Infographic: SWOT Analysis for Businesses: an Effective Strategic Tool

 Every successful business starts with a plan of action before diving into the industry, whether that’s setting goals and objectives, keywords, competitor research, or creating a story brand.



One effective research tool for businesses just starting out or trying to get a better grasp of their challenges ahead is to conduct a SWOT Analysis. 

What is a SWOT Analysis for businesses?

SWOT is an extremely helpful analysis tool for defining your approach to the industry. SWOT stands for: 

  • Strength 
  • Weakness
  • Opportunity
  • Threat 

This form of analysis may be ancient to some advanced marketers but still a highly effective tool for discovery. In each area, a business can uncover where their strengths and weaknesses lie, growth opportunities available to them, and get a better understanding of their competition.

What are the benefits of using a SWOT Analysis for your business?

The idea is to generate a complete picture of your marketplace in order to build a solid foundation for your business. There is no such thing as doing too much research or preparation. The idea of a SWOT analysis is to take all this research and organize that information into four categories that your team should focus on. Each category is designed to drive awareness to areas that might have been overlooked or for discovering weaknesses in the business model. 

According to Purplepass, an event management software, conducting a SWOT analysis is beneficial for: 

  • Strengthening your business strategy and model 
  • Growing your awareness for external threats 
  • Limiting surprises from unexpected issues
  • Clearly outlining where you shine (effective marketing)
  • Learning more about your story brand 

Read the full story Infographic: SWOT Analysis For Businesses: An Effective Strategic Tool


Comments

Post a Comment

Popular posts from this blog

5 Reasons Why Product Quality Matters and Why You Should Never Compromise on Quality

  Do you know the difference between a good product and a bad one? Quality. A quality product has been made using high-quality materials, with an eye to durability and longevity, so that it will last for years while still being of use. The quality of the product is what sets it apart from its competitors.  A poor-quality product may be cheap in price but expensive in upkeep; even if you save money on purchase costs now, you’ll end up spending more money on repairs or replacements down the line. It’s always best to invest in something displaying a high quality, and this is why. 1. The Durability Aspect Products made with high-quality materials last longer. Durability is the ability of any product to perform its primary function for an extended period under ordinary wear and tear without showing signs of damage or breakage.  A good example would be shoes. If you buy cheap shoes that are not well-made from poor materials, they’re more likely to wear out quickly, break down and need repair
Read more

5 Ways To Style Your Strappy Sandals

Image
  Strappy sandals are the perfect summer shoe. They are comfortable, stylish, and go with just about anything.  But how can you style them so they stand out?  Here are 5 ways to style your strappy sandals for a guaranteed smoking hot summer look: Strappy sandals with a cute sundress  This is a classic summer look. Perfect for those looking to create a sweet girly summer look.  Whether you prefer a mini, midi, or maxi, a sundress works to create the perfect hot summer look, without spending too much time worrying about pairing different pieces. Simply slip on your favourite go-to sundress and trusty strappy sandals and you’re good to go.  Casual denim shorts  If you’re looking to create a simple yet fashionable daytime look, pairing your strappy sandals with a classic pair of denim shorts is a surefire way to remain stylish in the summer heat. Whether you prefer a bohemian, floral look or are more into gothic styles, denim shorts can be worn by absolutely anyone and are the perfect matc
Read more

Writing About Friendship: How To Write A Great Essay

  Do you love your friends? Or, it is better to say – do you have friends who deserve the writing about? No jokes, such assignments about friendship are pretty typical for schools and colleges, and many students love them due to the simplicity of the topic. On the other hand, some may be too deep into describing their attitude toward friendship and forget about the requirements or rules of writing essays. If you fail writing papers, you have two solutions – either to refer to an essay service for assistance or recruit your motivation and inspiration to learn some essay skills. This review will hint at the key tips on writing about friendship and getting a positive grade. Essay About Friendship – What Is It? A friendship essay is an assignment dedicated to revealing your understanding of friendship as a relationship or phenomenon. It does not differ much from other papers taking into consideration the educational requirements such as word count, language style, and so on. Yet, it is not
Read more