SWOT Analysis Simplified | Venkat Murugan | Skillshare

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SWOT Analysis Simplified

teacher avatar Venkat Murugan, Data Scientist

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

7 Lessons (23m)
    • 1. Introduction

      1:21
    • 2. SWOT Matrix

      2:58
    • 3. Strength

      3:19
    • 4. Weakness

      2:19
    • 5. Opportunities

      3:46
    • 6. Threat

      3:35
    • 7. Case Study

      5:36
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About This Class

SWOT Analysis helps an organization to understand its strengths, weaknesses, opportunities and threats. Let us learn more about ‘SWOT Analysis’ and its important concepts in detail. By the end of this class you will be able to: Explain What is SWOT Analysis and its Elements, List down the Objectives of SWOT Analysis, Describe Who needs SWOT Analysis and Explain the Internal and External Factors, Describe the SWOT Quadrants and various quadrant combinations.
This class can be taken by both absolute beginners and skilled professionals. All specific terminology used in the class is thoroughly explained and repeated several times. This class follows a logical pattern of going from a broad perspective of the general idea behind SWOT analysis to specific rules and tips.
We will learn why SWOT analysis is so important for any business, how to conduct it and when. We will go through each category in detail: Strengths, Weaknesses, Opportunities and Threats.

Meet Your Teacher

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Venkat Murugan

Data Scientist

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Hello, I'm Venkat.

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Transcripts

1. Introduction: Hello, and welcome to this class of swot analysis. So what exactly is swat analysis? Swot analysis is the most commonly used by business analytical tool, which is used in a business context to help you carve a sustainable niche in your market. It is simple, quick, reliable, and very effective. Swot analysis is a useful technique in understanding the strength, weakness, opportunity, and threat. So before we go any further, it is important to remember that strength and weaknesses are internal to your company. That means the factor which you can control as a company. On the other hand, opportunity and threats are external factors that may see depends on the business environment in which you are working as a company. So in the following videos, you will have a detailed look about all the elements of a swot metrics, namely strength, weakness, opportunity, and threat. And we'll also have a look at a very interesting case study in which you can apply your learning of swat analysis. And you can see by yourself that how effective and reliable it as a business analytical tool. So let's get started and I will see you in the class. 2. SWOT Matrix: Now let us have a look about how a two-by-two matrix works in swot analysis. So it is not complicated at all. However, it is essential that you have a good understanding of how it works. To begin with, we draw a two-by-two matrix. And then we position the categories in such a way that these tenth are in the top left corner. Weaknesses are in the top right. The bottom left corner, we have the opportunities and the threats are in the bottom right corner. So this positioning allows us to have the internal category in the top row and the external categories on the bottom row. Also the positive factors will position in the left column. And the negative factors will be situated in the right column. Fairly simple punishing really. All we need to do is to just fill our metrics and keep it brief, understandable, and logical. It is completely fine that some categories have more element than others. Commonly, the thread category has the highest number of entries, but you should have couple of elements in each category. So now you have identified the components like strength, weaknesses, opportunities, and threats in very easy to present and read format. So this should allow you to make the right strategy to make sure that your business succeed. For example, if you have observed that your opportunities and stint has easily outnumbered your weaknesses and threats, it might be a good time to expand your business and conquered the market. On the other hand, if you observe that you have too many weaknesses and threats, you might want to address them first for making sure that your business doesn't cease to exist immediately. But of course, with all the knowledge, I don't expect you to stick to this traditional format as you might want to experiment or develop the matrix that suits your personal needs. So just remember that you have all the knowledge of swat analysis now. So you don't have to be afraid to try some variations since your personnel leads probably differ from the standardized version. 3. Strength: We will be learning about the stream category of SWOT analysis. Strength are internal and positive factor which are essential for your business to gain competitive advantage. And today we will learn how you can identify them correctly. So let us get straightened. Doing SWOT analysis will help you identify the areas of a business that are performing well. This factors are essential for your business to gain the advantage over your competitors. It is important to identify on your strength so you can maintain them and keep your competitive advantage over the market. It is also important to know your student because if you want to expand or grow your business, you will need to make sure you're using your all your sprint to the maximum potential. So here are some questions that you can ask yourself that will help you to identify your company's or your products strengths. So the first question would be, what do you do? Well, this is the simplest question you can ask yourself that will help you to understand the direction which you should be thinking and analyze your business. The second question would be what internal resources do have? For example, your employees attributes such as knowledge base, the efficiency, and some other skills. It might be also your company's assets, such as the overall capital, existing customer base, existing distribution channels, and marketing channels, etc. You can also ask yourself, like, what are the advantages do you have over your competition? For example, it could be the company's location and the technologies which is being used in producing the product. So these are just few examples to help you understand the kind of questions you will, you should be asking yourself in order to find out all your strength. But it is important to remember that your company's trends are internal factors. Meaning they are completely under your control. And you can decide and to use them to achieve the competitive advantage. So you have the control over the strength or the factors which you can choose to decide how you're going to use them. It is also important to understand. If, if you have a factor which can be considered as trend has to be specific and unique look company. And you should also remember when analyzing a business. Be honest. It is important that all your information to use for your swot analysis as relevant as possible. 4. Weakness: Now let us have a look about the witness in SWOT analysis. So weakness are negative and internal factors of your business that put you to a disadvantage compared to your competition. Conducting a SWOT analysis can help you in identifying them. And therefore, you can work on minimizing or completely removing their negative effects. In your business. It is important to solve all your weaknesses quickly in order to gain the competitive advantage. So we can identify our weakness. There are several questions that will help you to get on the right track. For example, you can ask yourself, like, what factors under your control prevent you from obtaining the competitive edge? So, for example, it can be a bad reputation in the market, or the company might be understaffed. Or your production process hasn't been updated in years and has lost its ability to be competitive in the modern market. You can also ask what areas of your business need improvement to accomplish your objective? Maybe you need to improve your employees in connection with their better training program. You can even think of hosting team building events, etc. The last question you would be asking is that what does your business lack? This can be a very broad topic, but try to keep it as real as possible. And also try to focus on the most essential needs first, like upgrading your working equipment or achieving a strong social media program. So I hope these questions will help you to learn your weaknesses and bid them to a simple topic. A good thing to remember is that when you think about witnesses, you should focus on coming out with a strategy that focus on solving each issues individually and completely removing it from the picture. 5. Opportunities: Hello, and welcome back. So now let's have a look at the category opportunities in SWOT analysis. Opportunities are positive and external elements that are created by factors that you have no control of, like new trends or market changes. So if you can identify them, you can act on them and greatly improve your business. Bringing a step closer to getting advantage over all your competitors. Opportunities are external factors, meaning that they will still exist in the market even if your business goes down. Some of the reason behind opportunities might be a change in consumer demand. New government policies, new research, proving your product or services, you have a positive effect on consumers. So opportunities are positive factors. So if you act on them, you will succeed greatly. And if you don't act on them, even if you're not losing anything in particular, but your competitors might use this opportunity to their advantage, Ultimately hiding your business. So how we can identify opportunities in the market? Well, here are a few questions that will help you do that. Let's say. The first question would be what opportunities exist in your market or environment that you can benefit from? I know this question is very generic, but it helps you to identify your environment. It helps you to record some general obvious opportunities you might have, like marketing or social media or using a particular train to your advantage. Okay, now the second question would be, is the perception of a business positive? Can you benefit from your competitors company's image? And it, anyway, can you use it to your advantage? Like introducing a new product to the market or raising awareness of your product to different social campaigns. And in the question you can ask yourself is, has there been a recent market growth or any other market change that might have created an opportunity for you. It is important to constantly monitor all the market shifts because competitors bankruptcy case be used to great advantage as you have potential for gaining new consumers if you act correctly. And the last question is that, is the opportunity constant? Or is it just a short window? So this question will help you to prioritize opportunities based on the time you have to act on that. So some opportunities required quick decision and fast action to be realized. Others do not, they do not get it really depend on your timing. And the important thing to remember is that sometime opportunities can fall under your internal factors. For example, if a company has substituted by government where your competitors are not, let's say because of your eco-friendly nis or so you should record this as a strength rather than as an opportunity. So we have learned about opportunities, and opportunities are external and positive factors. If they are acted upon later business prosper and gain competitive advantage. When identifying your opportunities, it is important to prioritize them based on the amount of time you have to act on them. 6. Threat: Hello. Let's look at the last and the fourth element of swot metrics. That is threat. So threats are external and negative factors. It is the key factor in conducting any swot analysis. So it is a good practice to identify as many threads as possible. So you can prepare your business and react on them quickly and effectively. So how do we identify threats? So firstly, threats are external factors, meaning like as opportunities, they will still exist in the world if your business has to disappear. Some examples of threads are your competition or new advertising campaign, your new government policies, or negative Swift's in the market. Secondly, it can be of several different kind. Like they are very unique to the kind of business you have. For example, bad weather can be considered as a threat for the agriculture industry. If you are in the movie industry, receiving negative critic review is one of the biggest threat for you. The most common thread that almost all business share is the competition. Like each one of your competitor, can be regarded as your potential threat since you don't know how they're going to be expanding their business. The important thing about threat, remember is that classifying them might be very beneficial for the business. And threads is the most broadest category. Under SWOT analysis. There are countless threats that even though you can identify but preparing for them seems difficult or stressful. For example, our var breaking up or a scientific breakthrough will make your product or service obsolete. However, there are a lot of threat that you should definitely account for and be prepared. The most common classification happens with around two factors. The first one is the seriousness and then likelihood. So you evaluate every threat you can identify based on how likely it is to be happen and how bad it will be if it is to happen. And then you can pick the most alarming threat and work to prevent them from happening. So here are some quick questions that will help you to identify your threats. The first one would be, who are your existing or potential competitors? And in the question you might ask, what factors beyond your control can jeopardize your business. So make sure you classify these threads so that you can, you don't add up thousands of potential threats. Another question is, has there been any dissent shifts in the market illiterate to your products or services? For example, price changes, import or export restrictions, introduction of better or cheap product or service that is alternative to yours, and so on. Last question would be, Has there been any dissent, shifts in consumer behavior related to your products or services? Like public started to see your business as harmful or people started boycotting your product or public relations disaster. 7. Case Study: Now let's start the final section of the class by looking at the case study. And this section is to give you an example of how you can place swot analysis to a product. So today we are looking at a smartphone which is called as Omega. And it is similar to a real-world smartphone. So here are the specification or the smartphone, which is, it is a cheap, mass-produced smartphone that runs on Android 8.1, has all the essential functions and no luxurious atoms. So as a smartphone, it has the ability to connect to the four G, as well as Wi-Fi and Bluetooth. And it has a low resolution, 4.5 inch touchscreen. Also, it has an eight gigabyte internal storage with an option to insert additional expandable micro SD memory, which is up to 32 gigabytes. And there is a two megapixel front camera and a eight megapixel back camera. There is also a two gigabyte RAM memory card inside. So Smartphone omega also has a dual SIM feature and comes with popular apps like social media apps, all, all the other important apps already pre-installed. The market price is set to be 85 years dollars with shipping included. So this is about deep product. We have in our handwriting of this called a smartphone Omega. So our main aim here is to look at the distribution of the smartphone. As you can. As you can see, the smartphone omega has many interesting features. Most notably its price, which is priced at eighty-five dollars. Even though there are far more advanced smart phones on the market already. Such a huge cost difference might allow smartphone omega to conquer it. Own niche inside the smartphone market in the United States. So now let's go ahead and perform the swat analysis. And before going ahead, I will suggest you to pause this video for a moment and try to think of the swot matrix by yourself. So now let's first look at these tenth. So first tenth of this product is definitely cheap. Pricing is very affordable. Second is its availability. You can easily order it from internet and get it delivered right to your home easily for free. So it's a smart phone. Our smartphone had, has all the essential features and functions, but that is not enough to get competitive advantage. So therefore, we cannot let it be understand categories. So I think these are the only few stays there it has on the current market. Now let us look at the weaknesses. It has relatively small screen size of only 4.5 weeks in comparison to the latest smartphone in the market. And moreover, the internal components of the smartphone omega loose to every other new smartphones big-time. I would also like to include the lack of brand behind the product sales, the success of the sale of a smartphone depends a lot on its sellers and brands. So now let's move on to opportunities. Smartphone Omega can fill a very interesting niche in the market. It can become a very cheap smartphone that still lets people to use internet, all the essential application to play around with. It can also used as your reserve phone in case you lose or break your current smartphone. And it is a good substitute for the time being. So you can always use the smartphone omega as a cheaper alternative does still, lets you access all the important and useful apps. So through right, marketing smartphone Omega can become a very, very important and crucial backup phone. Now let's move on to threads. To begin with, there is no established brand of a product. That means at any point the big company decided to create an alternative to smartphone Omega, they will more likely to quickly destroy the smartphone omega and the market because they are the bigger players. And on the other hand, the other big thing is that since our smartphone, omega has all the unique features and is entering a very big established market. So any kind of negative review and feedback, if it receives, then it will, it can destroy the product. It is, of course, got a very super detail swot analysis, but I think we have all the essential aspect in the matrix here and now. Now we have a very good metrics in front of us. So as you can see, all our strength and opportunity are around the uniqueness of the product and its ability to conquer a specific niche in the already existing market. On the other hand, our weaknesses and threats indicating that if we do not succeed in creating this niche, our product will fill in the current market. Looking at this, I would suggest you can spend as much resources as possible at correct advertising and promotion. Making. It showed that consumers associate with this smart phone, a smartphone that is essential to have as a cheaper and reliable alternative.