What is SWOT Analysis ❓

What is SWOT Analysis ❓ Introducing the principles of using SWOT in business analysis.

🔹 SWOT Analysis (SWOT Analysis)

SWOT analysis, or environment and potential analysis, is a situational assessment tool for business operations. This helps managers to know the strengths and weaknesses of the internal environment. see opportunities and obstacles from the external environment as well as the impact on all types of business

🔹 Meaning of SWOT

Strengths: strengths or strengths (advantage) is the result of internal factors. This is an advantage arising from the internal environment of the company, such as financial strength. and production advantages and human resources The company must take advantage of its strengths in formulating marketing strategies.

Weaknesses: Weaknesses or Weaknesses The disadvantage is the result of internal factors. It is a problem or defect caused by the internal environment of the company such as lack of funds. policy and direction unstable service or inadequate personnel The company must find a way to improve or eliminate it, which will benefit the company.

Opportunities: arising from external factors It is a result of the company's external environment that is favorable. or promote the operation of the company Opportunity differs from strength in that opportunity is the result of external circumstances. But the strengths are the result of the internal environment. Good entrepreneurs are always looking for opportunities. by analyzing the ever-changing external environment such as the economy, society, politics, technology and market competition. and take advantage of that opportunity

Threats: caused by external factors It is a constraint caused by the external environment that negatively affects the business, such as higher oil prices. higher interest rates economic slowdown Entrepreneurs need to adjust their marketing strategies accordingly. and try to eliminate any obstacles that may arise

🔹 Assessment of the internal environment

Analyzing and considering all resources and capabilities within the company in order to identify the strengths and weaknesses of the business. Primary source of information for internal environment assessment is an information system for management that covers all aspects both in terms of system structure, regulations, operating methods The working atmosphere and management resources (people, money, materials, management) include considering the company's past performance in order to understand the situation and previous strategy results.

🔹 Assessment of the external environment

Under the assessment of the external environment of the company enabling them to find opportunities and obstacles The Company's operations are affected by both the domestic and international economic environment related to the Company's operations, such as economic growth rate, monetary policy, budgeting, social environment such as education level. Settlement and migration of people, community characteristics, customs, traditions, values, beliefs and culture. political environment, such as various legal provisions, cabinet resolutions and technological environment Refers to new methods and developments in tools and equipment that will increase the efficiency of production and services.

🔹 Example of SWOT Analysis “Coffee Business”

Strengths

- It is a coffee shop with more than 20 branches in Bangkok, covering all office areas. and department stores in Bangkok

- Location of the shop is on the main road or on the BTS/MRT. There are a lot of people walking past.

- Customers like the unique coffee flavor. and impressive customer service

- We use good coffee beans. Produced in limited quantities each year only.

Weaknesses

- Storefront employees are at work, soon they will leave.

- Customers buy because of convenience. But hardly anyone is attached to the brand.

- Most of customers buy Grab and Go coffee and rarely buy other products together with coffee such as sweets and bakery, making Margin per Head is not high.

- The cost of coffee is quite high. Because the amount of coffee beans used in the market is uncertain. In any year when the output is low, the price will be much higher.

Opportunities

- We have the opportunity to bring other products. that answer the question during Rush Hour to be sold more Because every shop has a very good location and there are many people walking by.

- We have Know How to make quality coffee. There is an opportunity to open a workshop to teach people to make their own coffee. and can take you to see the source of good coffee beans that we use

- We got the quota to buy this good coffee bean, the only one in Thailand. Therefore, competitors will not be able to buy this coffee bean for the same price as we buy.

Threat

- No one knows that there will be health trends in the future. that reduce food consumption or drinks that contain caffeine?

- If competitors can find coffee beans of the same species as us at a more expensive price but can build a brand in a higher market and have more purchasing power We may be able to take market share from customers buying from brands that have more loyalty.

- If there is a political event or epidemic causing people to be unable to travel to work Our earnings will disappear immediately as 98% of the shortfall comes from offline.

🔹Precautions in doing SWOT Analysis

The thing to be careful in doing SWOT Analsis is “Bias” or bias. That is, we tend to see our strengths. But we can't see our weaknesses. or perhaps seeing But it's not the core of the true weakness. It turns out that once we've done SWOT, we only have strengths. We only have advantages Turns out there are no disadvantages. There is no threat, which if someone does a SWOT and the result is like this want to try doing homework market analysis Analyze competitors and find a case study. Read a lot first.

including in many When we haven't done our homework yet. market analysis competitor analysis Before starting to do SWOT, it will prevent us from analyzing Opportunities and Threats come out in depth. This will close the opportunity for us to see the opportunity to grow in the market. and blocking the opportunity for us to see threats to the company

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