by Timothy Ijala

Created on: July 08, 2008

In the marketing process is what is known as the SWOT analysis. SWOT stands for Strengths, weaknesses, opportunities and Threats. After carrying out research a business can know what its strengths and weaknesses are and the opportunities and threats that work to its advantage or aganist it.
Examples of strengths are well trained and experienced staff and a convieniant office location. Weaknesses may be lack of financial resources. Opportunities may include a strong economy. Threats may include new competition in an area where your company was the sole provider of certain goods and/or services.

After doing a SWOT analysis a business can then go on to establish its marketing goals. A goal can be defined as a direction that a business wants to work towards in view of the opportunities and threats that exist in the market place and the business's own relative strengths and weaknesses.
For example becoming the leading provider of discounted safaris for the local market may be a goal that a travel company can establish.
However, the SWOT analysis need not be applied just to businesses. Even individuals can do a SWOT analysis of themselves. You may want to change jobs or get a promotion. Or you may be out of a job and want to go job hunting. In all these cases it would be important if one first did a SWOT analysis. Even if we feel our position in a business or company is secure, we still need to do a SWOT analysis from time to time. This is because no job is hundred percent secure. And also technology is changing the way business is being done over the world.Many people are being laid off jobs because they can be 'replaced' or they no longer have the 'relevant' qualifications. And still business practices are changing. For example businesses are no longer competing on national or regional standards but its now international standards. You can no longer say 'this is how things are done in my country' because the measure is now how things are done internationally. So its good to benchmark oneself aganist international standards. If I am say a business development manager of my company, I need to ask myself how does someone holding the same position in another company in another country or continent do the same job? What are the skills now required internationally to do this job? By asking yourself such questions you are so to speak doing a SWOT analysis to find out what your strengths are, in other words do you still qualify for that job and if there are any weaknesses as in, if you find you fall short when compared to international standards, then you can immediately start working on your short comings in order to be up to date with the requirements of the position you are holding.

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