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What is a SWOT analysis: uses and examples

To start a business project it is necessary to carry out a market analysis. By ‘looking’ we will discover opportunities, that is, we will see how to satisfy existing needs in a different way for our target audience. This study is carried out from both the macro environment and the micro environment. We present what a SWOT analysis is and how to do it.  

You may also be interested in: What is a Digital Marketing plan and how is it done?

Index of contents: 

  • What is a SWOT analysis
  • SWOT analysis uses
  • SWOT analysis example

In order to develop a business project, the first thing to do is to carry out an analysis and then be able to make future decisions. In other words, an analysis of the macro and micro environment reflected in the SWOT will help us to conclude on objectives, strategies and actions . In this way, a Marketing Plan, a Production Plan, a Human Resources Plan, a Financial Plan, a Control Plan or a Contingency Plan can be correctly developed. 

Index of contents

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  • What is a SWOT analysis
  • SWOT analysis uses
  • SWOT analysis example

What is a SWOT analysis

The SWOT corresponds to the Weaknesses, Threats, Strengths and Opportunities of a business, product, brand or even oneself. It is a tool that collects a summary of the analysis we have carried out. 

A space that welcomes the main conclusions that have been deduced from the analyzes developed at a previous time. 

Market analysis performs both a study of internal factors and external factors. Knowing the macro environment is a point common to the market in the same sector. We talk about Threats and Opportunities . These spaces host demographic, economic, environmental, technological, cultural, political and legal issues. 

Regarding the analysis of the microenvironment, it offers us a vision of the internal context of the company. Reflected in the Weaknesses and Strengths , it covers issues related to the company itself, such as its philosophy, legal aspects, location, product lines or Human Resources. It also includes what is related to target audiences, competition, suppliers, distribution channels, Marketing intermediaries and Lobbies. 

SWOT analysis uses

Market research helps us identify where they fit and what they are looking for. With this, it is necessary to answer a series of questions. Markets must be quantified in the current context: What do they buy? As well as in potential: What will they buy? Define the needs that the product covers, that is, why do they buy? It is essential to know the solution to those needs, since we sell ideas / solutions that are specified in products / services

It is also important to know consumer habits, know how to respond to how they buy our product / service and when they do it

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In the first moment, before opening a business it is a mandatory task, since it shows us a study about the context, as well as the market and our own brand to see if it will be viable. In the same way, even if we have been in a company for years, carrying out an analysis on whether it is still working and what advantages it offers over the competition are key points. When we have on the table a study of both internal and external factors that affect the brand, we facilitate future decision-making. 

After the analysis it is necessary to draw up a strategy to enhance the strengths , overcome the weaknesses, control the threats and benefit from the opportunities. 

A SWOT analysis is specific to each product or service that a company launches. We have to study both its internal and external factors in order to develop its objectives. As we have reflected previously, a SWOT analysis is mandatory in every business project. 

In addition, we can do it on ourselves. A personal SWOT analysis will help us improve self-confidence. Knowing our strengths, as well as knowing where we want to go, will help us strengthen those keys to achieve our objectives. 

SWOT analysis example

To better establish the concept of SWOT analysis, we are going to see it in a practical example. Once the study is done, we show the conclusions in a SWOT matrix . It is a table in which, in a simple way, we see reflected on the left the internal factors that affect us (Weaknesses and Strengths). On the right side we see the external factors that could have an influence on our project (Threats and Opportunities). 

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In this case we are going to carry out a study on the situation of a photographer who decides to reinvent himself in his working life. With the Digital Transformation, this person has decided to turn his professional career around. It’s time to adapt, but he’s a staunch defender of professional photography. The image as a way to tell stories. You want to start a new business project, so to establish your professional goals you would first have to carry out a market study. 

To summarize the SWOT analysis, we will capture the aspects that influence both the microenvironment and the macroenvironment in a matrix. 

Once we have the SWOT analysis in the matrix we can start making decisions. It will be time to set goals. A good strategy will have to be devised to enhance strengths, overcome weaknesses, control threats, and benefit from opportunities. And in this way define the actions to achieve the established objectives .

If you are interested in the world of Entrepreneurship and want to develop a step-by-step strategy plan , take a look at our MBA in Digital Entrepreneurship. You will learn to have a global vision of the media through a practical methodology and from the hand of the best professionals. 

Did you already know the SWOT analysis? Have you used it on a personal level ? Tell us about everything you want to delve into. If you found the article interesting, share it! 

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Crypto

How to Create Account in EXMO step by step

In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.

How to open an account in Exmo.com step by step

Access the official website of EXMO to be able to register for free.

Select “Registration”

At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.

Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”

Phone and email verification

They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.

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Account Verification

Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.

  • For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
  • In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
  • For the card, you need to enter your card details and even take a photo and attach it.

Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.

After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.

Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.

Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.

Configuration

Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.

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Crypto

How to create an account on Poloniex step by step

In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.

Go to the official website of Poloniex

Access the Poloniex registration page to later follow the step by step that we will give you to register for free.

Select “Sing Up”

Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.

Verify your email

Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.

Account access

With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.

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If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.

Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.

This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.

Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.

Two-factor authentication verification

To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.

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Crypto

How to Invest in Cryptocurrencies on Skrill

If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.

But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.

But first log in to your Skrill account, then you could already start the step by step that will be shown below.

Access Skrill’s Cryptocurrency Investment Options

Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:

  1. Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.

Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.

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  1. Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.

  1. Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.

  1. When you have entered the crypto you chose, you will see a Buy – Sell panel.

Ways to trade cryptocurrencies in Skrill.com

In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:

Steps to buy cryptocurrencies within Skrill

First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:

  • Select the currency in which you want to buy cryptos.

  • Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).

  • Select the cryptocurrency in which you are going to invest.

  • See what you are going to receive in cryptos in equivalence for what you have invested.

  • See the commission you will be charged for that transaction.

When you have everything ready, then you can click Next.

After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.

Steps to Sell Cryptocurrencies within Skrill

There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:

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  • You establish the type of crypto that you are going to sell (and that logically, you should own).

  • You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.

  • Select the currency in which you want to receive the funds in equivalence.

  • See how much you will receive, in the same way as the previous case.

Having this ready too, you would click Next.

Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.

Some other options that Skrill gives you to trade

The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:

The Portfolio section

In this section you have at hand some useful things for your negotiations, such as:

  • The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.

  • Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.

  • Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.

The Trade section

Within this section, you can do what you are told below:

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  • Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).

As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.

This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.

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