Swot Analysis

SWOT Analysis

Laurie’s Personal Shopping Service

Marketing Plan

Laurie Kidd

A SWOT analysis consists of the four fundamental elements of marketing. SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. The analysis is divided into two distinctive groups: internal, consisting of a company’s strengths and weaknesses arising from within an organization; external, consisting of opportunities and threats which influence an organization from outside a company’s parameter. A SWOT analysis is important in creating a marketing plan because it allows a company to identify and capitalize on its strengths and opportunities and by identifying its weaknesses and threats it provides an avenue for improvement in its deficiencies. It presents a company’s assets and limitations in an easy to comprehend fashion. It helps a company to identify where it excels and where it needs help to improve.

Strengths of a company are the qualities, assets, proficiencies, and expertise that differentiate one company from another. It is these strengths that enable a company to surpass its competition in the business arena, by better identifying and meeting their customer’s needs. They provide the foundation for competing in today’s marketplace.

Weaknesses within a company are areas within a company which may cause the company to not meet its customer’s requirements. These weaknesses need to be identified through a SWOT analysis and rectified if at all possible. A customer usually patronizes a company that fulfills its wants and needs. If your company cannot fulfill these requirements it is possible that the competition can do the job.

Opportunities are things that the company has not employed in its business plan, but may be implemented to aid in new growth or sales. A company may find new opportunities by studying its strengths and weaknesses and those of its competition. Once these opportunities have been identified they should be implemented as...