Conduct a strengths, weaknesses, opportunities, threats (SWOT) analysis to analyze the effects of competition on a given product and/or service.

Conducting a SWOT analysis should include

• definitions of internal and external environment
• the effect of competition on pricing, merchandising, quality control, financial resources, debt, potential market growth, and sales strategies of a given product and/or service.
• an environmental scan, including an internal analysis and an external analysis
• analysis of the potential global influences on the marketing strategy. 

Process/Skill Questions:

• How can internal and external environments affect the SWOT analysis?
• What factors should be considered in the environmental scan?
• What are examples of direct and indirect competition in the local economy?
• What are the effects of this competition on the consumers and on the business community?
• What effects can nonprice competition have on the success of a product?