SWOT AnalysisWhat is SWOT Analysis?SWOT Analysis is a simple and basic model that provides guidance and serves as the basis for developing marketing plans. This is done by evaluating an organization's strengths (what an organization can do) and weaknesses (what an organization cannot do), as well as opportunities (potential favorable conditions for an organization) and threats (potential conditions unfavorable for an organization). The SWOT analysis is an important step in planning and its value is often underestimated despite the simplicity of creating it. The role of the SWOT analysis is to take the information from the environmental analysis and separate it into internal issues (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, the SWOT analysis determines whether the information indicates something that will help the company achieve its goals (a strength or an opportunity), or whether it indicates an obstacle that needs to be overcome or minimized to achieve desired results (weakness or threat). (Marketing Strategy, 1998). Elements of SWOT Analysis Strengths and Weaknesses Compared to market needs and competitor characteristics, a manager must start thinking in terms of what the company can do well and where it may have shortcomings. Strengths and weaknesses exist internally within the company or in key relationships between the company and its customers. The SWOT analysis must be customer focused to achieve maximum benefit, a strength is only truly significant when it is useful in meeting a customer's needs. At this point, strength becomes a capability (Marketing Strategy, 1998). When writing strengths, it is imperative that they are considered from both the company's perspective and that of the customers it deals with. These strengths should be realistic and not modest. A well-developed list of strengths should be able to answer a couple of questions. What are the advantages of the company? What does the company do well (PMI, 1999)? A customer-focused SWOT can also uncover potential weaknesses in a company. While some weaknesses may be harmless, those related to specific customer needs should be minimized if possible. Additionally, focusing on a company's strengths in advertising and promotion is important to raise awareness in areas where a company excels. This method not only evokes a positive response in the consumer's mind but removes pain points from the decision-making process. process (Marketing Strategy, 1998). Weaknesses should also be considered from an internal and external point of view. It is important that the list of a company's weaknesses is truthful so that they can be overcome as quickly as possible.