SWOT Analysis in Event Planning
If you are organizing a corporate event then it is necessary for you as an event manager to do research of the products/ services promoted and sold by your corporate client.
- - Find out how the company promotes its products
- - How the company wants to build/enhance the image associated with its product (also known as the brand image)?
- - What is the market value and market share of the company and its products?
- - Who are the customers of the product?
- - What are the features of the product?
- - What are the advantages and disadvantages of the product in comparison to competitors' products?
All this research will later help you in making an effecting promotional campaign for your corporate event.
In SWOT Analysis:
'S' stands for Strengths
'W' stands for Weaknesses
'O' stands for Opportunities
'T' stands for Threats
It is a strategic planning tool which is used to identify and analyze the strengths, weaknesses, opportunities and threats involved in your project. SWOT analysis can also be done on your organization.
These are the attributes of your project/organization which are helpful in achieving project's objectives. For e.g.: experienced event team, high motivation level, excellent PR, good market share etc.
These are those attributes of your project/organization which are harmful in achieving project's objectives. For e.g.: social loafing, lack of funds, inexperienced event team, low energy level, lack of media and corporate contacts etc.
These are those external factors which are helpful in achieving the project's objectives. For e.g.: little competition, favorable economic conditions, support from the local authorities, availability of the state of the art infrastructure etc.
These are those external factors which are harmful in achieving the project's objectives. For e.g.: high competition, little or no support from local authorities, bad weather, poor infrastructure, high lab our rate, unavailability of raw material etc. It is very important that you conduct SWOT analysis before developing an event plan to develop a strategy which maximizes the potential of strengths and opportunities of your project and at the same time, minimizes the impact of the weaknesses and threats.
After conducting market, competitors, product/service research and SWOT analysis, create a report which contain details of all the research work done by you. Documentation of your research work is important, later for event evaluation. Your analysis report will also help you in getting sponsorship for your event.