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25 November 2022

What is SWOT Analysis? How is SWOT Analysis Performed?

Written by Civan Güneş, Kerem Akdağ, Posted in Work Life

What is SWOT Analysis? How is SWOT Analysis Performed?

SWOT analysis will enable you to gain an advanced strategic understanding of your business. It is a technique where you can deal with the positive and negative factors in detail about the work you will do or the project to be started while taking important steps for your organization. SWOT consists of strengths, weaknesses, opportunities and threats. SWOT analysis gives you a better understanding of how all these factors can affect the functioning of your organization.

Briefly, SWOT analysis is an analysis study carried out with the aim of creating a plan and strategy for the future as a result of detailed comparison of strengths, weaknesses, opportunities and threats placed in a four-column table.

Why SWOT Analysis is Important?

SWOT analysis enables you to uncover situations that may have negative consequences for your organization's performance and to better understand risky processes. You need to proceed with the SWOT analysis in a careful and systematic manner. In this way, it will provide new information about where your business is positioned in the industry, and it will also help you develop exactly the right strategy for every possible situation.

For example, you may be aware of some of the strengths of your business, but you may not realize how much risk they actually involve until you evaluate these strengths with weaknesses and threats.

Likewise, you may have reasonable concerns about some of your weaknesses, but through systematic analysis, you can find opportunities that were previously overlooked and that you can compensate for.

SWOT Analysis Chart

Sectoral developments related to the fields of activity of your organization are important for the success and sustainability of your company. External factors such as monetary policies, market changes and access to suppliers are among the categories you can use to build a list of opportunities and weaknesses.

The listing, called a SWOT analysis table or matrix, can be created by dividing a sheet of paper into four equal parts. After data reviews and internal information exchange, you can set the pattern you need for a successful SWOT analysis evaluation by writing the predicted questions about strengths, weaknesses, opportunities and threats to the relevant fields. So what kind of questions should you ask in which headings for a successful SWOT analysis?

Strengths Weaknesses Opportunities Threats
*What are the features that make our products or services stand out? *What are the weak points of our products or services? Are there any aspects that need improvement? *Do our products or services have the features to meet the needs and demands that may arise in the future? *Is there a possibility that our weaknesses will turn into situations that will pose a danger to our company?
*Is our level of technology and innovation sufficient? *What kind of problems do we have in adapting to technological developments? *How can we incorporate new technological developments into our own business processes and services? *Are we prepared until the moves of our competitors to take one step ahead of us?
*Which aspects of our competitors might think we are strong? *What are our weaknesses that our competitors are aware of? *How can we turn our opponents' weaknesses into our own advantage? *Do we take precautions against an economic crisis that may occur in the future? How prepared are we?

How to do a SWOT Analysis?

A SWOT analysis can be put into action before and after the analysis of the four components and broken down into several steps with the elements. In general, the following steps should be followed when performing a SWOT analysis:

1- Setting a Goal

A SWOT analysis can be done comprehensively but doing it directly with a purpose will make the data you collect more valuable. For example, the purpose of a SWOT analysis may be whether to promote a new product or a service. An on-point SWOT analysis will guide your company to achieve its targeted success at the end of the process. In this example, the SWOT analysis is expected to help determine whether the product should be promoted.

2- Gathering Resources

Every SWOT analysis is different. Companies may need different data parameters in order to perform a successful analysis by bringing together different SWOT analysis table examples. The analysis should begin by understanding what information is available, what data limitations you face, and how reliable the external data sources are. In addition to the data, the combination of employees to be included in the analysis needs to be accurately determined. An employee who works in sales and customer relations can be more connected with customers and suppliers, while employees in human resources or production departments can have a better grasp of developments within the organization. Having a broad perspective will increase the likelihood of adding value to your organization.

3- Exchange of Ideas

For each of the four components of the SWOT analysis, the group of people tasked with performing the analysis should begin listing the ideas in each category. Examples of questions to ask or consider for each group are as follows:

Internal Factors

Developments within the organization are a great source of information for identifying the strengths and weaknesses of the SWOT analysis. Examples of internal factors include financial efficiency, human resources, tangible and intangible (brand name) assets, and operational efficiency.

Here are some sample questions to ask to list internal factors:

  • What are we doing well?
  • What is our strongest asset?
  • What are the aspects we need to improve?
  • Which are our lowest performing product groups?

External Factors

In addition to internal factors, external factors are also important for the success of a company. External influences, such as monetary policy, market changes, and access to suppliers, are essential for building a list of opportunities and weaknesses.

Here are some sample questions to ask to list external factors:

  • Which trends are prominent in the sector?
  • What demographic are we not targeting?
  • What is the number of our competitors and what is their market share?
  • Are there new regulations that could potentially harm our services or products?
  • What are the advantages of our competitors that we cannot provide in our products or services?

4- Examining the Findings

By refining the thoughts everyone has, a company can focus on only the best ideas or the most likely risks for the company. At this stage, involving top management to help align priorities allows analysis participants to clarify their ideas.

5- Developing a Strategy

The final item is to turn the SWOT analysis into a strategic plan, with a list of strengths, weaknesses, opportunities and threats.

Performing the SWOT analysis, the team takes the marked list in each category and creates a synthesized plan that provides guidance on the original goal. For example, the company debating whether to launch a new product may have determined that it is the market leader for its current product and has an opportunity to expand into new markets. However, downsides such as rising material costs, shrinking distribution lines, the need for additional staff and unpredictable product demand may outweigh the strengths and opportunities. The analysis team can develop a strategy to reconsider the decision within six months so that costs are reduced and market demand is more visible.

As a result, SWOT analysis is a tool that can be used to identify the strengths and weaknesses, opportunities and threats of a company or project. It is important to understand all these factors and make inferences after the analysis to make informed decisions about the company's future investments and strategies. It is helpful to do a SWOT analysis before making important decisions about your company, as SWOT analysis will make it easier for you to compare the potential risks as well as the returns of an action plan.

Should you have any queries or need further details, please contact your customer representative.

Notification!

Contents provided in this article serve to informative purpose only. The article is confidential and property of CottGroup® and all of its affiliated legal entities. Quoting any of the contents without credit being given to the source is strictly prohibited. Regardless of having all the precautions and importance put in the preparation of this article, CottGroup® and its member companies cannot be held liable of the application or interpretation of the information provided. It is strictly advised to consult a professional for the application of the above-mentioned subject.

Please consult your client representative if you are a customer of CottGroup® or consult a relevant party or an expert prior to taking any action in regards to the above content.

About The Author

Civan Güneş

Digital Marketing Specialist

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Online Visitor Clarification Text On The Processing Personal Data

Data Controller: Boss Yönetişim Hizmetleri A.Ş.

Address: Astoria Towers Büyükdere Cad. No: 127 B Kule Kat: 8 34394 Şişli, İstanbul, Türkiye

Boss Yönetişim Hizmetleri A.Ş. ("Company") prepared this Clarification Text as the data controller to inform you, our valuable online visitors, about your personal data that we process in accordance with the Law on the Protection of Personal Data (hereinafter referred to as "KVKK") and the relevant legislation.

1. Your Personal Data Processed and The Scope of The Processing

Personal data is any data that identifies you or makes you identifiable. For example, your name, surname, eye color, phone number or bank account information are considered personal data. On the other hand, processing your personal data refers to all kinds of processes such as obtaining, amending, registering, storing, retaining, deleting, disclosing, and transferring your data. We have provided the following information about the personal data we process:

ID Data

Your Processed ID Data Purposes of Processing
Your ID Data
Collection Methods of
Your ID Data
Legal Reasons Behind Our Data Processing Activities
  • Name
  • Surname
  • Execution of Customer Relationship Management Processes
  • Conducting Activities for Customer Satisfaction
  • Execution of Goods/Service Sales Processes
  • Online Electronic Forms
  • Contact Forms
  • It is required to process your personal data as a party to the contract, provided that it is directly related to the establishment or performance of a contract.
  • It is mandatory to process data for the legitimate interests of the data controller, provided that it does not harm your fundamental rights and freedoms as a data subject.

Contact Data

Your Processed Contact Data Purposes of Processing Your Contact Data Collection Methods of Your Contact Data Legal Reasons Behind Our Data Processing Activities
  • Your contact data about your work (e-mail, address, phone number)
  • E-Mail Address
  • Address Information
  • Execution of Customer Relationship Management Processes
  • Conducting Activities for Customer Satisfaction
  • Conducting Communication Activities
  • Online Electronic Forms
  • Contact Forms
  • It is required to process your personal data as a party to the contract, provided that it is directly related to the establishment or performance of a contract.
  • It is mandatory to process data for the legitimate interests of the data controller, provided that it does not harm your fundamental rights and freedoms as a data subject.

Personnel Data

Your Processed Contact Data Purposes of Processing Your Contact Data Collection Methods of Your Contact Data Legal Reason of Our Data Processing Activities
  • Company name
  • Sector
  • Execution of Customer Relationship Management Processes
  • Execution of Sales Processes for Goods / Services
  • Conducting Activities for Customer Satisfaction
  • Conducting communication activities
  • Online Electronic Forms
  • Contact Forms
  • It is required to process your personal data as a party to the contract, provided that it is directly related to the establishment or performance of a contract.
  • It is mandatory to process data for the legitimate interests of the data controller, provided that it does not harm your fundamental rights and freedoms as a data subject.

Customer Transaction Information

Your Processed Customer Transaction Information Purposes of Processing Your Customer Transaction Information Collection Methods of Your Customer Transaction Information Legal Reasons Behind Our Data Processing Activities
  • Request/Complaint Information
  • Execution of Customer Relationship Management Processes
  • Online Electronic Forms
  • Online Contact Forms
  • It is required to process your personal data as a party to the contract, provided that it is directly related to the establishment or performance of a contract.
  • It is mandatory to process data for the legitimate interests of the data controller, provided that it does not harm your fundamental rights and freedoms as a data subject.

Transaction Security Information

Your Processed Transaction Security Information Purposes of Processing Your Transaction Security Information Collection Methods of Your Transaction Security Information Legal Reasons Behind Our Data Processing Activities
  • IP Address
  • Request Time and Date
  • Time zone Difference from Greenwich-mean-time (GMT)
  • Access Status/http Status Code
  • Amount of Data Transferred
  • Website to Which the Request Was Sent
  • Browser Information
  • Operating System and User Interface
  • Language and Version of the Scanner Software
  • Approximate Location Information
  • Execution of Customer Relationship Management Processes
  • Conducting Activities for Customer Satisfaction
  • Conducting Marketing Analysis Studies
  • Execution of Information Security Processes
  • Conducting Activities in Compliance with Legislation
  • Online Electronic Forms
  • Online Contact Forms
  • It is required to process your personal data as a party to the contract, provided that it is directly related to the establishment or performance of a contract.
  • It is mandatory to process data for the legitimate interests of the data controller, provided that it does not harm your fundamental rights and freedoms as a data subject.

2. Our Retention Period for Storing Your Personal Data

We store your personal data for a period of time stipulated in the relevant legislation or for the periods of time required by the processing purposes. We will delete, destruct or anonymize your data by ex officio or upon your request, if legal reasons requiring data processing disappear.

3. Your Rights Regarding Your Personal Data

Data subject refers to the natural persons whose personal data are processed. As a data subject, you, our valuable online Visitors, have the following rights regarding your personal data processed under KVKK:

  • To learn whether your personal data are being processed,
  • To request information if your personal data are processed,
  • To learn the purpose of processing your personal data and whether this data are used for the intended purposes,
  • To know the third parties to whom this personal data is transferred domestically or abroad,
  • To request the rectification of the incomplete or inaccurate data, if there are any,
  • To request the deletion or destruction of this personal data under the conditions set forth in KVKK,
  • To request notification to the third parties that the personal data have been transferred to about the rectification of incomplete or inaccurate data and the deletion or destruction of personal data upon your request,
  • To object to the issues that have arisen due to the analysis of your data exclusively through automated systems and are to the detriment of you,
  • To request compensation for the damage arising from the unlawful processing personal data.

4. Methods To Follow to Exercise Your Rights

You can share your application and requests regarding your personal data with Boss Yönetişim Hizmetleri A.Ş. via Data Subject Application Form,

  • By sending it with your wet signature and a copy of your identity card to Astoria Towers Büyükdere Cad. No: 127 B Kule Kat: 8 34394 Şişli, İstanbul, Türkiye,
  • By sending an e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it.,
  • By applying in person with a valid identity document to Astoria Towers Büyükdere Cad. No: 127 B Kule Kat: 8 34394 Şişli, İstanbul, Türkiye

You, as a data subject, should include your name and surname, your signature if the application is in written form, your Turkish ID Number if you are a Turkish citizen, your nationality and passport number (or if you have an ID number) if you are foreigner, place of residence or business address for notifications, your e-mail address and fax number if you have one, and lastly, the subject of the request in your application with respect to legal requirements regarding the applications to data controllers. In addition, you should add documents and information confirming your identity to your application.

In order for us to operate the process in the most effective way for you, you should clearly and understandably indicate in your request which right you want to use and the details of the transaction you request.

We would like to emphasize that the request should concern the data subject itself. If the application is made on behalf of someone else, the person making the request should rely on a specially documented authorization for the requested transaction (power of attorney). Unauthorized applications will not be evaluated.

5. Evaluation of Your Application

By evaluating your applications, we respond to you as soon as possible and within 30 days of receipt as of the date of your application.

 

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