Situational business market research plays a vital role in success and growth of a small business venture. Owing to its wonderful benefits and positive results, business research is a highly useful tool today. SWOT analysis is the most basic yet essential tool of situational market analysis. SWOT is an acronym that means strengths, weaknesses, opportunities and threats. SWOT analysis deals with calculating all the information about these four aspects of a business. Regardless of the size and nature of your business, these four are the inseparable parts of your business.
Small Business Market Research and SWOT Analysis
SWOT is a smart strategic planning tool to understand all the internal and external factors affecting your business. This method of marketing research helps you discover exclusive information, which you can use while planning and strategizing for your business venture. A market research firm uses SWOT analysis matrix in a fixed manner. It is usually a square, which is divided into four quadrants – strengths, weaknesses, opportunities and threats. Wherein, threats and opportunities are the external factors and strengths and weaknesses are the internal factors.
List of Strengths
- Unique skills in the services that you offer
- Best features or benefits of your products
- Amount of specialized knowledge
- Most profitable products
- Experience level of the employees
List of Weaknesses
- Areas that need improvement
- Non-profitable areas of your business
- Things that require most of your time, money and energy
- Requirement for additional experience or specialization
List of Opportunities
- Current business goals
- Ideas for improved customer satisfaction
- Things you need to enhance your business skills and techniques
- Other relevant products or services that you aim to provide or launch
List of Threats
- List of biggest hurdles
- Strengths and opportunities for your biggest competitors
- Economical shifts and low times
- Overall market trends and the current position of your business
All these factors are carefully analyzed in a SWOT analysis for small business venture. Market research reports are then prepared according to the findings of this analysis. The findings of your SWOT analysis business research reports are then used to create efficient, specific and measurable marketing plan for small businesses. Your new business plan has to concentrate on capitalizing on the existing strengths and opportunities and reducing the weaknesses and threats.
You can always hire professionals like MarketsandMarkets to perform business research for your business venture. Your in-house research team can also perform SWOT Analysis. However, they need to be knowledgeable and experienced in this field to get accurate and unbiased industry research reports.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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