Market Planning – Internal Analysis #1 Objectives: Understand process of conducting “internal” SWOT analysis List the three key areas of an internal company analysis Text Book needed today Read Pages 26 – 30 Standard reading practice

SWOT analysis A business can analyze its strengths, weaknesses, opportunities, and threats using a process called a SWOT analysis. A SWOT analysis can be performed internally or externally (an outside agency) Why would a company involve an outside firm? To get an objective opinion.

SWOT analysis Lesson #1 Lesson #2

Internal Strengths and Weaknesses Strengths and weaknesses are internal factors that affect a business operation. The analysis centers around three Cs: Company Customers Competition

Internal Strengths and Weaknesses When evaluating itself, a company must analyze these areas: Company staff Financial situation Production capabilities The Four P’s (which are? . . .) Product, Price, Place, Promotion

Customer Analysis Companies study buying patterns using surveys or interviewing their target markets. These methods: find out what pleases or dissatisfies customers. create interest-specific ads and catalogs.

Competitive Position To help a company find its strengths and weaknesses, the following questions may be asked: What market share does the company have? What advantages does the company have over its competitors?

Moral of the story – have a plan, THINK and make it a good one Assignment: You have a maximum of 5 minutes. On your note sheet, using only your memory, write down step-by-step directions or a small map from the Kentwood parking lot to the Tacoma Dome. Imagine you are going to have to share this with someone who is new to the area, so be detailed. We’ll follow up with a discussion Trade your map with a neighbor (you can’t have your own) Based on what you see, rate its effectiveness on a scale of 1-10 Is having a plan important? Is having a good plan important? Which is worse, no plan or a bad plan? Moral of the story – have a plan, THINK and make it a good one