April 1, By Team Work Introduction:
By definition, Strengths S and Weaknesses W are considered to be internal factors over which you have some measure of control. Also, by definition, Opportunities O and Threats T are considered to be external factors over which you have essentially no control.
SWOT Analysis is the most renowned tool for audit and analysis of the overall strategic position of the business and its environment. It views all positive and negative factors inside and outside the firm that affect the success.
Strengths can be either tangible or intangible. These are what you are well-versed in or what you have expertise in, the traits and qualities your employees possess individually and as a team and the distinct features that give your organization its consistency.
Strengths are the beneficial aspects of the organization or the capabilities of an organization, which includes human competencies, process capabilities, financial resources, products and services, customer goodwill and brand loyalty.
Examples of organizational strengths are huge financial resources, broad product line, no debt, committed employees, etc. Weaknesses - Weaknesses are the qualities that prevent us from accomplishing our mission and achieving our full potential. These weaknesses deteriorate influences on the organizational success and growth.
Weaknesses are the factors which do not meet the standards we feel they should meet. Weaknesses in an organization may be depreciating machinery, insufficient research and development facilities, narrow product range, poor decision-making, etc.
They must be minimized and eliminated. For instance - to overcome obsolete machinery, new machinery can be purchased. Other examples of organizational weaknesses are huge debts, high employee turnover, complex decision making process, narrow product range, large wastage of raw materials, etc. Opportunities - Opportunities are presented by the environment within which our organization operates.
These arise when an organization can take benefit of conditions in its environment to plan and execute strategies that enable it to become more profitable. Organizations can gain competitive advantage by making use of opportunities.
Organization should be careful and recognize the opportunities and grasp them whenever they arise. Selecting the targets that will best serve the clients while getting desired results is a difficult task.
Increasing demand for telecommunications accompanied by deregulation is a great opportunity for new firms to enter telecom sector and compete with existing firms for revenue.
They compound the vulnerability when they relate to the weaknesses. When a threat comes, the stability and survival can be at stake. Examples of threats are - unrest among employees; ever changing technology; increasing competition leading to excess capacity, price wars and reducing industry profits; etc.
It is a strong tool, but it involves a great subjective element. It is best when used as a guide, and not as a prescription. Successful businesses build on their strengths, correct their weakness and protect against internal weaknesses and external threats.
They also keep a watch on their overall business environment and recognize and exploit new opportunities faster than its competitors. SWOT Analysis helps in strategic planning in following manner- It is a source of information for strategic planning.
Maximize its response to opportunities. It helps in identifying core competencies of the firm. It helps in setting of objectives for strategic planning.
It helps in knowing past, present and future so that by using past and current data, future plans can be chalked out. It may cause organizations to view circumstances as very simple because of which the organizations might overlook certain key strategic contact which may occur.Jun 27, · SWOT analysis can be applied to an organization, organizational unit, individual or team.
In addition, the analysis can support a number of project objectives. For example, the SWOT method can be used to evaluate a product or brand, an acquisition or partnership, or the outsourcing of a business function. Advantages and disadvantages of globalization However, we are not so thankful to globalization for taking our jobs away from us.
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The term “ Globalization ” describes an ongoing process by which regional economies, societies and cultures are becoming more integrated through a dramatically increased global network of. Advantages and Disadvantages of Database Management. Advantages of Database Management Systems Database Management System (DBMS) aids in storage, control, manipulation and retrieval of data.
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Globalization has an impact that is widely spread and perceived in a variety of different ways – Globalization Advantages and Disadvantages Specifically, its long-term positive effects and the portion that contains negative influences.
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