Have you ever heard SWOT? It is not the same with SWAT. There is even no relation between the two of them. SWOT is formed from Strength, Weaknesses, Opportunities and Threats. And the analysis about it is needed in business.
If you want to market a product or service, you can’t directly hire space at local newspaper columns or look for help from an advertising agency to create the advertisement. You need to make a SWOT analysis to find out the strength, so you can make advanced protection toward the liabilities. For the Strength, you can evaluate several aspects including brand representative, mature company and experience. On Weaknesses, you can take a look at reputation, financial situation, organization and others. Opportunities will be about trends, niche market good profit and so on. The last is threats will include several points like political effect, market demand, competitors and economic situation.
Besides knowing your SWOT, this analysis is also beneficial to see how well you can compete with the other competitors. To analyze it, you can use MS Word based templates where you can list those SWOT points and fill the related notes about your company and competitors. Make it in five columns. The first one is where you can list SWOT points. Next is your company, the three others will be company 1, 2 and 3 to be compared.
You can put additional parameters inside this template to meet a specific needs of your company evaluation. These written parameters in SWOT table are basic ones that could be different in specific business areas. At the end, no matter how detail you analyze your market competition, your business success could depend to other factors that you might have written in your first analysis.