The SWOT process
While we briefly discussed the concept of SWOT in Chapter 2, VoC in the Product Development Process, it is important to note that this is one of the most fundamental building blocks in understanding your market and your position within that market. It provides a basic model that yields direction and serves as a basis for the organizations marketing plans.
The word SWOT derives from the initial letters of the words Strengths, Weaknesses, Opportunities, and Threats. Factors internal to the organization are considered either strengths or weaknesses. External factors are classified as either opportunities or threats. The SWOT analysis assesses the organizations strengths (what the organization can do), weaknesses (what an organization cannot do), opportunities (external influences which are favorable to an organization), and threats (external influences which are potentially unfavorable to an organization). The SWOT process should ideally be a multi-disciplined view of the...
