SWOT Analysis in Market ResearchMarket research is a study or research in which data is mined out and analyzed it in order to get the various statistics, comparatives and decision making factors in the business.
This research can include financial data, consumer feedback, product research and competitive analysis.While performing business research on market analysis of the certain product, there is one of the standard way to perform business research. That way is SWOT Analysis. It is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you face. It can help you uncover opportunities that you are well-placed to exploit. And by understanding the weaknesses of your business, you can manage and eliminate threats that would otherwise catch you unawares.In this analysis, there are four factors of analysis and they are Strengths, Weaknesses, Opportunities,Threats.
Strengths and weaknesses are often internal organization, while opportunities and threats generally relate to external factors to the organization that we have been doing market research. For this reason, SWOT is sometimes called Internal-External Analysis
SWOT Matrix is sometimes called an IE Matrix.
In the analysis of the strength of doing market research product following parameters are mapped out to collect various statistics regarding the strength,
What advantages does organization have?
What does this product do better than anyone else?
What unique or lowest-cost resources can product draw upon that others can't?
What do people in market see as strengths (i.e. market value)?
What factors mean that product "get the sale"?
What is product organization's Unique Selling Proposition (USP)?
We must consider strengths from both an internal perspective, and from the point of view of your customers and people in market of that product.
What could be improved?
What should be avoided?
What are people in this product market likely to see as weaknesses?
What factors lose this product sales?
What good opportunities can be spotted?
What interesting trends are being aware of?
What obstacles do product face?
What are product’s competitors doing?
Are quality standards or specifications for products or services changing?
Is changing technology threatening product market position?
Do product market have bad debt or cash-flow problems?
Could any of weaknesses seriously threaten that product business?
SWOT Analysis is a simple but useful tool for analyzing organization's strengths and weaknesses, and the opportunities and threats that it face. It helps us to focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you.
It can be used to "kick off" strategy formulation, or in a more sophisticated way as a serious strategy tool. We can also use it to get an understanding of that certain product competitors, which can give us the insights we need to craft a coherent and successful competitive position. When carrying out analysis, we must be realistic and rigorous.