How to use SWOT analysis

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Here we will introduce some practical ways to use SWOT analysis.

Creating a SWOT matrix
To perform a SWOT analysis effectively, it is recommended to organize the four elements and visually summarize them as a matrix . The SWOT matrix is ​​structured as follows:

Strengths x Opportunities Combination : Leverage 99 acres database competitive advantages to aggressively expand into new markets and growth opportunities.
Strengths x Threats Combination : Using competitive advantages to counter external threats.
Combining Weaknesses and Opportunities : Develop a strategy to capitalize on opportunities while overcoming weaknesses.
Combination of Weaknesses x Threats : Improve weaknesses early and hedge against threats.
This matrix can be used to help organisations and individuals think concretely about how they can capitalise on their strengths and overcome their weaknesses.

What other analytical techniques are commonly used in marketing?
What is SWOT analysis?
Here we will introduce some analytical techniques that are commonly used in marketing.

1. PEST Analysis (Macro-Environment Analysis)
PEST analysis is a method to analyze the four macro-environmental factors of politics, economy, society, and technology to understand the external factors that affect a company's business activities. PEST analysis is particularly useful when entering a market or formulating a new strategy.

The following are some examples of how it can be used .

Considering new market entry and global expansion
Long-term strategy planning that takes into account changes in the macro environment
Analyzing the impact of social trends and technological innovations
2. Five Forces Analysis (Competitive Environment Analysis)
Porter's Five Forces Analysis analyzes the competitive environment within an industry from five factors (threat of new entrants, rivalry among competitors, threat of substitutes, bargaining power of buyers, and bargaining power of suppliers). This methodology helps companies understand the competitive situation in an industry and develop strategies to gain a competitive advantage.

The following are some examples of how it can be used .

Expanding market share and starting new businesses
Analyze the competitive intensity of the entire industry and confirm your own position
Understand the threat of new entrants and the risk of price competition
3. STP Analysis (Market Segmentation Analysis)
STP analysis is a method for analyzing three important steps in marketing strategy : "Segmentation," "Targeting," and "Positioning ." It segments the market, narrows down the target customer base, and positions the company to differentiate itself from competitors.

The following are some examples of how it can be used .

Define the target market for your product or service
A positioning strategy that differentiates your company from competitors and effectively communicates your strengths
Marketing mix optimization
4. Value Chain Analysis
Value chain analysis is a methodology that considers a company's business activities as "value-creating processes" and evaluates how much value each process provides. This leads to specific actions to improve cost efficiency and build a competitive advantage.

The following are some examples of how it can be used .

Improving business processes and streamlining
Consider measures to maximize the value your company provides
Identify processes that will be the source of competitive advantage
5. 4P Analysis (Marketing Mix)
4P analysis is a basic framework for marketing strategies that combines and analyzes the four elements of product, price, place, and promotion . It considers how each element affects customers and plans optimal marketing measures.

The following are some examples of how it can be used .

Product development and pricing strategy
Promotion strategy planning for launching in the market
Sales channel optimization
summary