SWOT Analysis Template: Important Tool for Market Analysis
Templates are so helpful. Being able to have various templates can make work a lot easier without having to build the tool from scratch. All of those templates including the swot analysis template are so much of help especially for product managers or marketing teams. But what is this SWOT analysis and what are the components of the template? All of them will be discussed in the following section.
What is this SWOT analysis?
First of all, SWOT is an acronym. S is for Strength, W is for Weakness, O is for Opportunities and T is for threats. The swot analysis template is used in strategic planning by the product and marketing team to identify whether the products are doing well and where they need to be improved as well as how they fit in the competitive landscape.
SWOT analysis components
As mentioned before that SWOT is an acronym and it also makes up the components of the templates. Here are the explanations for each of the components of the swot analysis template.
This is one internal assessment from a product in terms of how it will give more advantage over another product. The strength of the product can be the features of the products or the business’ characteristics. What can be categorized as strength from products is their wide range of integrations.
Weaknesses are still part of the internal assessment of the products. This point is the opposite of the strengths. The weaknesses are the assessments on how the products are located at a disadvantage when they are compared to the other products. A weakness of a product can be a feature that does not present in the product.
Different from the two first components, opportunities are usually an external assessment of the products. What belongs to this component are partnerships, new markets, as well as opportunities for the products to expand. Opportunities are expressed as customers’ needs that are unmet.
Threats are external factors that have an impact on the products. External factors that will externally threaten the products can be emerging technology or economic factors. The threats are things that can potentially affect the product and are obstacles for the business.
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Types of SWOT analysis Templates
To create a swot analysis template, mostly tools like Excel and PowerPoint are used. The template that is made from Excel is usually for a more detailed analysis that includes a large amount of information and data. PowerPoint is used when you want the template to look more appealing and will be used in presentations.