Subjects

Business

Explore Business
Search

An important part of the planning process is looking at the existing position of the business and trying to decide how factors external to the business may affect the business.

A business can perform a SWOT analysis as a way of deciding which marketing strategy to use. The business performs an audit on the internal and external nature of the business looking at the current and future situation. An audit is a review of all the business' activities.

Thinking about the use of a SWOT analysis in assessing the contribution of marketing to a business' strategy;

Possible strengths in marketing might be:

  • Specialist marketing expertise
  • An innovative product or service
  • The location of the business – convenient for customers
  • The reputation of the brand – perhaps it is trusted or recognised as the highest quality

Possible weaknesses in marketing might include:

  • Lack of a clear product differentiation compared with competing products
  • Weak distribution compared with competitors
  • Inadequate online presence

Potential marketing opportunities could include:

  • The use of technology to develop new products
  • Growing demand from overseas markets (e.g. China & India)
  • The use of social media like Facebook and Twitter to reach new customers

A list of possible marketing threats could include:

  • Competitors introducing better products at lower prices
  • Changes in the economic environment which encourage customers to be less loyal to established brands
  • Changes in customer tastes and fashions
Featured
CPD courses

WOW! Business 2015

WOW! Business 2015, tutor2u's resource packed CPD for ALL business teachers, provides delegates with a brand new set of teaching resources and effective approaches that can be used immediately within the classroom. Not to be missed!

Learn more ›

You might also like

Reference material

Study notes

What is Strategy?

Study notes

SWOT Analysis

GCSE Business Revision - Worked Answers to Recent Exams

Edexcel GCSE Business Studies Unit 3 Worked Answers (2013-2014)

Fully worked A Grade answers to recent Edexcel GCSE Business Studies Unit 3 exam papers with detailed examiner commentary on how good technique scores top marks

£5.00

AQA GCSE Business Studies Worked Answers - Unit 2 (2013-2014)

Exemplar A grade worked answers to recent AQA GCSE Business Studies Unit 2 exam papers with examiner commentary on how to score top marks

£5.00

Close

Business