In the given example, only the third factor is important for local businesses. But it is clear without additional analysis. The study does not need to indicate what everyone knows. Such information will be useful for a foreigner who does not know the specifics of corruption in the Russian expanses.
The same mistakes can be made when conducting a SWOT analysis. Marketers like to include the factor “high market competition” in the matrix of STEP analysis factors. Nowadays, it is very difficult to find a business niche where there is no competition. Therefore, this factor is ambiguous. This situation should be perceived as normal. It makes sense to focus on high market competition only if it increases sharply.
Based on the results of SWOT and STEP analyses, huge tables are formed. All information included in these tables must be confirmed by verified figures and facts cash app database obtained as a result of a long search and processing of information. If such work is not carried out, a meaningless table will be obtained that will not contribute to the promotion of the company.
The ideal solution is to have links from each table row to the results of marketing research on the basis of which the row is filled. It is permissible to attach additional materials or an explanatory note.
Underestimated or overestimated factors
Often, SWOT and STEP analyses contain unnecessary information. It is natural to want to fill the table to the maximum. But there is not enough space in the table, and it is necessary to remove STEP analysis factors that do not seem very important. Nowadays, business is very dynamic, and such removals are not always justified. After all, in business, there is a constant reassessment of values. What was irrelevant yesterday may suddenly become relevant tomorrow. Therefore, an objective analysis of factors and monitoring of market development trends is required.
Business Analysis