Simple rules for successful SWOT analysis

Be realistic about the strengths and weaknesses of your organization when conducting SWOT analysis.

SWOT analysis should distinguish between where your organization is today, and where it could be in the future.

SWOT should always be specific. Avoid grey areas.

Problems with basic SWOT analysis can be addressed using a more critical POWER SWOT.

POWER is an acronym for Personal experience, Order, Weighting, Emphasize detail, and Rank and prioritize

P- You bring your experiences, skills, knowledge, attitudes and beliefs to the audit. Your perception or simple gut feeling will impact the SWOT.

O- Often marketing managers will inadvertently reverse opportunities and strengths, and threats and weaknesses.

This is because the line between internal strengths and weaknesses, and external opportunities and threats is sometimes difficult to spot.

W- Too often elements of a SWOT analysis are not weighted.

Naturally some points will be more controversial than others.

E- Detail, reasoning and justification are often omitted from the SWOT analysis. What one tends to find is that the analysis contains lists of single words. For example, under opportunities one might find the term 'Technology

R- Once detail has been added, and factors have been reviewed for weighting, you can then progress to give the SWOT analysis some strategic meaning i.e. you can begin to select those factors that will most greatly influence your marketing strategy albeit a mix of strengths, weaknesses, opportunities and threats.

13.Pestel Analysis

PEST Analysis is a simple but important and widely-used tool that helps you understand the big picture of the Political,Economic, Socio-Cultural and Technological environment you are operating in. PEST is used by business leaders worldwide to build their vision of the future.

It is important for these reasons:

By making effective use of PEST Analysis, you ensure that what you are doing is aligned positively with the forces of change that are affecting our world. By taking advantage of change, you are much more likely to be successful than if your activities oppose it.

Good use of PEST Analysis helps you avoid taking action that is condemned to failure for reasons beyond your control.

PEST is useful when you start operating in a new country or region. Use of PEST Analysis helps you break free of unconscious assumptions, and helps you quickly adapt to the realities of the new environment.

How to Use the Tool:

Using the tool is a three stage process:

• Firstly, you brainstorm the relevant factors that apply to you, using the prompts below.

• Secondly, you identify the information that applies to these factors.

• Thirdly, you draw conclusions from this informa

The following prompts may help as a starting point for brainstorming

Political:

• Government type and stability.

• Freedom of press, rule of law and levels of bureaucracy and corruption.

• Regulation and de-regulation trends.

• Social and employment legislation.

• Tax policy, and trade and tariff controls.

• Environmental and consumer-protection legislation.

• Likely changes in the political environment .

Economic:

Stage of business cycle.

• Current and projected economic growth, inflation and interest rates.

• Unemployment and labor supply.

• Labor costs.

• Levels of disposable income and income distribution.

• Impact of globalization.

•

Socio-Cultural:

• Population growth rate and age profile.

• Population health, education and social mobility, and attitudes to these.

• Population employment patterns, job market freedom and attitudes to work.

• Press attitudes, public opinion, social attitudes and social taboos.

• Lifestyle choices and attitudes to these.

• Socio-cultural changes

Technological Environment:

• Impact of emerging technologies.

• Impact of Internet, reduction in communications costs and increased remote working.

• Research & Development activity.

• Impact of technology transfe

14.Marketing mix 4s

The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other.

Product decisions

Branding Quality Features

Benefits offered

A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organisations promotional mix can consist of:

Direct distribution Indirect distribution

Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.

15.Markeing Mix 7Ps

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