Explain 'SWOT analysis' as step in preparing a marketing plan.

Question

Accepted Answer

SWOT analysis, as a step in preparing a marketing plan, requires the entrepreneur to consider the enterprise's: (a) Strengths — the products or services the organisation can produce effectively with its available resources; (b) Weaknesses — the areas where the organisation may face challenges or have difficulty; (c) Opportunities — that exist in the external business environment; and (d) Threats — that are posed by different external factors or macro elements of the business environment.