SWOT analysis is a strategic planning method to evaluate Strengths, Weaknesses, Opportunities and Threats in a business. In addition, when you conduct a SWOT analysis, you can prepare some questions of SWOT analysis element.
According to thebalancesmb.com, many businessmen do not only use a SWOT as part of a marketing plan, but it is also a good tool for general business strategizing and serves as a starting point for team discussions.
In addition, the easiest way to start filling in each quadrant is by answering a series of questions.
Check out some examples of questions of SWOT analysis that are frequently used.
Strength
The element of strength includes the strengths of the company, both tangible and intangible in the internal scope of your company.
There are few examples of the questions in question.
- What resources does the company have?
For example, if the definition of resources here refers to HR, then you can consider several things related to the strengths that each HR has, such as background, network, reputation, skills, knowledge, and so on.
- What tangible assets does the company have?
For example, capital, bonds, fixed customers, and other tangible assets.
- What advantages does your company have over competitors?
- Do you have qualified R&D (Research and Development) facilities?
Weakness
Weakness are related to your internal company weaknesses without the influence of external factors. There are some examples of questions:
- What factors hinder your company from achieving predetermined targets?
- Which areas or divisions need to be improved in order to achieve your targets?
- Does your business have limited resources?
- Is your business in a less strategic location?
Opportunities
Opportunities are external factors that might determine the success of your business. There are some examples of questions :
- What opportunities or potential does your target market have?
- Are consumers’ perceptions of your business positive?
- Will there be a market growth within a certain period?
- Are there certain conditions that can give you greater opportunities?
Threats
External factors that are negative can endanger your business, and are things that are beyond your control. However, you can draw up a contingency plan for adverse conditions with Threat analysis. There are some examples of questions:
- Who are your business competitors?
- What are the factors that can harm your business?
- Are there market trends that can cause harm to your business?
- Is there an increase in costs related to raw materials used?
- How can changes in consumer behavior, economic conditions, or government regulations affect your business?
By answering some of the questions above, you will know more your company’s condition. The results of the analysis can be used as consideration in making a decision or determining the next marketing strategy.
Read more : What You Need to Know About SWOT Analysis
