SWOT analysis - what does it mean?
Die SWOT analysis is an important marketing tool and stands for Strengths, weaknesses, opportunities and threats, i.e. strengths, weaknesses, opportunities and risks. Strengths and weaknesses relate to one's own business as internal factors, while opportunities and risks are external factors that describe the market and competition.
Die SWOT analysis Do you apply when you a startup Gründest or when you marketing campaigns or want to start similar projects.
What are the internal and external factors?
The basis is external factors to test, i.e. to analyze, how the market looks like a product or service. What risks does he have in the form of strong competition And what opportunities does he leave open for you to score points with your product? You then determine What are the strengths and weaknesses of your product itself and how it fits into the market.
You can follow these four strategies:
From the analysis results Are there various strategiesthat you can track. If you combine your strengths and opportunities on the market, is it the Expansion strategy. In doing so, you use your strengths even more, which already cover the opportunities. At the Catch-up strategy On the other hand, do you balance your weaknesses with the opportunities: What is your company or product not yet doing so well, but which would have good opportunities on the market?
At the Hedging Strategy It's about identifying risks that your strengths are already preventing, but also those that you can't counter with strengths. How do you handle such cases?
The risks and weaknesses result in products or parts of your business that are no longer worthwhile; which you should therefore avoid. One risk would be, for example, that there are many competitors in one area who offer a better product. Should you improve it or remove it from the range? These are exactly the questions that you ask yourself when Avoidance strategy Set.
What else should I consider?
Analyzing your products or services in relation to the market should not only be carried out once, but whenever you launch new products or implement a marketing strategy want. You should also the Carry out the analysis carefully, so that it's authentic in the end and doesn't just make your business look good. Die SWOT analysis You can also apply it to other areas of the company, such as finances, corporate culture, employees, and design.
