How to Complete a SWOT Analysis

     A SWOT analysis is a brainstorm activity that requires an objective viewpoint that will be helpful with the business launch.  This helps the business members understand and aware of the strengths, weaknesses, opportunities and threats of the business and product(s).  It’s a good practice to do this exercise with each product if there is a major differentiation between products in your portfolio.  Here’s some further guidance on each aspect of a SWOT analysis:

·         Strengths- The strengths has more to do with the internal strengths of the business and products versus external strengths of the product(s).  Strengths can include superior product quality and price point compared to competitors, strengths relating to the leaders within the business and resources available.  Avoid vagueness or embellishment to keep this specific and realistic.

·         Weaknesses- Just as with strengths, weaknesses are relating to the internal threats to the business and product roll out.  This could include lack of resources in capital, marketing expertise or knowledge of the market the business is expanding into in the future. 

·         Opportunities- Opportunities are also external as in the business being first-to-market, new changes in regulation that open markets, technological advantages of product, marketing campaign capital or having a niche in current markets to exploit.

·         Threats-Threats are external.  These are threats for the business externally from other factors such as a saturated market, declining economy or new products that out-perform or are priced lower than the company’s product or service.