A SWOT analysis (Strengths, weaknesses, opportunities, threats) is another great tool in an environmental assessment. It provides thorough identification of the internal environment, i.e. strengths and weaknesses. It also provides through identification of the external environment, i.e. opportunities and threats. In the SWOT analysis, you will define what your company is doing well and what you competitors are doing better. This process helps in market research because it helps establish the strategic goal, thus helping define the problem of which to research. For Example:

Strengths: Anything an organization can use as for developing a competitive advantage

• Experience
• Price point
• Company Culture
• Innovations

Weaknesses: Anything not viewed as a strength can be perceived as a weakness

• Lack of brand experience
• Poor price point
• Poor corporate culture
• Lack of innovation

Opportunities: The opportunity to gain market share and company growth

• New markets
• Product development
• Industry trends
• Research and development

Threats: Factors that can put the organizations mission in jeopardy

• Market Demand
• Competitor advancements
• Employee turnover
• Economy