SWOT analysis
Posted: Thu Jan 23, 2025 4:31 am
Once you have studied the impact of the external environment on your business and can predict the plans of your competitors, analyze the strengths and weaknesses of your business and then compare them with the information obtained in the first two stages.
It is appropriate to use SWOT analysis for this. This tool allows you to combine and apply all available information about the business, and correctly formulate long-term goals. In order to use this method, you need to create a table of four columns:
strengths — competitive advantages of a business;
weaknesses - weaknesses of your company;
opportunities - a positive instagram database influence of the external environment that opens up some opportunities for business, creating favorable conditions for business development;
threats - this column should list the threats posed by the external environment.
Next, you need to study the structured information and draw conclusions.
SWOT analysis
Ansoff matrix
Another useful marketing tool is the Ansoff matrix. It helps to determine one of four possible directions of development:
Old and goods, and the market. It involves increasing sales of products on the site and working to increase sales.
Old product, new market. Working with an unfamiliar target audience, developing by opening branches outside your city or country.
New product, old market. By choosing this strategy, a business improves its product or releases a new one that meets consumer needs.
New product and market. This strategy is also called diversification.
Ansoff matrix
There are several known types of this type of development:
A new product created using existing resources. For example, you already brew coffee on the premises, but you start selling it to go. In this case, you will use an existing resource - beans that you already bought from the supplier.
Expanding the range of products: previously they only dealt in coffee, but now they have introduced desserts and tea into the market.
Review the results of the completed SWOT analysis and, taking into account its results, select the most promising direction for development.
It is appropriate to use SWOT analysis for this. This tool allows you to combine and apply all available information about the business, and correctly formulate long-term goals. In order to use this method, you need to create a table of four columns:
strengths — competitive advantages of a business;
weaknesses - weaknesses of your company;
opportunities - a positive instagram database influence of the external environment that opens up some opportunities for business, creating favorable conditions for business development;
threats - this column should list the threats posed by the external environment.
Next, you need to study the structured information and draw conclusions.
SWOT analysis
Ansoff matrix
Another useful marketing tool is the Ansoff matrix. It helps to determine one of four possible directions of development:
Old and goods, and the market. It involves increasing sales of products on the site and working to increase sales.
Old product, new market. Working with an unfamiliar target audience, developing by opening branches outside your city or country.
New product, old market. By choosing this strategy, a business improves its product or releases a new one that meets consumer needs.
New product and market. This strategy is also called diversification.
Ansoff matrix
There are several known types of this type of development:
A new product created using existing resources. For example, you already brew coffee on the premises, but you start selling it to go. In this case, you will use an existing resource - beans that you already bought from the supplier.
Expanding the range of products: previously they only dealt in coffee, but now they have introduced desserts and tea into the market.
Review the results of the completed SWOT analysis and, taking into account its results, select the most promising direction for development.