When it comes to business, you need to be aware of all the positive and negative things that affect your business and the overall market. Market research is a popular process used for studying the target market in detail. SWOT analysis is one of the popular tools of marketing analysis that guides you through all the positive and negative aspects of a market and your business venture. Since it concentrates on even the minutest issues, SWOT analysis is a largely used technique of business research today.
SWOT Analysis Explained
SWOT is an acronym for the four crucial internal and external factors affecting a business – strengths, weaknesses, opportunities and threats. Wherein, strengths and weaknesses are the internal factors and opportunities and threats are the external factors. A close analysis of all the positive and negative factors significant to your business helps the growth, success and profits. Business research is an intricate process, which involves manifolds of tools and techniques to get to the answers of various business related queries. It is often a major part of strategic planning and decision-making process of various businesses.
Advantages of SWOT Analysis Market research
When a professional Market research firm performs marketing research, it makes sure that it is concentrated on a particular issue. Following are the major advantages of SWOT analysis for your business or product:
- Cost: Primary cost involved in this type of market research project is very affordable. All the data required in SWOT analysis is easily available. Anyone with total understanding of the market and the working mechanism of his own business can perform SWOT analysis on their own.
- Clarity: The clarity in the results that the SWOT analysis brings is the biggest advantage of this business research tool. It summarizes all the strengths, opportunities, weaknesses and strengths in your business or project.
- Cleanness: The cleanness or simplicity of SWOT analysis counts as the third biggest advantage of this technique of market research. These assessment projects are easy to conduct and provide clear results in quick time.
SWOT analysis eases away the process of full-length business research. The only disadvantage of this business assessment is that it fails to provide a comprehensive picture of the market. This fact leaves room for detailed market research, which provides in-depth analysis comprising of past and current market data.
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