lesson 10 - swot analysis

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