A SWOT Analysis Of Competitive Knowledge From Social Media For A Small Start-Up Business

The analysis of data from social media sites can provide useful decision-making information for businesses; however, can small businesses with limited budgets and limited technical expertise compete in this new social media driven market? This study provides a proof of concept for increasing a company’s competitive knowledge through the use of the Strengths, Weaknesses, Opportunities, and Threats (SWOT) framework model by gathering qualitative data about the use of social media from employee interviews. By increasing the competitive knowledge through evaluating the results of the SWOT analysis, this small start-up company will have a strategic plan for increasing their competitive advantage. The authors present the results of the study in the form of practical recommendations for short-term and long-term implementation. Several of the shortterm and long-term recommendations are substantiated through prior research studies. Future research could include a follow-up study of this company using a SWOT framework tool or other methodologies to indicate what social media tools and strategies provide the most beneficial competitive knowledge for a small business, and why. Additionally, comparing the results from this study with a similar study of a different small start-up business could lead to the design of a model for other small businesses trying to increase their competitive knowledge through the effective use of social media.