Swot and Pest Analysis

What is SWOT Analysis?

SWOT is simply defined as the analysing of strengths, weaknesses, opportunities and threats

• Strengths – the advantages you have got over the competition regarding this project.
• Weaknesses – The disadvantages you have got internally compared with your competitors.
• Opportunities – Current external trends that are waiting to be taken advantage of.
• Threats – External movements which can cause a problem and have a negative impact on your business.

Why is digital marketing so important?

One of the main reasons why digital marketing is taking over the traditional marketing channels is as a result of the net has enabled businesses to act with targeted audiences in real time. Customers have grown accustomed to engaging and interacting with one's brand or business. It helps to maintain a good relationship with current and prospective customers

Services rendered by digital media marketing:

• Search Engine optimization (SEO)
• Content marketing
• Social Media marketing
• Pay Per Click (PPC)
• Affiliate marketing
• Native Advertising
• Marketing Automation
• Email marketing
• Online PR
• Inbound marketing

What is PEST Analysis?

PEST stands for the analysis of the external factors that are helpful when conducting analysis before starting a new project or to help conduct marketing research.

These factors are:

• Political – Laws, global issues, legislation and regulations which may have an effect on your business either now or in the future.
• Economic – Taxes, interest rates, inflation, the stock markets and client confidence all need to be taken under consideration.
• Social – The changes in lifestyle and buying trends, media, major events, ethics, advertising and promotion factors.
• Technological – Innovations, access to technology, licensing and patents, manufacturing, research funding, global communications.

ow PEST analysis is used in marketing management?

PEST analysis (political, economic, socio-cultural and technological) describes a framework of macro-environmental factors utilized in the environmental scanning element of strategic management. it's a strategic tool for understanding market growth or decline, business position, potential and direction for operations.