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Strengths, Weaknesses, Opportunities and Threats Do you know how you stand when compared to the competition? If not, you need a quick and easy way to analyze your competition.
Even though the knowledge identified is at a high level the SWOT analysis enables you to make more informed decisions and increase your chances of success. There are four basic steps to using a SWOT and each just requires you to use your own and your teams current knowledge and expertise.
The aim of the SWOT is to identify those areas within each quadrant that you require more in-depth knowledge of before you can make decisions. Step 1 — identify your internal factors high levelthose you have control of — strengths and weaknesses Step 2 — identify your external factors high levelthose outside of your control — opportunities and threats Step 3 — match opportunities to your strengths Step 4 — where possible convert any threats or weaknesses into strengths or opportunities When reviewing your internal factors you look at the expertise and qualities of your organization that are unique.
This includes its culture and the resources it has at its disposal.
To complete your analysis of internal factors you have to look at what aspects within your organization remove or dilute your competitive edge or offering. Next you need to identify your external factors. This involves gathering data and assessing the current state of your market place, the economies you operate in and the influence of third parties.
You need to make a high level assessment of how potential or anticipated technological, market, global and regulatory changes will have on the operation of your organization. Once all these factors have been identified you can then assess the relative importance of each one and the element of risk each one faces.
A current strength may be your patented product, but if this patent is about to expire this is likely to transfer to a threat. This is because your current competitors and potentially other organizations will have access to your expertise. Asking searching questions for each internal and external factor will enable you to highlight those items of your SWOT that are most fragile.
Then you can look at matching your strengths so that you are better placed to exploit potential opportunities. Finally, you can assess the possibility of converting a weakness or threat into an opportunity or strength.
Where this is not possible you can begin to research and plan your future strategy to ensure your continued success. The opportunity to think outside of what is normally expected within your organization, even if only in a simplistic way is the benefit of a SWOT analysis. It should only be used as an initial guide for defining a strategy or short-term goals.
It is not intended to provide answers just to highlight key items and issues that need further investigation before answers can be found. SWOT and Strategic Planning As a manager, your role in any strategic planning is likely to involve providing operational data to help assess the internal capabilities, and depending on your job function you may also be asked to provide market intelligence.
The completion of a SWOT analysis should help you to decide which market segments offer you the best opportunities for success and profitable growth over the life cycle of your product or service.
The SWOT analysis is a popular and versatile tool, but it involves a lot of subjective decision making at each stage.
It should always be used as a guide rather than as a prescription and it is an iterative process. There is no such thing as a definitive SWOT for any particular organization because the strengths, weaknesses, opportunities, and threats depend to a large extent on the business objective under consideration.Published by Pearson Education Limited in association with Penguin Books Ltd, both companies being subsidiaries of Pearson Plc For a complete list of titles available in the Penguin Readers series please write to your local Pearson Education Displaying Level 5 - The Firm - Penguin caninariojana.com In this dual global and U.S.
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Drucker, P. Financial Statement Analysis is a method of reviewing and analyzing a company’s accounting reports (financial statements) in order to gauge its past, present or projected future performance.
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accommodation of changes in the external environment, and the technological componenet not only sets limits upon what can be done but also creates demands that must be reflected in the internal organization and ends of an enterprise.