Week 6 SWOT Analysis

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Southern New Hampshire University *

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MKT205

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by JusticeRaccoonPerson876

SWOT Analysis: 1) I chose the SWOT Analysis Quiz as my analysis version. 2) The most difficult category for me was Opportunities. I struggled with differentiating opportunities from threats and strengths. 3) After reflecting back on my quiz I can now see that something I may perceive as “negative” or a threat or “positive” like a strength can still be an opportunity. The big consideration I have to remember is that an opportunity is an external factor and not an internal factor like strengths and weaknesses. 4) I think the category that may tend to be most overlooked would be opportunities. For instance the question about consumers wanting to support businesses that are family owned is something that I perceived as a threat but was in fact an opportunity with potential to gain a larger customer following and loyalty. I believe this is the most overlooked because it’s a lot easier to see the factors that are right in front of you: things your doing well (strengths) not so well (weaknesses) and outside factors that are creating hardships (threats) and how to deal with these directly to stay up and running as a company. But it’s sometimes harder to see markets to tap into when were focused on the other factors that are directly in front of us. 5) Potential negative impacts that could arise from overlooking opportunities is missing the chance to appeal to a larger customer base by finding ways for one’s business to connect on a deeper level… ex: family owned and operated, ethnically diverse and owned or operated by a woman or minority, all organic supportive ect. Looking at ways your business could be better advertised to connect with smaller groups may allow for a larger following and more trusted brand. A second potentially negative impact that could result from overlooking opportunities is the opportunity for adaption and changing based off consumer needs, wants, or market changes. Market demands as well as consumer demands are constantly changing and utilizing those changes as an opportunity for the company to adapt as well Is crucial to not only stay with trends but to maintain a loyal customer following. Ignoring the opportunity for positive change or growth can result in loss of customer following and loyalty and negative feedback spread around which could lead to potential financial impacts.

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