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  • Understanding the S - Strengths in SWOT Analysis in Product Management

Understanding the S - Strengths in SWOT Analysis in Product Management

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As you learned in the previous segment, the SWOT analysis is a simple tactic to determine the strengths, weaknesses, opportunities, and threats for your organization. This will help you to better understand your product, its competition, and the marketplace. 

 

Welcome to the segment on “Strengths”. From here, you will begin your practical implementation of the SWOT analysis on IKEA.

 

So, let’s get started.

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As discussed in the video, “strengths” describe what a company excels at and what differentiates it from competitors. This could include anything ranging from strong aesthetics, first-mover advantage, patents, and unique technology to a loyal customer base, a recognizable brand, first-class internal talent, etc.

 

 Questions to ask:

  1. What are the products or services that are performing well?

  2. What is your company known for?

  3. How does the company make money?

  4. What makes the company a “household” name?

  5. What makes it stand out from the competition?

 

IKEA’s strengths:

  • Recognizable brand

  • Scandinavian design aesthetics

  • Affordable price point

  • Broad selection

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No one is perfect. If your product has some strengths, then it will have some weaknesses too. In the next segment, you will learn about the weak points of IKEA.