How SWOT analysis retail questions can help your business

Key quotes:

• "Starting with a marketing plan is one of the best ways to set your business up for success and make sure you’re investing your marketing dollars wisely."
• "Regardless of whether you’re planning a full year marketing strategy or a single campaign, here are 6 simple steps that can help you lay the foundation for success."
• "In this step, you’re applying what you’ve learned from your research to identify your goals, your ideal customer, and what your business really stands for."
• "SMART goals are: For example, a goal like “get more sales” might be translated into a SMART goal of “increase top-line revenue by 25% in the next 12 months.” When you first start planning your marketing strategy, you might start with more generalized goals like brand awareness, customer retention, or getting more leads."
• "Here’s where we can take a look at the 7 P’s of Marketing: Product, Price, Place, Promotion, People, Process, and Physical Evidence."
• "Finally, now that you’ve got your marketing mix defined, it’s time to dive into your tactics."

Transcript: Okay great so in this lesson our goal would be to apply the SWOT framework in practice shouldn't be that difficult right the company we'll examine is Starbucks the well-known US coffee company in coffeehouse chain it was founded in Seattle in 1971 and operates in several countries around the world let's start with the company's strengths first almost everyone knows its brand right so it definitely has a strong brand recognition Starbucks has been proclaimed the most recognized coffee brand in the world quite an advantage regarding other companies in the industry the firm's brand is one offering of a differentiated product to customers which is coherent with its strategy and pricing clients have expressed they love the atmosphere in Starbucks coffee houses they can use free Wi-Fi and enjoy the coffee drinking experience to the fullest the company owns thousands of outlets around the world and its clients can find it even when traveling overseas that's a strong advantage as an insurance oil clients can remain such even overseas and finally Starbucks supply chain management ensures the quality of coffee served to customers is excellent the company chooses its suppliers carefully which improves the quality of its products... See more →

Transcript: Hi and welcome back we know strategy analysis has two main branches analysis of a firm's external environment and analysis of a firm's internal environment in our previous lessons we learned how to analyze the internal and external environment of a firm SWOT is a famous framework that allows us to combine the two types of analysis SWOT is sometimes referred to as an internal external analysis the acronym SWOT stands for strengths weaknesses opportunities and threats the first two strengths and weaknesses are related to a firm's internal environment while the last two opportunities and threats consider its external environment we can use a SWOT analysis when analyzing industries companies products new initiatives policies or even people it is a simple and useful framework that allows us to group and visualize strengths and weaknesses and to identify potential threats and opportunities that exist in the external environment in addition the SWOT framework could be useful when you want to understand the areas in which your firm performs well and the ones that need improvement the four elements of SWOT analysis are usually placed in a table which looks something like this internal strengths and external opportunities a vertically paired... See more →

Key quotes:

• "SWOT (an acronym for “strengths, weaknesses, opportunities, and threats”) analysis is a strategic planning tool that gives you insight into the current state of your business in the context of market and consumer conditions."
• "Similar to the brand discovery process, in a SWOT analysis, we prioritize the evaluation of external elements, such as opportunities and threats, through PEST analysis, market frameworks, and methodologies (such as Michael Porter’s Five Forces Framework) because outside mitigating forces have a direct impact on the internal analysis of your company’s strengths and weaknesses."
• "This excellent tutorial distills complicated information in a simple, easy-to-understand way: In 1979, Michael Porter developed this methodology when he posited that five key competitive forces influence the strength and position of a company, as well as provide insight on a company’s SWOT so they can dodge mistakes, leverage strengths, and plan strategically for market opportunities."

Key quotes:

• "Having agreed your marketing strategy, you’re now ready to build your marketing plan, and launch campaigns."
• "Look at your business and find your strengths and weaknesses, your value proposition, your competitive advantage, your target market."
• "Okay, marketing strategy agreed, time to work on your marketing plan."
• "#2 — If you don’t review your marketing plan and all your campaigns, how will you know whether they’re working? E.g."
• "customer choice, new competitors entering your industry, new products launched, channel conflicts, economic downturn, competitors outranking you in search engines SWOT analysis finished, now it’s time for another acronym — TOWs."
• "TOWs analysis allows you how to exploit your strengths to maximize your opportunities and minimize threats."

Key quotes:

• "Sometimes business owners want to improve their business, but are not sure how to begin."
• "Before you start making changes, it’s a good idea to make sure you have a full understanding of the factors affecting your business success."
• "Tools which can help you assess your business’s situation include: Business goals can be as broad or as specific as you want them to be."
• "It’s also important to recognise that some goals will need to be addressed with a long-term strategy as you won’t be able to meet them immediately, because of resources, finances or time."
• "Think about what strategy you could use to improve the situation."
• "Depending on the goals you’re trying to meet, you may want to think about using the services of a business professional, such as a professional trainer, a contractor or a business adviser."

Key quotes:

• "SWOT analysis is a framework for assessing the strengths, weaknesses, opportunities and threats that any business faces."
• "In this blog post, Mind Doodle’s CEO, Rich Hill, explains why you need to use SWOT analysis for your business strategy."
• "The answer is simple: because it’s a great tool for understanding how your business or organization is doing."
• "When a company is in start-up mode, it is standard practice to create a business plan."
• "Start-ups should focus on research first, use SWOT analysis and create a business plan next, and only then, start building an offering."
• "It’s worth pointing out that every business plan is based on assumptions."

Transcript: Well a tool that frequently comes up in the business environment and a lot of at different businesses actually usethem as what we call a SWOT Analysis and SWOT is acronym for strengths weaknesses opportunities as well as thethreats swot analysis is a tool that a companyuses to complete an objective analysis of that particular company now you don't have to necessarily workfor the company to conduct a SWOT analysis but they have a lot of differentbenefits that we'll actually review so all first thing there are four differentquadrants or four different areas that businesses have to complete analysis andwhich means they have to do a little bit of research and find out you know what are some of the thingsthat they're good at not so good at in the way the swot analysis is brokenup is there are categories that areconsidered to be internal and there are categories that areconsidered to be external now something that is internal is something that the firm or thecompany has control over they typically have some effect on what goes on in the internalenvironment and those are actually strengths as well as weaknesses those areconsidered to be internal factors because the company usually... See more →

Transcript: - Today, we're gonna talkabout how to grow your business by utilizing a SWOT analysis. Coming up next. We help small businesses grow with our marketing anddesign talent technology through our number one marketingplatform, Marketing 360. We call marketing and designmad and we love mad. And hopefully these videos will help you fall in love with mad, too. So make sure to followus to learn tips, tricks, and strategies to grow yourbusiness and fuel your brand. The SWOT analysis standsfor strengths, weaknesses, opportunities, and threats. It was originated by AlbertS. Humphrey back in 1960 and it's been used by businesses for years for them to understand wherethey've got some opportunity in the industry, wherethey've got some weaknesses, and what they need tofocus on in order to grow. So let's get started. Take a piece of paper, draw aquadrant on it, and title it "Strengths, Weaknesses,Opportunities, and Threats." Let's get started with strengths. First we're gonna start with strengths. Write down everything thatyour business is great at. What are you great at? What do you bring to the business? What do you bring to the industry? What are some strengthsthat your businesses have that maybe aren't reflectedby your competitors or maybe... See more →

Transcript: In this video we're talking all about SWOT analysis what it's used for the various elements and considerations of building a SWOT diagram and how to get started doing it SWOT analysis is a key part of any business and strategic plan SWOT stands for strengths weaknesses opportunities and threats strengths and weaknesses are internal factors and opportunities and threats are external factors a SWOT diagram analyzes a project or business venture by focusing on each of these factors it typically consists of four boxes one for each area but the exact shape may vary depending on the design SWAT diagrams can be especially useful when trying to decide whether or not to embark on a certain venture or strategy by visualizing the pros and cons by clearly outlining all positives and negatives of a project SWOT analysis makes it easier to decide how to move forward first you want to figure out how to build on the strengths of your organization a SWOT analysis will help you identify the parts of your business that are doing well these are your critical success factors aspects of your business that are strong and give you a competitive advantage recognizing these assets... See more →