What is SWOT analysis? The role of SWOT Anlaysis in Healthcare
For strategic planning, deciding the marketing strategies and analyzing the gaps, doing a SWOT analysis is very important. SWOT analysis includes a thoughtful listing of one’s strengths, weaknesses, opportunities and threats. It is advised that companies do this analysis at least once a year. It is a lengthy exercise that requires time and one needs to evaluate every aspect thoroughly. Inclusions from the latest year and the success and failures should also be considered. It can be used by all in the healthcare industry like, doctors, hospitals, healthcare or pharmaceutical companies, pharmacies, etc.
In SWOT analysis, strengths and weaknesses are considered as internal factors, which can be controlled, while opportunities and weakness are not in control.
The process of SWOT analysis should be performed in a realistic way, keeping the objective in mind. A comparative study of the competitors must be done and accordingly the healthcare marketing objectives and strategies must be defined.