When planning strategically, it is imperative to look at both internal and external factors that may impact the company, both positively and negatively.

Internal/Positive: These are considered the company’s overall strengths and what the company is doing well. 

Internal/Negative: These are the company’s weaknesses or what the company could be doing better.

External/Positive: These are opportunities, what are the company’s biggest prospects for growth and success?

External/Negative: These are the obstacles, the company’s roadblocks to growth and success. 

All of this is also known as a S.W.O.T. (strengths, weaknesses, opportunities, threats) analysis to evaluate your company. This analysis specifies the factors that are favorable and unfavorable relative to a specified objective. When used in conjunction with the specified objective S.W.O.T analysis can help define a strategy which can then be developed into a business plan that includes overall marketing strategies for growth. 

Here’s an example of a Marketing S.W.O.T. analysis: 
 



Strengths: Attributes of a company helpful to achieving the objective. These give the company a competitive advantage. Ex.: trade secrets, patents, brand names, reputation, resources, creativity, cost advantages (from experience).

Weaknesses: Attributes of a company which are harmful to achieving the objective, the absence of certain strengths. Ex.: Lack of trade secrets, patents, weak brand names, poor reputation, high cost structure.

Opportunities: External conditions which are helpful to achieving the objective, a change in the market that should provide profit and growth. Ex.: Unfulfilled customer needs, new technologies, market trends and changes.

Threats: External conditions that are harmful to achieving the objective may represent a threat to a company.  Ex.: Change in customer wants and needs, new competitors.