Creating a SWOT for a Market Segment
Creating a SWOT chart (that’s strengths, weaknesses, opportunities and threats) is beneficial to any market segment analysis.
Narrowing your focus onto your market will allow you to get a more accurate reading on your target audience. Therein, a SWOT chart will give you additional information once the segmentation has been completed.
The problem with a SWOT analysis is that they all look very similar. In turn, they really have no implication on operations. They share similar terms and outlooks. A market segmentation, however, will allow a more complete picture for the chart. In order to have a comprehensive SWOT, each component should be approached thoughtfully. Note everything in relation to the unique variables of your business.
Before you can ascertain your strengths, weaknesses, opportunities and threats, you must first understand your place in the market.