Why SWOT Analysis Is Important Study To Boost Your Market Research?

What is SWOT Analysis?

S WTA SWOT analysis is a tool used to identify the Strengths, Weaknesses, Opportunities, and Threats assumed in a project or organisation. It is a framework to match a company’s business goals, by assessing its strengths, weaknesses, and capacities in the environment in which it operates. It also evaluates the external opportunities and threats to safeguard the business from future risks.

Strengths are a company's positive attributes and are studied internally. Strengths are in your control.

STRENGTHS

OPPORTUNITIES

THREATS WEAKNESS

Weaknesses are negative factors that impact your strengths. Areas, where you may need to improve to remain competitive in the market Opportunities are external factors likely to benefit your business by contributing to your business environment.

Threats are external factors, and you do not have control over them. You have to monitor and analyse threat in regular period otherwise it impact your business very hard.

Strengths

Strengths are a company's positive attributes and are studied internally. Strengths are in your control. To understand your company’s strengths, you will need to ask these questions:

SSTRENGTHS

1. What business processes do you follow, and how successfully?

2. What human resource assets do you possess? (example: knowledge, skills, education, reputation, and network)

3. What physical assets do you possess, like equipment, technology, customers, cash, and patents?

4. What competitive advantages do you possess over your competitors?

WEAKNESS

OPPORTUNITIES WEAKNESS

THREATS

Weaknesses

WWeaknesses are negative factors that impact your strengths. Areas, where you may need to improve to remain competitive in the market are:

1. What can make your business competitive?

2. What business processes do you need to improve?

3. Does your business need tangible assets, like money or equipment?

4. Are there differences in your team?

5. How ideal is your business location for success?

Opportunities

OPPORTUNITIES

OPPORTUNITIES

WEAKNESS

Opportunities are external factors likely to benefit your business by contributing to your business environment. Few questions that you may ask to understand the opportunities:

THREATS

1. Is your market growing? What are the trends that will encourage people to buy more of your products and services?

2. What are the relevant upcoming events that can benefit your company in growing your business?

3. What are the new changes to rules and regulations that may influence your business positively?

4. If your business is doing good, what reputation do you have in the market?

OPPORTUNITIES

WEAKNESS

Threats

Threats are external factors, and you do not have control over them. So, here are some questions that you may want to consider while dealing with them if they occur.

THREATS

1. What are the chances of your potential competitors entering your market?

2. Will your suppliers continue to supply raw materials for you within your budget?

3. Is there a chance of technology changes? Changes in consumer behaviour impact your business?

5. Are there market trends that you assume may become a threat to your business?

Benefit Vs. Limitations of SWOT Analysis

Help in understanding business

Benefits

It doesn’t prioritise issues

Help in finding out business weakness

Help in analysing threat

Help in decision making

Determine the company’s potential

Limitations

Raise the problem but not solution

All informations are not useful

Lack of clearity, & time taken process

Need an experience market research consultant

Why Hire Market Research Companies For SWOT Analysis?

Market research companies are experienced in the field of SWOT analysis and are aware of corrections that can add value to the company's existing output. Moreover, you will not require to change your focus from your daily work, which is more important for your business. While you focus on your business, market research companies can work on the SWOT analysis without distracting you from your crucial business tasks.

Why Indicators Consulting?

Indicators Consulting is one of the most prominent business feasibility study and market research companies in Dubai, UAE. The company with its team of expert professionals has considerable edge and experience in conducting detailed market research and feasibility studies for various industries and sectors in GCC. If you are looking for a company specialised in market research and competitive analysis for your business, Indicators Consulting is the place to be.