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What is the purpose of conducting a SWOT analysis in marketing?
Practice Questions
Q1
What is the purpose of conducting a SWOT analysis in marketing?
To determine pricing strategies
To analyze competitors
To identify strengths, weaknesses, opportunities, and threats
To develop advertising campaigns
Questions & Step-by-Step Solutions
What is the purpose of conducting a SWOT analysis in marketing?
Steps
Concepts
Step 1: Understand what SWOT stands for: Strengths, Weaknesses, Opportunities, and Threats.
Step 2: Identify the strengths of your business, like what you do well or what makes you unique.
Step 3: Identify the weaknesses of your business, such as areas where you can improve or things you lack.
Step 4: Look for opportunities in the market, like trends you can take advantage of or gaps you can fill.
Step 5: Recognize the threats to your business, such as competition or changes in the market that could harm you.
Step 6: Use the information from the SWOT analysis to make better marketing decisions and strategies.
No concepts available.
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