SWOT Analysis: What is it, and why do I need one?

SWOT analysis is a technique used in marketing communications (and many planning structures) to get an accurate overview of a situation’s background or history. By thinking through and identifying a situation’s SWOTS, step-by-step, a team can get a more complete and concise evaluation than if they just discuss it openly.

SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Strengths and weaknesses are “all about me” lists; in other words, they focus on what the organization currently has happening within itself. Opportunities and threats take a more external view, looking at what external factors could impact the organization.

SWOTs help develop the other components of a solid plan. Overcoming threats or taking advantage of opportunities often become objectives, and strengths are often incorporated into key messages. Next week’s Marketing Minute will discuss key messages.

SWOT Analysis: What is it, and why do I need one?