What is SWOT?
SWOT, the abbreviation of Strengths, Weaknesses, Opportunities, and Threats, is one of the core analysis of marketing regardless if it decides either penetrating the market or competing in the existing market. Development of a strategic marketing campaign is a crucial step for any further moves of any companies and organisations. A company or an organisation can survive and expand successfully afterwards relies heavily on their very first acknowledgement of their strengths, weaknesses, opportunities and threats. Based on the SWOT analysis, companies and organisations may adjust their marketing and promotion plan wisely and accordingly to minimise their shortcomings and maximise their advantages.
Strengths of a promotional strategy in SWOT analysis is basically the top knowledge and abilities of companies and organisations to perform against their competitors in the marketplace in term of drawing more customers and consumers, recognising abilities (strengths) and drawbacks (weaknesses) in product offering, distribution network and customer service levels. Strengths can also be the capability to develop a system of Marketing metrics to measure the performance of issues such as market and relative market share, market penetration, brand penetration, customer retention rate, and customer satisfaction rate… Also, the right channel to transfer the product information concisely and precisely to (potential) customers is considered a strength of promotional plan.