The aim a SWOT analysis is to identify the key internal and external factors that are important to achieving the set objective. SWOT analysis groups key pieces of information into two main categories:

Internal factors - The strengths and weaknesses internal to the organization.
External factors - The opportunities and threats presented by the external environment.

Internal:
Strengths: Attributes of the organization that are helpful to achieving the objective.
Weaknesses: Attributes of the organization that are harmful to achieving the objective.

External:
Opportunities: External conditions that are helpful to achieving the objective.
Threats: External conditions that are harmful to achieving the objective.

There is no fixed way of doing a SWOT analysis, but it should be done in a way that you feel most comfortable with, and more importantly that you understand it. The objective is to be in a position where you can determine a strategy for the future to improve your company's overall performance - or maintain it if you are happy with your final analysis.

Strengths:

• What advantages does your company have?
• What do you do better than anyone else?
  
• What unique or lowest-cost resources do you have access to?
• What do people in your market see as your strengths?

Consider this from an internal perspective, and from the point of view of your customers and people in your market. And be realistic: It's far too easy to fall prey to "not invented here syndrome". Also, if you are having any difficulty with this, try writing down a list of your characteristics. Some of these will hopefully be strengths!

In looking at your strengths, think about them in relation to your competitors - for example, if all your competitors provide high quality products, then a high quality production process is not a strength in the market, it is a necessity.

Weaknesses:

• What could you improve?
• What should you avoid?
• What are people in your market likely to see as weaknesses?

Again, consider this from an internal and external basis: Do other people seem to perceive weaknesses that you do not see? Are your competitors doing any better than you?

Opportunities:

• Where are the good opportunities facing you?
  
• What are the interesting trends you are aware of?
  

Useful opportunities can come from such things as:

• Changes in technology and markets on both a broad and narrow scale
  
• Changes in government policy related to your field
  
• Changes in social patterns, population profiles, lifestyle changes, etc.
  
• Local Events
  

A useful approach to looking at opportunities is to look at your strengths and ask yourself whether these open up any opportunities.

Alternatively, look at your weaknesses and ask yourself whether you could open up opportunities by eliminating them.

Threats:

• What obstacles do you face?
• What is your competition doing?
  
• Are the required specifications for your job, products or services changing?
  
• Is changing technology threatening your position?
  
• Do you have bad debt or cash-flow problems?
  Could any of your weaknesses seriously threaten your business?
  

Carrying out this analysis will often be illuminating - both in terms of pointing out what needs to be done, and in putting problems into perspective.

In Competitor Analysis, marketers build detailed profiles of each competitor in the market, focusing especially on their relative competitive strengths and weaknesses using SWOT analysis.

Marketing managers will examine each competitor's cost structure, sources of profits, resources and competencies, competitive positioning and product differentiation, degree of vertical integration, historical responses to industry developments, and other factors.

Marketing management often finds it necessary to invest in research to collect the data required to perform accurate marketing analysis. As such, they often conduct market research (alternately marketing research) to obtain this information.

Marketers employ a variety of techniques to conduct market research, but some of the more common include:

• Qualitative marketing research, such as focus groups
  
• Quantitative marketing research, such as statistical surveys
  
• Experimental techniques such as test markets
  Observational techniques such as ethnographic (on-site) observation
  

Marketing managers may also design and oversee various environmental scanning and competitive intelligence processes to help identify trends and inform the company's marketing analysis.