Discuss the purpose, elements, significance and framework of a Situation Analysis. Further, discuss how the situation analysis is connected to the SWOT analysis.
Discuss the purpose, elements, significance and framework of a Situation Analysis
Firstly, discuss the purpose, elements, significance and framework of a Situation Analysis.
Secondly, discuss how the situation analysis is connected to the SWOT analysis.
Next, consider the SWOT of a you, as a job candidate.
Firstly, what is your SWOT? List at least two factors for each strength, weakness, opportunity, and also threat in your personal SWOT. Explain why these factors are strengths, weaknesses, opportunities and threats.
The Purpose and Elements of Situation Analysis
Before developing a marketing strategy, it is important to conduct a situation analysis to determine the health of your business. This analysis serves as a useful tool for determining your business’s strengths and also weaknesses, and any opportunities and threats (SWOT) that can affect its health. The results can be eye-opening to what’s really going on within your business and help determine your business’s strategy within the marketplace.
Situation analysis is define as an analysis of the internal and external factors of a business. It clearly identifies a business’s capabilities, customers, potential customers and business environment, and their impact on the company. A situation analysis is an essential part of any business plan and should be reviewed periodically to ensure that it is current.
When considering performing a situation analysis of your business, it is important to look at several factors:
- Product situation. Determine your current product. You may want to view this definition in parts such as the core product and any secondary or supporting services or products that you sell. Viewing your products and services separately helps determine how each relates to your core clients’ needs.
- Competitive situation. Analyze your main competitors and determine how they compare to your business such as competitive advantages.