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swot analysis
technique that enables organizations or individual to move from everyday problems and traditional strategies to a fresh prospective
swot analysis framework
very important and useful tool to use in marketng management and othe business application
strengths
characterisics of the business that give an advantage over others in the industry
weaknesses
factors that do not meet the standards we feel we should meet
opportunities
arise when an organization can take benefit of condition of its environment
threats
arise when conditions in external environment jeopardize the reliability and profitability of the organization’s business
job holder
business unit
company
who needs swot analysis?
howard gardener, frames of mind
“those with keen understanding of their strengths and needs are in much better position than those with limited or faulty self-knowledge”
personal swot analysis
combination of self assessment tool and strategic planning activity
SO strategies
Leverage. use firm’s internal strengths to take advantage of external opportunities.
WO strategies
constraints. aimed at improving internal weaknesses by taking advantage of external opportunities
ST strategies
vulnerabilities. use firm’s strengths to avoid or reduce the impact of external threats
WT strategies
problems. are defensive tactics directed at reducing internal weaknesses and avoiding external threats
establish the objectives
purpose of conducting SWOT may be wide/narrow, general/specific
select contributors
expert opinion may be required for SWOT
allocate research and information gathering tasks
background preparation can be carried out in two stages: explanatory and detailed
create a workshop environment
encourage an atmosphere conducive to the free flow of information
evaluate listed ideas againts objectives
with the list compiled, sort and group facts and ideas in relation to the objectives
carry your findings forward
make sure that the swot analysis is used in subsequent planning. revisit your findings at suitable time intervals