The humble SWOT is actually a key milestone in developing your market strategy. In simple terms, there are 5 steps to developing a strategy.
The first step is some pre-planning, where for example you decide what market we are focusing on, who is on the strategy team, how much time we have, how long into the future we need to plan for, what process we will follow etc.
The second step is then to undertake a marketing audit. This is a 360-degree analysis of the current situation and includes both an external market assessment and an internal assessment of our capabilities. Even in small firms, this can be a big exercise leading to a vast amount of research data.
The SWOT really does help in this step us to rise above all the data and draw some key conclusions.
It is therefore very useful in helping us achieve good strategic insight.
Done well, it will significantly help the final three steps in the process:
Done badly, will lead to vague or wrong strategies and reduced growth. Indeed, it is a very sad situation when companies execute well on a bad strategy. The SWOT helps to avoid this problem.
WHO WILL BENEFIT?
This short video is perfect for Marketing professionals that want to fine-tune their SWOT Analysis without wasting time. Is also extremely useful for teams in need of understanding what to put on a SWOT and what to avoid.
Edmund has over 30 years of experience in both industry and academia.
He is a Judge for both UK and international business awards, a Teaching Associate at Warwick Business School, a guest lecturer at several universities and a designer of sales and marketing games to help apply marketing concepts.
Over this time he has used the key tools of marketing to help both companies and individuals achieve better growth.
He runs a workshop on using sales & marketing thinking to develop and implement a successful career strategy. He also provides coaching on career development to students, managers and senior executives.
In addition to his many articles, he is the co-author of a book on strategy implementation.
He is Director of The Good Growth Academy and Managing Director of Market2Win Ltd.
Ed holds a BA (Hons) in Economics, a Diploma in Marketing and an MBA from Warwick Business School.