SWOT Competitor AnalysisSWOT Competitor Analysis

When considering a possible business venture, using the structured planning method referred to as SWOT Analysis, will provide valuable insight. With this simple tool, you can recognize strengths, weaknesses, opportunities and threats that accompany the proposal.  By recognizing strengths, you can focus on these areas while minimizing threats, which will ultimately allow you to make the best decisions possible for your business, as well as exploit opportunities that you have recognized. When considering a possible business venture, using the structured planning method referred to as SWOT Analysis, will provide valuable insight. With this simple tool, you can recognize strengths, weaknesses, opportunities and threats that accompany the proposal.  By recognizing strengths, you can focus on these areas while minimizing threats, which will ultimately allow you to make the best decisions possible for your business, as well as exploit opportunities that you have recognized. 

Before expanding, you should analyze these 4 areas in depth—not only for your company but for your greatest competitor as well—to make sure that your next venture will allow you to differentiate from competitors, rather than merely follow in their footsteps. Here are some questions you can answer to help in formulating a unique plan for your company:

Strengths:
Our Company: What is your organization particularly good at?

#1 Competitor: What can your competitors do that you can’t?

Weaknesses:
Our Company: What are the things you need to improve in your organization? (Every company has weaknesses).

#1 Competitor: What do customers perceive as the biggest weakness in your competitors? Do you have evidence of this?

Opportunities:
Our Company: What trends are happening in the market that you can exploit?

#1 Competitor: Are your competitors in a better position to exploit these opportunities than you are? What’s their message to customers?

Threats:
Our Company: Who are the new competitors entering your market? Are there alternative ways to satisfy customers’ needs?

#1 Competitor: Are your competitors growing faster than you? Are they more innovative? Are they moving into new markets?

Creating the most effective and in-depth SWOT Analysis will require a team effort. By brainstorming for each category together, a substantial list will be produced. With this rough draft, by going through and prioritizing each list within each subcategory, you will have a finalized product. This edited list will be useful as you decide to move forward with a proposal, or it’ll help you recognize that the original idea may need to be revised or eliminated completely.

Before expanding, you should analyze these 4 areas in depth—not only for your company but for your greatest competitor as well—to make sure that your next venture will allow you to differentiate from competitors, rather than merely follow in their footsteps. Here are some questions you can answer to help in formulating a unique plan for your company:

Strengths:
Our Company: What is your organization particularly good at?

#1 Competitor: What can your competitors do that you can’t?

Weaknesses:
Our Company: What are the things you need to improve in your organization? (Every company has weaknesses).

#1 Competitor: What do customers perceive as the biggest weakness in your competitors? Do you have evidence of this?

Opportunities:
Our Company: What trends are happening in the market that you can exploit?

#1 Competitor: Are your competitors in a better position to exploit these opportunities than you are? What’s their message to customers?

Threats:
Our Company: Who are the new competitors entering your market? Are there alternative ways to satisfy customers’ needs?

#1 Competitor: Are your competitors growing faster than you? Are they more innovative? Are they moving into new markets?

Creating the most effective and in-depth SWOT Analysis will require a team effort. By brainstorming for each category together, a substantial list will be produced. With this rough draft, by going through and prioritizing each list within each subcategory, you will have a finalized product. This edited list will be useful as you decide to move forward with a proposal, or it’ll help you recognize that the original idea may need to be revised or eliminated completely.

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