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Your Marketing Plan Step-by-Step Page 3

Step 3: Build your marketing SWOT

Strengths & Weaknesses, Opportunities & Threats

 Your marketing SWOT is a summary of internal strengths and weaknesses, and external opporunities and  threats.

Why bother with this? Because knowing where you are strong and where you are weak helps you:

  1. Capitalize on your strengths
  2. Pinpoint areas where you need to improve
  3. Identify problems in advance to avoid pitfalls that damage ability to succeed
  4. Discover what the competition is up to, and how you can use that to your best advantage

Internal strengths and weaknesses

These are areas that relate to the internal workings of your business. These are areas that you can control.

Examples:

Internal Strengths Internal Weaknesses
Experienced management Management staff limited to 2
High level of customer service & experienced staff 50% of employees will retire in 5 years or less
Computer upgrades/software Staff training not complete, no customer database
Excellent company credit rating High capital cost in new equipment
Excellent, tested product design Limited shelf life, Only one product, no add-ons to help defray cost
All licenses/inspections obtained Parking limited

External opportunities and threats

Opportunities and Threats relate to external factors which are not controllable.

Opportunities and threats are directly related to market trends.  They include the competition, and also relate to such things as road openings and closings, environmental issues, economic factors, changes in the law, consumer concerns, regulatory factors and restrictions, social issues and technological changes.

Examples:

 

External Threats

Limited competition

External Opportunities

Competition well established

Trends show demand up for service & growing in national popularity No name recognition
Spending trend up for service Competition price low
Economy growing Local plant shutdown imminent

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