SWOT analysis for brand and product
SWOT Analysis
The primary tool used to make sense of the information gathered and identify a key problem related to a brand or product is a SWOT analysis, which, as we have said, stands for strengths, weaknesses, opportunities, and threats.
The strengths and weaknesses are internally focused, and the opportunities and threats lie in the external marketing environment. In strategic planning the idea is to leverage the strengths and opportunities and address the weaknesses and threats, which is how the key problems and opportunities are identified.
Strengths
The strengths of a business are its positive traits, conditions, and good situations. For instance, being in a growth industry is a strength, because of that ,planners ask how they can leverage this strength in the brand’s advertising.
weaknesses
The weaknesses of a business are traits, conditions, and situations that are perceived as negatives. Losing market share is a weakness, because of that planners ask how they can address it with advertising.
Opportunity
An opportunity is an area in which the company could develop an advantage over its competition. Often, one company’s weakness is another company’s opportunity to Identify these opportunities and leverage them in the brand’s advertising.
Threat
A threat is a trend or development in the environment that will erode business unless the company takes action. Competition and economic downturns are common threats. Advertising planners ask themselves how they can address a threat if it is a critical factor affecting the success of the brand.
Advertising planners must analyze the market situation for communication problems that affect the successful marketing of a product, as well as opportunities the advertising can create or exploit.
Analyzing the SWOTs and identifying any problems that can be solved with an advertising message are at the heart of strategic thinking.
An example of locating a timing opportunity is illustrated by the Special K “2-Week Challenge” that capitalized on consumers’ goals to lose weight after the holidays.
SWOT Analysis
Advertising can solve only message related problems such as image, attitude, perception, and knowledge or information because of that, It cannot solve problems related to price, availability, or quality, although it can address the perception of these marketing mix factors.
For example, a message can speak to the perception that the price is too high, or it can portray a product with limited distribution as exclusive.
SWOT Analysis
In other words, advertising can affect the way consumers perceive price, availability, and quality. Therefore, The advertiser’s basic assumption, however, is that the campaign works if it creates an impression, influences people to respond, and separates the brand from the competition.
