SWOT analysis by Valeria García

 

                 SWOT Analysis

"The first step in exceeding your customer's expectations is to know those expectations.", When starting a business it is very important to take certain aspects into consideration and do an analysis.

There is a marketing strategy called SWOT analysis, it is widely used to be clear about the good and bad aspects of your company, to see how to improve them. The first letter (S) is for strength that helps to see external factors of the organization, helps to visualize what positive things the business is achieving and the ability to achieve it, for example the qualities of your business that stand out from other competitors, internal resources and the use of technology; the second letter (W) is about the weaknesses that are the negative aspects, things your company lacks, what you need to control, limitation of resources for example that you have been in the market for a short time, not having certifications, unclear unique selling propositions; the third letter is (O) which means opportunities, which are external aspects that your organization has that can’t be controlled but that benefit in some way, for example taxes reduction, emerging need of your services, few competitors; The last letter (T) is threat, which are aspects that could harm your organization for example changing consumers attitudes towards your company.

To conclude, it is very important to have the SWOT analysis to be able to assess your market, identify your weaknesses and strengths and see how to improve them.

Dan Shewan. (2020). How to Do a SWOT Analysis for Your Small Business. September 20, 2020, de Word Stream Sitio web: https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis