What is SWOT Analysis and How Is It Done?

Entrepreneurs are very curious about the answers to the questions of SWOT analysis, which is one of the strategic planning techniques, how it is done and what it does.
Those who are just at the beginning of the road should ask themselves many questions. In this way, it should be learned where the company is located and what its advantages are compared to competitors. If there are weak points, they should be identified and the risks that may be encountered should be determined. Such points are evaluated within the subject of SWOT analysis and a comprehensive report is produced. Thus, it is determined whether the undertaking in question is the right step. It can also be applied to a business that is making sales.

What is SWOT Analysis?

SWOT Analysis covers the analysis of the strengths and weaknesses, opportunities and risks of companies. Recognizing the company’s shortcomings allows for strengthening activities. In this way, the company will better evaluate the opportunities that will come before it.
The strengths identified according to the results obtained from the analysis are an advantage for the company. Effective studies can be carried out based on these aspects in marketing studies. Analysis studies can be done for large companies as well as for smaller projects, products or services. It will enable to evaluate the current situation with its pros and cons.
You may be wondering why this analysis is called SWOT. It is formed by combining the English words strenght (strengths), weakness (weaknesses), opportunities (opportunities) and threats (threats).

What Does SWOT Analysis Do?

The most important point to be considered while making a SWOT analysis is to answer the questions honestly. Taking an objective approach will also help you achieve better results. You can get professional support on SWOT analysis for the best evaluation of your company. Detailed reports are presented to you by examining every point from your employees to your operation. According to the results, you can make improvements at many points, from employee change to the order between departments. Thanks to the studies, you will also have the opportunity to take precautions against situations that you may encounter and be affected by in the future. In this way, you can get through the crisis periods with little or no damage.

How to Perform a SWOT Analysis

In order to get good results from SWOT analysis studies, it is recommended to have it done by a professional firm. Studies can be carried out in 4 stages.
In the first stage, the analysis, also called preliminary analysis, is made and the studies are started. At this stage, the strengths and weaknesses, which are the meaning of the first letter of the word SWOT, are listed. The list can include your skills, as well as your employees or resources.
In the second stage, azar and environmental analysis is started. By evaluating external risks and current opportunities, the situation in the market is understood. In this way, it is understood which points need improvement. When step 2 is completed, competitiveness and current opportunities are better noticed.
In the 3rd step of the SWOT analysis, a competitive analysis is made. At this stage, information about the quality of products and services and sales strategies is acquired. To explain with an example, detailed information can be obtained on how to improve cargo conditions.
In the fourth step, which is the last step of the analysis, customer analysis is performed. The information obtained about the customers is used to determine the target group and to determine their needs. It helps a lot in making future decisions. At this stage, the question of what can be done to persuade customers to buy can be asked.

As DCA Network, we can conduct your SWOT analysis studies. Our studies will reveal the position of your company in relation to the market and the aspects that need improvement. You can then use the data from the studies to create marketing strategies. You can contact us for detailed information about SWOT analysis.