What is the purpose of a SWOT analysis in marketing?

The purpose of a SWOT analysis in marketing is to identify strengths, weaknesses, opportunities, and threats related to a business or project. This analytical tool helps organizations assess both internal factors (strengths and weaknesses) and external factors (opportunities and threats) that could influence their marketing strategies and overall business performance. By conducting a SWOT analysis, companies can leverage their strengths, address their weaknesses, capitalize on opportunities in the market, and prepare for potential threats. This comprehensive understanding enables marketers to make informed decisions, strategize effectively, and align their marketing efforts with the organization's broader goals.

In contrast, while collecting customer feedback and calculating advertising return on investment are crucial components of marketing, they do not encapsulate the overarching purpose of a SWOT analysis. Developing a singular product focus may also be beneficial, but it does not address the broader strategic insights that a SWOT analysis provides.