How to Use SWOT Analysis For an Internet Business Strategy
By Dr. LM Foong, PhD
Want to formulate a strategy to start an online Internet Business?
Before you try to formulate a strategy, you need to evaluate factors
that may affect your decision. SWOT Analysis can help you to examine
these factors. It can be performed in many different ways. I like to
illustrate one example as follows:-
You need to consider the Internal factors: Strengths and Weaknesses as well as External Factors; Opportunities and Threats.
For the Internal Factor, what are some examples of the Strengths of your capabilities to start an online Internet Business?
Advanced user of computer
Some knowledge in HTML and php language
Know some knowledge in SEO
Able to write article
Also, what are some examples of Weaknesses that may hinder you from pursuing your objective?
Little internet marketing knowledge
No knowledge in internet research
Confused between blog and website
Do not have own product
Similarly, for the External Factors, what are some examples of the Opportunities that attract your attention to start an internet business?
Internet market is huge
More people make purchases on the internet
Research for knowledge over the internet increases
Reference to authority websites
Similarly, what are some examples of the Threats that may stop you from pursuing it?
Competition is high
Page ranking is not assured
The above factors are examples of a SWOT Analysis performed for on "Start an Internet Business". The list can go on an on but the key is that you must evaluate its impact to your objective. Other examples can be very different for different situation.
Click to view SWOT Analysis in a graphic illustration.
About the Author
Dr. L M Foong, PhD writes and publishes TQM articles, ebooks, case
studies, trainer manual and other TQM Related information made available