(a) Explain 'SWOT analysis' as a 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 — which identify the products or services it can produce with the available resources effectively; (b) Weaknesses — which find out 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.