help Define Strengths
There are hundreds of questions your organization could ask to determine
their strengths. The following list highlights some questions to consider.
Questions to
Help Identify
Strengths
Evaluate
Organizational
Ability
Possible
Strengths
(adaptability &
expansion)
Evaluate Strength
of Resource
(accessibility,
excellence, allocation)
What does your
organization do well?
What are your
organization’s assets?
What are your
organization’s core
competencies?
Does your organization
have proprietary tools
that distinguish you from
the competition? Could
you develop some if
necessary?
What relevant skills,
talents or abilities do
your employees
possess?
How does your
organization compare
with competitor
organizations?
What is your market
penetration?
Does your organizational
culture provide a positive
work environment?
How strong are your
organization’s financial
resources?
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STRENGTHS (cont.)
Examples of Strengths:
!
Specialized marketing experience
!
New or innovative products
or services
!
Location of your business
!
Quality processes or procedures
!
Any other aspect of your business
that adds value to your products
or services
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WEAKNESSES
Weaknesses are factors within your control that hamper your organization’s
ability to maintain a competitive advantage. They are gaps, deficiencies or
problems that must be addressed to accomplish your objectives. Generally,
they are factors that will worsen if not corrected.
In essence, weaknesses are internal
liabilities that stand in the way of
organizational success. In some
instances, the lack of a particular
strength or resource can be a
weakness.
When deciding if a factor is actually a
weakness, it is important to consider the
outcome that results from the factor.
For example, outdated systems and procedures would be weaknesses if they
are likely to lead to increased costs, poor quality or inadequate customer
service. If there are no negative outcomes, however, the outdated systems and
procedures would NOT be key weaknesses.
Although it can be difficult to admit that your organization does not do
everything well, honestly appraising your company’s weaknesses provides
you with information to assist you in turning a weakness into a strength.
When deciding which weaknesses are most important, think first about
those that relate to customer needs.
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WEAKNESSES (cont.)
Another Way of Looking at Weaknesses
Organizational weaknesses can be dealt with in several ways:
!
Rectification
"
!
How would your organization fix the shortcoming?
Protection
"
Is it possible to conceal your weakness from the customer
and the competition until a resolution is implemented?
!
Offensive Action
"
What steps can your organization take to divert attention
away from the weakness?
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WEAKNESSES (cont.)
Five Questions to Ask When Considering Weaknesses
Questions to Help Identify
Weaknesses
Possible
Weaknesses
Rectification,
Protection or
Offensive Action
What can your organization improve?
What does your organization do poorly?
What should your organization avoid?
Where is your organization losing money?
•
Does the current income stream
support customer needs?
•
Would customers pay more for
your products or services?
Where does your organization
lack resources?
•
Are you making the best use
of technology?
•
Do you have sufficient
financial resources?
•
Do you have sufficient staff to
meet your long-range plans?
•
Do your employees have the
knowledge and competencies to
do what is needed? If not, could
they be retrained?
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WEAKNESSES (cont.)
Examples of Weaknesses:
!
Lack of expertise
!
Undifferentiated products or services relative to the competition
!
Poor quality products or services
!
Bad reputation of your organization or its brand
!
Limited resources
!
Lack of managerial skills
!
Lack of access to skills or technology
!
Inadequate systems or processes
!
Slow deliveries
!
Poor quality of products or services
!
Poor location of your business
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OPPORTUNITIES
Opportunities are favorable external conditions that could positively impact
your organization if you exploited them. They may also be new tactics your
company could employ to improve profitability.
Identifying opportunities is the SWOT activity that is most important
for determining and then prioritizing the next steps your
organization should take.
Opportunities represent the potential that could be realized by implementing
certain strategies. They may be a result of market growth, lifestyle changes,
resolution of problems associated with current situations, positive market
perceptions about your organization or its brand, or the ability to offer
greater value to customers and as a result create greater demand for your
products or services.
Opportunities focus on goals and strategies that can help your organization
prepare for new opportunities by reducing internal weaknesses or making
existing strengths even stronger.
Opportunities should be considered within
a specific timeframe. For example, is it an
ongoing opportunity? Or is there a specific
window of opportunity?
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OPPORTUNITIES (cont.)
Opportunities must be specific.
Overseas expansion per se is not
an organizational opportunity.
However, a more precise statement
such as the following would be
an opportunity:
“The Chinese market offers an
opportunity since we have an
existing Asian infrastructure in
Hong Kong and Taiwan and an
intimate knowledge of the
Chinese mindset.”
Ways to Exploit Opportunities
Since SWOT looks at the external market, weaknesses of your competitors
can be opportunities for your organization. Such opportunities can be
exploited by:
!
!
Marketing warfare
"
Focus your efforts on attacking the weak leader's position.
"
Enter a new market before anyone else.
Collaboration
"
Use your organization’s strengths to establish a strategic
alliance with a major competitor.
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OPPORTUNITIES (cont.)
Five Questions to Ask When Considering Opportunities
Questions to Help Identify Opportunities
Possible
Opportunities
Ways to
Exploit
Are customer needs changing and can your
organization adapt to these changes in a
timely manner?
• What are the relevant market trends in
your industry?
• Is your organization positioned to respond
to these trends?
• Can you maintain or increase your
market penetration?
Are there economic changes that will benefit
your organization?
• Are there favorable economic conditions
emerging in your market?
• Have you received concessions from suppliers?
Are there political or societal circumstances that will
affect your organization?
• Is your organization prepared to market to the
changing demographics of your market?
• Are you aware of the changes in societal values
that might affect the desirability of your products
or services?
How advanced is your technology compared
to your competitors?
• Is your organization about to announce a new
technology that will make you stand out?
• If your technology state-of-the-art?
Are there existing niches that your competitors
have not addressed?
• Does your organization plan to enter
a new market?
• Are you aware of a niche that
has not been exploited?
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OPPORTUNITIES (cont.)
Examples of Opportunities:
!
A developing or emerging market
!
Mergers, joint ventures or strategic alliances
!
Moving into new market segments that offer improved profits
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A new international market
!
Mergers and acquisitions among your competitors
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THREATS
Threats are challenges created by the external environment that could put
your strategy into jeopardy. Your organization can generally develop
strategic plans to address these factors should they occur.
Threats arise from many sources.
They can come from a competitor, a
change in market conditions, a change
in the economy or a change in
government regulations.
The better you are at identifying
threats, the more likely you
organization can position itself to
respond effectively to them.
Since many items you list will be speculative, you may wish to further
define threats by determining how likely they are to occur.
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THREATS (cont.)
Five Questions to Ask When Considering Threats
Questions to Help
Identify Threats
Possible
Threats
How to Mitigate
Threats
Are there changes in the economy that could
impact your business?
• Is your organization able to respond quickly
to these changes?
• How is your competition addressing
these changes?
• Is your organization positioned to withstand
a decline in the economy?
• Would an improved economy affect
your profitability?
Are there political or regulatory trends that might
impact your business?
• Have new regulations been enacted that
could hurt your organization’s profitability?
• How is your competition addressing
these changes?
Have your competitors announced a new
technology that makes your product obsolete?
• Can your organization respond quickly to
this and remain profitable?
Where are you vulnerable in the market?
• Are overseas competitors taking
market share?
• Can you retain or improve your position
vis-à-vis your competitors?
• Can your organization influence
industry trends?
Have you kept pace with the changing needs
of your customers?
• Are you ready to adapt to changes in the
demographics of your customer base?
• Are customer needs for your product or
service changing?
• How is your competition addressing
these changes?
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THREATS (cont.)
Examples of Threats:
!
A new competitor in your market
!
Price wars with competitors
!
A competitor launching a new, innovative product or service
!
Competitors having better access to distribution channels
!
Introduction of new or increased taxes
on your products or services
!
Existing or potential competition
!
Changing prices from suppliers
!
Government regulations
!
Economic changes
!
Bad media or press coverage
about your organization
!
Changing consumer behavior that
negatively affects sales
!
Introduction of a new technology
that makes your products or
services obsolete
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HOW TO CONDUCT A SWOT ANALYSIS
General Rules for Conducting Successful SWOT Analysis:
!
Be realistic when developing the list of your organization’s strengths
and weaknesses.
!
Distinguish between where your organization is today and where it
could be in the future.
!
Use specific statements rather than sweeping generalizations.
!
Consider your competition so that you determine if your organization
is better than or worse than the competition on each factor.
!
Keep the final analysis simple. Avoid the desire to over-analyze.
!
SWOT is subjective. The results are only as good as the contributors.
Seven Steps in Conducting a SWOT Analysis
1. Put someone in charge.
Make someone responsible for the successful completion of
the exercise. It can be an external consultant or someone
from within the organization. If choosing someone from inside
your organization, it is a good idea to select someone who is
a key stakeholder in the outcome.
2. Establish the objectives.
Consider why you are conducting the SWOT analysis. What do
you hope to achieve from the analysis? Keep this statement in
mind as you conduct the analysis.
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HOW TO CONDUCT A SWOT ANALYSIS (cont.)
3. Select the contributors carefully.
Collaboration is crucial for a successful analysis. If one person
attempts to do the SWOT alone, the end result will be personal
opinions. Even if that person is a key stakeholder and has a broad
view of your organization and industry, theirs is only one opinion.
It is a good idea to interview several stakeholders or have the
stakeholders meet and brainstorm ideas.
4. Allocate tasks among the contributors.
There can be a great deal of research and information gathering
in developing a SWOT. Dividing the tasks is a good way to use
the individual strengths of the contributors.
When considering strengths and weaknesses, gather information
on your organization’s capabilities in the following areas:
Processes and operations
Human resources
Key suppliers and/or partners
For opportunities and threats, gather information and data on
external factors such as:
!
Customers and markets
!
Competitive environment
!
Technology changes
!
Financial, societal, regulatory and other risks
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HOW TO CONDUCT A SWOT ANALYSIS (cont.)
5. Create a safe environment.
Encourage an atmosphere conducive to the free flow of information
where participants believe that they may say what they feel without
fear of ridicule.
6. Review the information, starting with the external environment.
!
What external events do you think create the greatest
opportunity for your organization in the next several years?
!
What external events are likely to create the greatest threats
to your organization’s success in the next several years?
!
What opportunities has your organization been considering?
!
What things could improve your organization’s chance
of success in these areas?
!
What one thing could your organization do to significantly
improve your situation against your most serious
potential threats?
!
How can you take advantage of your strengths?
!
Can your organization take advantage of changes in the external
environment or circumstances?
!
What opportunities would become available to your organization
if you eliminated an organizational weakness?
!
Are their internal strengths or weaknesses that could be
exploited to address identified opportunities and threats?
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HOW TO CONDUCT A SWOT ANALYSIS (cont.)
7. Consider your organization’s greatest strengths relative
to your competitors.
!
What are your organization’s greatest internal weaknesses
that need to be addressed if you are to exploit the
identified opportunities?
!
Strengths can relate to the group, to the environment,
and to people.
!
What obstacles could prevent achieving our goals?
!
Which elements within your organization need to
be strengthened?
!
Are there weak links in the chain?
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HOW TO CONDUCT A SWOT ANALYSIS (cont.)
Six Criteria for Writing a Good SWOT Analysis:
1. Avoid listing general statements that could apply to any organization
in your industry.
2. Be specific about your organization’s strength and weakness.
3. Don’t confuse the outcome of strengths (profits and market share)
for strengths in their own right.
4. Remember that improvement is not the same as strength.
5. Avoid listing strengths and weaknesses that are different aspects
of the same strategy or resource.
6. Put enough detail in your points to make it clear why a factor is
important, and why it should be considered a strength, weakness,
opportunity, or threat. Include precise evidence, and cite figures,
where appropriate.
The standard way of recording this information is in a grid:
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HOW TO CONDUCT A SWOT ANALYSIS (cont.)
Four Ways to Gather Information for the SWOT Analysis
1. Conduct a brief (no more than five questions) Web survey of your
customers with questions such as:
!
What most influences your product purchasing decisions?
!
What is the biggest hurdle you or your organization will
face in the next year?
!
What would you change about our products or services
if you could?
2. Talk to employees within your organization.
Good people to consult are someone from:
!
Customer Service
!
Product Development
!
Blogger
!
Management staff who regularly
network with industry competitors
!
Anyone else with a clear picture
of the competitive market
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Your Template for Assessing Strengths, Weaknesses, Opportunities and Threats
HOW TO CONDUCT A SWOT ANALYSIS (cont.)
3. Study the competition by asking:
!
Who are they?
!
How do they position themselves?
!
What are their strengths and weaknesses?
!
Gather information by reviewing:
"
"
Their product literature
"
Their blog, if they have one
"
Industry blogs or blogs about the competitors
"
Trade literature
"
Professional associations
"
What your sales force hears from their customers
"
Analyst reports
"
Contact their call center or customer support area
Their web site
to see how responsive they are to their customers
"
Business publications
4. Evaluate the existing market, paying particular attention to:
!
Size
!
Trends, both existing and emerging
!
Future needs
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SWOT ANALYSIS HOW-TO GUIDE
Your Template for Assessing Strengths, Weaknesses, Opportunities and Threats
APPENDIX
Additional Resources
Articles
Access to these MarketingProfs articles requires a free membership.
“SWOT Analysis: Strengths, Weaknesses, Opportunities and Threats,”
by Bobette Kyle
http://www.marketingprofs.com/3/kyle1.asp
“Five Serious Considerations (and a Checklist) for Your Next Marketing Plan,”
by Laura Patterson
http://www.marketingprofs.com/4/patterson2.asp
“How to Test Your Competitive Market Strategy,” by Michael Perla
http://www.marketingprofs.com/6/perla18.asp
“The ‘What's Next? Process’ for Developing Your Strategy,” by Dr. Dan
Herman
http://www.marketingprofs.com/4/herman3.asp
Seminar Recording
Access to this virtual seminar recording requires a Premium Plus
MarketingProfs membership.
“Writing a Marketing Plan for Entrepreneurs and Small Business: From
Blank Page to Presentation,” by Michael Fischler
http://www.marketingprofs.com/premium/seminar_detail.asp?semid=26
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SWOT ANALYSIS HOW-TO GUIDE
Your Template for Assessing Strengths, Weaknesses, Opportunities and Threats
ABOUT THE AUTHOR
Carrie Shearer is a writer and researcher who has been published in the
European Wall Street Journal and other global publications. Before embarking
on her second career, Carrie spent 25 years in the international petroleum
industry, most of it overseas.
ABOUT MARKETINGPROFS
Founded in January 2001, MarketingProfs is a publishing company that
specializes in providing both strategic and tactical marketing know-how for
marketing and business professionals in organizations worldwide through a
full range of online media.
With more than 200,000 members and 300 contributors, MarketingProfs
provides marketers with practical tools and information in many forms,
including: articles, online seminars, templates, benchmark survey reports,
buyer’s guides, a discussion forum and a blog. Updated weekly,
MarketingProfs content helps professionals stay current and effective.
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