Marketing resources, Customer needs

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Created by
Sarah Howard

Cards (8)

  • S
    W
    O
    T
  • In order to market a product or service, the business will need:

    Marketing budget
    Marketing department or, for a small firm, someone with responsibility for the marketing function
    Knowledge of the market in which the business operates, usually obtained through some form of market research
    A set of objectives to be achieved through marketing set out in a marketing plan or strategy
  • S: Strenghs
    W: Weaknesses
    O: Opportunities
    T: Threats
  • Strengths and opportunites = helpful
  • Weaknesses and threats = harmful
  • Strengths and weaknesses = internal (attributes of the organisation)
  • Opportunities and threats = external (attributes of the environment)
  • What is the use of SWOT analysis?
    The whole analysis can be used as a forward-looking tool. The managers can consider how effective the business is in respect of the environment in which it operates and adjust their strategies and tactics as appropriate. Any business beginning a strategic planning process will use SWOT analysis. Useful beginning to discussion and planning. Will help the business identify the best way to proceed for future success. Will need to be used in conjunction with other methods of forecasting and formulating strategies, not as an exercise itself.