MKT205 SWOT Analysis PDF

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Applied Marketing Strategies Strengths, Weaknesses, Opportunities, & Threats analysis...

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Applied Marketing Strategies- SWOT Analysis Josie Yurich Southern New Hampshire University

Name the SWOT analysis version that you completed. For the SWOT analysis I completed the interactive version because I always find that interactive lessons better help me in understanding a topic. Which category (strengths, weaknesses, opportunities, or threats) of the analysis simulation was the most challenging for you? Opportunities was most the challenging category in the analysis because I found it hard to decipher between what was a strength and what was opportunity. I found it easy to figure out the differences between weaknesses and threats because threats always depend on something else, such as a competitor, and weaknesses are clearly an internal issue such as financial struggles. When it came to positive factors I did not immediately understand that something like consumer preference is an opportunity, initially I had thought it was a strength. What have you now learned that will help you better identify items that belong in that category in the future? What I learned that will help me better identify items for the opportunities category is that an opportunity is an external factor meaning the company has no control over it. I also learned opportunities are conditions in the marketplace that can be taken advantage of to benefit the company. However, just because the opportunity is there does not mean it will benefit the company because it is external the potential advantages need to be sought out. With this information I believe it will also be easier to figure out which items are internal and which are external. Which category of a SWOT analysis do you think marketers may tend to overlook most often, and why? I believe the category that would most often be overlooked by marketers is opportunities. An opportunity is something that is out of a company’s control and it is a helpful factor and more often people tend to focus on the negative, such as threats. Strengths and weaknesses are typically thought of first because they are internal factors and can greatly affect the company, but an opportunity may not be thought of or utilized to benefit the company. What are at least two potential negative impacts of failing to consider the often overlooked category you’ve just identified? Potential negative impacts of a company overlooking opportunities is a loss of profit and loss of consumers. Missing out on or not realizing an opportunity, such as a growing demand for a product, can cause the company to lose its consumer base by not giving them what they want. A loss of customers in turn causes a loss of profit....