Hello guys, I greet you all specially, let’s talk about the SWOT analysis today and how it is important to your business, weather blogging, content publishing, or anything your business sells, it doesn’t matter. To you are going to learn about this effective business planning analysis that is going to help you position your business for a real boost.
SWOT is a very popular business analysis tool though for new entrepreneurs it might not be that popular, especially the once who did not seek professional business startup consulting but it’s ok I’m here to share with you guys what this is all about.
So, what is SWOT? Basically SWOT is an acronym that represents STRENGHT WEAKNESS OPPORTUNITIES and THREATS. The SWOT analysis is an analysis on the strength, weakness, opportunities and threats surrounding a business or a brand to make informed and good and quality proactive decisions.
Below I am going to explain the various SWOT acronyms, so seat back read and grab understanding: I am going to place them into two categories, which are Internal and External:
Internal: These are the strength and weakness of the brand they are internal to the business because you can control the elements in this category to influence out comes.
• STRENGHT: In this part of the SWOT analysis you take a look at the strength of your brand, here stuffs like your competitive advantage and other areas of visible strength of your brands are taken into consideration.
• Weakness: This is the area of your business were you are not really on the strong side, it is advice able you do the best you can do on this side but not to focus too much on your weakness but rather portray your strengths to boost your business positioning and brand promise.External: These are the opportunities and threats; they are categorized as external because they are beyond the control of the business entity.
• Opportunities: These are the opportunities that are available in the market based on your strength you can capitalize on, but with market forces at play you have no control you can only buy watch and capitalize, it is what it is.
• Threats: These are aspects of the external landscape that could but your business or brand at risk, they could come from Government, crisis, bad macro economics, e.t.c. So here you need to try to see how you can manage you risk, are you going to take insurance? Or are you afraid of currency devaluation you may want to hedge with found managers, it just depends? Knowing your risk and threats clearly would help you manage them effectively.
@jofomaja i will have love it more, if you can express yourself more by explaining the SWOT analysis in an expanded form. To be honest am happy you are writing more in marketing, bcs it z part of ma field of study at the university back then. The sky is your limit, bring out the best in you, am very sure this just the lease there are more to be done.
yes sure sir @mayowadavid I plan on doing so on a later time
I will be very glad if you do so.
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