Conducting A SWOT Analysis
Strengths, Weaknesses, Opportunities, and Threats
By Bobette Kyle
Expanded SWOT Analysis
You can take an additional step beyond a traditional "text book" SWOT analysis by delving deeper into industry dynamics. A more in-depth SWOT analysis can help you better understand your company's competitive situation.
One way to step beyond a traditional SWOT analysis is to include more detailed competitor information in the analysis. Note Internet-related activities such as trade organization participation, search engine inclusion, and outside links to the sites. This will better help you spot opportunities for and threats to your company.
You can also take a closer look at the business environment. Often, opportunities arise as a result of a changing business environment. Some examples are:
A new trend develops for which demand outstrips the supply of quality options. Early on, the trend toward healthy eating coupled with an insistence on good-tasting food produced a shortage of acceptable natural food alternatives, for example.
A customer segment is becoming more predominant, but their specific needs are not being fully met by your competitors. The U.S. Hispanic population experienced this phenomenon in the late 1990’s and early 2000’s.
A customer, competitor, or supplier goes out of business or merges with another company. With the demise of many pure- play "dot coms", examples of this abound. As each went out of business, opportunities arise to gain the defunct business’ customers.
You can also expand the reach of a SWOT analysis through surveys. You can learn more about your own as well as competitor’s sites and businesses. Areas to consider researching include 1) customer awareness, interest, trial, and usage levels, 2) brand, site, and/or company image, 3) importance of different site or product attributes to your customers, and 4) product and/or site performance.
Whether using a basic or more advanced approach to SWOT analysis, you are sure to come away with newfound insights. Use these to increase your company's effectiveness and as input into your business or marketing plan.
Copyright 2002, 2004 Bobette Kyle. All rights reserved.
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About the Author: Bobette Kyle draws upon 12+ years of Marketing/Executive experience, Marketing MBA, and online marketing research in her writing. Bobette is proprietor of the Web Site Marketing Plan Network and author of the marketing plan and Web promotion book "How Much For Just the Spider? Strategic Website Marketing For Small Budget Business."
Article Source: EzineArticles.com
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