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MARKET
RESEARCH
and
SWOT ANALYSIS

Module 1 Identify
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In this section

+ MARKET RESEARCH
+ WHAT IS A SWOT ANALYSIS
+ WHY ITS IMPORTANT
+ HOW TO UNDERTAKE A SWOT ANALYSIS
+ SAMPLE SWOT ANALYSIS
+ WHAT TO DO NEXT

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Market Research
+ Having a Competitor Analysis (from the previous Section) is a great
start to better understand your business and marketing
+ The next important step is to undertake other relevant Market
Research
+ Obtain statistics, data and anecdotal information about the
demand for your products or services as well as potential
customers and highlight opportunities for niche markets and
unique selling points
+ Government collects great statistical information that is publically
available
+ In Australia the ABS (Australian Bureau of Statistics) produces great
data and reports
+ Your local council may have statistical information online as well.
+ Brisbane City Council for example has a great Community Profiles
facility where you can search for stats in your region down to which
suburbs have the most retirement villages, under 35s, the most
blue collar workers, the most familiesits an amazing facility
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Market Research
+ Media consumption reports and social trends information can be found on
sites such as www.mccrindle.com.au
+ Google is a great starting point and even infographics in Pinterest can
provide great general information (always check the source for credibility)
+ Other Federal and State agencies also provide information and statistics
about specific industries.
+ Industry associations and Chambers of Commerce often produce survey
results or benchmark data that can be very useful
+ Links to relevant agencies and associations can usually be found on your
government business resource sites
+ You may also have your own data such as customer survey results, sales
figures or information feedback you have been given
+ Of course you may consider hiring a commercial market research agency
or even buy their products and services to compare them with your own
YOURE LOOKING FOR ANY INFORMATION THAT CAN IMPACT THE
DEMAND FOR AND SALE OF YOUR PRODUCTS OR SERVICES

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Government business resources

Australia South Australia

www.business.gov.au www.business.sa.gov.au

Queensland Western Australia
www.business.qld.gov.au www.wa.gov.au/information-about/
business
New South Wales
www.trade.nsw.gov.au Northern Territory
www.dob.nt.gov.au
Victoria
www.business.vic.gov.au ACT
www.business.act.gov.au
Tasmania
www.business.tas.gov.au New Zealand
www.business.govt.nz

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What is a SWOT analysis

+ Your competitor analysis and other market research will form the
basis of a SWOT (Strengths, Weaknesses, Opportunities and Threats)
analysis of your own business
+ A SWOT analysis is a simple tool that can provide a snapshot of key
issues and opportunities for your business, which can all have an
impact on marketing and ultimately the success of your business
+ It is one of the most commonly used business analysis and decision-
making tools
+ The SWOT analysis classifies your businesss internal factors as
strengths or weaknesses and the external factors as opportunities or
threats.

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Why its important

+ The SWOT analysis helps you better understand your business,
your market, customers and gives you opportunity to build on your
strengths, minimise or fix weaknesses, leverage opportunities and
address any threats
+ To get the most out of a SWOT analysis, you need to conduct it
with a particular business objective in mind.
+ In this scenario you are using it to help decide who to target in your
marketing and whether your current products and services are
aligned to your targets
+ It will also enable to identify whether the external environment and
your internal processes, people and systems support your
marketing goals
+ For instance, a SWOT analysis could highlight the opportunity for a
a new product or service or the need to change a point of sale or
customer service system.

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Strengths and Weaknesses Internal

In the SWOT analysis your strengths and weaknesses are identified based on internal
factors (that you have some control over) such as:
+ Marketing activities and brand awareness
+ Location and premises
+ Company reputation
+ Capabilities
+ Capacity (time and resources)
+ Processes, systems, equipment
+ People (staff)
+ Quality
+ Finances/Budget
+ Brand awareness
+ Existing business/sales/contracts
+ Intellectual property/patents/Trademarks
+ Experience

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Opportunities and Threats External

In the SWOT analysis your opportunities and threats are identified based on external
factors (that you have no or little control over) such as:
+ Customers
+ Competitors
+ Market trends
+ Demographics of your location
+ Suppliers
+ Investors/Partners
+ Social or cultural trends
+ Technological changes
+ Economic conditions/currency values
+ Legislative requirements
+ Political environment
+ Environmental factors/exposure natural disasters
+ Stakeholder expectations and issues
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SWOT analysis tool

+ Go to your HOWTOMARKETING Master Marketing Strategy Excel
Workbook (found at the bottom of each module page)
+ Go to the sheet on the bottom left that says Identify SWOT
Analysis
+ Fill out each of the cells based on the information you find follow
the prompts on the right in red
+ Write one point in each cell (aim for 3-5 in each section/quadrant)
+ You will find a sample Sample Analysis already completed in the
SAMPLE Master Marketing Strategy Excel Workbook and on the
following slides

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SWOT analysis tool

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SAMPLE SWOT analysis tool

Costume Jewellery business - handmade jewellery sold online via Etsy

INTERNAL ENVIRONMENT

STRENGTHS
Low overheads as can work from home and main costs are raw
WEAKNESSES

Low brand awareness due to being a new business

What
can we
materials and own labour
Have a social media presence which generates a lot of interest in my
No marketing strategy
products

learn
Workload can be hard to manage as I am sole employee and
Quite unusual designs
meeting a lot of orders at once can be hard

I have a lot of different designs I have a lot of different designs

Have a standing arrangement in place to supply a local boutique
which generates quite a few sales

Packaging and arranging postage is quite consuming

from this
analysis?

EXTERNAL ENVIRONMENT

OPPORTUNITIES THREATS
Have noticed a trend from customers asking for child sized versions
There is a lot of competition on Etsy
of bracelets and necklaces
Low Australian Dollar means raw materials I import are getting
I could keep past customers informed of new ranges or products
more expensive
I could find other boutiques in my local area that would like to stock I don't get a lot of repeat customers and reaching new
my products customers is an ongoing challenge

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What next?
+ Use the SWOT analysis to inform your business strategy and make
changes to your operations, products and services if needed
+ This will also inform your overall marketing strategy
+ I recommend that you DONT skip these steps even if you have been
in business a while
+ Often marketing your business falls down when you didnt take the
time to fully get to know what you are dealing with internally and
externally and lay a strong foundation and knowledge base
+ The physical exercise of getting these ideas down on paper (or on
screen) can make a huge difference and put issues and solutions in
perspective
+ Involve other people you trust in the process as well

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RECAP In this section

+ MARKET RESEARCH
+ WHAT IS A SWOT ANALYSIS
+ WHY ITS IMPORTANT
+ HOW TO UNDERTAKE A SWOT ANALYSIS
+ SAMPLE SWOT ANALYSIS
+ WHAT TO DO NEXT

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