SWOT Analysis: Critical Part of a Marketing Audit
A marketing audit is a comprehensive, systematic analysis of an organization’s business marketing environment, both internal and external (1). One handy tool in a marketing audit is the SWOT analysis (2).
How does SWOT analysis carry out a marketing audit?
SWOT analysis is a straightforward model that analyzes the internal marketing strengths and weaknesses and the external market opportunities and threats.
Strengths: These are the internal capabilities or assets that give your company a competitive edge. By identifying what the business does better than competitors, the marketing team can leverage this to develop products and services with unique selling points.
Weaknesses: These are any essential skills or assets that your firm is lacking or needs improving. They include a lack of access to distribution channels, poor reputation, and lack of relevant skill sets (2).
Opportunities: Analysing the external environment for opportunities that will maximize profit growth will guide the selection of marketing strategies that utilize available opportunities
Threats: These are external challenges. By identifying the threats that might inhibit a business from fulfilling its purpose, you can set up marketing strategies to guard against this.
After the SWOT analysis, the strategy has to be formulated based on the insights from the analysis. Some reasons for the SWOT analysis failure are lack of proper focus during the analysis and lack of in-depth information.
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