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Transcript of SWOT Analysis
How do we conduct competitor Analysis – SWOT
Competition vs. Inspiration
SWOT Analysis: Necessary preliminary stage in preparation for any marketing or strategic plans. STRENGTHS
What do they all mean?
What advantages you have?
What do you do well?
What others see your strengths as?
Self Analysis Weaknesses
What could you improve?
What do you do badly?
What should you avoid?
Interesting trends you are aware of ?
New skills to learn
Changing nature of the market/ technology Threats
Possible obstacleswhat’s your competition doing?
Is changing technology threatening your position?
SWOT Analysis in Design Research
Why do we need to conduct it?
Depends on the objective of the company
The objective can be a new product, a program you want to offer, a service you want to develop, a research or project idea, a goal for your organization.
Competition vs. inspiration A SWOT Analysis can be useful in marketing of new services and new programs, assessing the value of new projects and new ideas, and any other situation requiring a decision.
NEW SOCIAL NETWORKING WEBSITE
conducting SWOT Analysis on FACEBOOK
Can get inspired by- ease of navigation
Specific target audience
Avoid frequent layout changes ( from weaknesses)
Press more emphasis on security ( from threats)
Bath and Body Works conducting SWOT Analysis on The Body SHOP, its main competition to create a seasonal theme for their new main page on the website.
SWOT Analysis for the BODY SHOP? Strengths?
Answer- what do you do well? ( layout and design)
What are your advantages?
What of those you offer other people can be seen as an advantage? ( your selling point on your website)
Weaknesses How can you improve your offerings?
What do you do poorly or not at all? (Layout and design?)
Is your communication up to date?
How accessible are you?
Opportunities What are the best opportunities in the near future?
What are the market trends?
What is the best period of the year to offer your services/products?
What niche you may try to attack and cover with your offerings?
How can you reach a wider customer base?
Threats What obstacles, economical coming from the market or from the competitors are you going to face?
What is the worst period to promote the activity and why?
New technologies may affect the business trends? Quick check outs?
Which are the new features that are coming out on the market and that could be considered as a threat?
Bath and Body Works The Body Shop Class exercise Your moodboard project
Define the objective once again on a paper.
Analyze your competitors using SWOT formula
Make a Grid for each competition and list Strength
List at least 5 Weakness
List at least 5 Opportunities
List at least 4
List at least 4 SWOT Analysis Post images where you think they fit in the grid.
Make sure you have big enough paper to paste those images.
Your Project’s SWOT Analysis After SWOT analysis is over
Based on competition’s weaknesses and threats. Derive your own opportunities and highlight your strengths.
Submit the SWOT analysis for your selected brand/product/service in your moodboard project next class.
With your name on it!