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How To Do a Strategic Management SWOT Analysis for Business

A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is a tool that facilitates organizational managers to evaluate the strengths, weaknesses, opportunities and threats that might exist in any kind of business. Conducting a SWOT analysis could prove to be very instrumental in helping the organization to acquire in-depth insights into the past and conjure potential solutions to current or potential challenges. <br>https://www.tutorsindia.com/contact-us/<br>info@tutorsindia.com<br>(WA): 91-8754446690 <br>(UK): 44-1143520021<br>

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How To Do a Strategic Management SWOT Analysis for Business

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  1. STRATEGIC MANAGEMENT: SWOTANALYSISFOR BUSINESS AnAcademicpresentationby Dr.NancyAgnes,Head,TechnicalOperations,TutorsIndia Group www.tutorsindia.com Email:info@tutorsindia.com

  2. Today'sDiscussion OUTLINE Introduction ComponentsofSWOT Strengths Weaknesses Opportunities Threats Conclusion

  3. INTRODUCTION ASWOT(Strengths,Weaknesses,OpportunitiesandThreats)analysisisatoolthat facilitates organizational managers to evaluate the strengths, weaknesses, opportunitiesand threatsthat mightexist inany kindof business. Conductinga SWOT analysiscould prove to be very instrumental in helping the organizationtoacquirein-depthinsightsintothepastandconjurepotentialsolutions tocurrent or potential challenges. ThisSWOTanalysiscanbecarriedoutforanorganizationthatisalreadyexisting withinthemarketorforanorganizationthatintendstomakeanentryintothemarket inthe near future (Gürel,2017).

  4. In particular, SWOT comes across as a model that is very fundamental and transparentthatcanevaluatewhatabusinessiscapableofdoingorincapableof doing,along withthe possibleopportunities and threats. TheSWOTanalysistechniqueistoconsidertheinformationgeneratedthroughan environmental evaluation and segregate it to internal (strengths and weaknesses) andexternal issues (opportunitiesand threats). Followingthecompletionofthisactivity,theSWOTanalysiswoulddeterminewhat would aid the organization in realizing their objectives, and the kind of challenges that need to be overcome or reduced in order to realize the intended outcomes (Namugenyiet al., 2019).

  5. A large number of organizations execute a SWOT analysis during the stage of their strategicplanningandtheyattempttoidentifyandscrutinizetheprevalentresources, both externally as well as internally, examining their patterns and trends that might resultin eitherpositive or negativebusiness outcomes. TheobjectiveofthispaperistofamiliarizeyouwiththecomponentsofSWOTand tipsto conduct a SWOTanalysis

  6. COMPONENTS OFSWOT TheactualprocessofSWOTanalysiswouldcompriseofsplittingfourareasintotwo dimensions. ThefourcomponentsofSWOTasmentionedaboveisStrength,Weakness, OpportunitiesandThreats. Strengths and weaknesses can be deemed as factors that are internal and also make up the organizational attributes while, opportunities and threats would be factorsthatareexternalandareusuallytheenvironmentalattributes(Gürel,2017).

  7. STRENGTHS This,asyouwouldknowmakesupthefirstcomponentoftheSWOT. Thiscomponentwouldtakeintoaccountaspectsofyourorganizationthatisdoing particularlywell.Itneednotbeanythingtangibleordefinite. Thestrengthofyourorganizationcouldalsobesomethingthatisintangiblesuchas the brand image of an organization or something which can be very easily defined such as the organization’s unique selling proposition (USP) of a specific line of products(Shewan, 2019).

  8. Inothercases,itcouldalsobethehumanresourcesoftheorganization;robust leadershiporahighlyeffectiveresearchand developmentteam. Thusyouidentifythestrengthofyourorganization.

  9. Following the identification of the organization’s strengths,thenextstepwouldbetobecriticalabout oneself and identify and list out anything that you thinkwouldbetheweaknessofyourorganization. WEAKNESSES Weakness does not refer to physical weakness here but rather it refers to aspects of the organizationthatispullingyourorganizationback. Weaknesses could be anything such as financial constraints,lackofskilledpersonnel,superiorbrand imageof competitoretc.

  10. Akintostrengths,weaknessesalsoareaninnateaspectofyourorganization.Akintostrengths,weaknessesalsoareaninnateaspectofyourorganization. Therefore,itwouldhelpifyoufocusonresources,procedures,systemsand people. Consideraspectsthatyouneedsimprovementandthekindofpracticesthat youneed to curb(Wang et al.,2014).

  11. OPPORTUNITIES Opportunitieswouldrefertochancesofsomething goodorpositive happening. However,itwouldnothappenonitsown,youneed toidentifytheopportunity andseizeit. Opportunities would generally tend to emerge from situationsthatexistbeyondyourorganization,andit requires foresight on your part as to what might happenin future. Marketortechnologydevelopmentscanbeone (Brad& Brad,2015).

  12. Forinstance,incasethereisasurgeindemandforanicheproductthatyour organizationcanproduce,thatis anopportunityyoucanleverage. Butasmentioned,youneedtobeabletoidentifyopportunitiesandharnessit suchthat itmakes adifference to yourorganization.

  13. THREATS Lastly,thecomponentofthreatwouldcompriseofanythingthathasthe propensitytomakeanegativeimpactonyourbusinessexternally. Thesewouldinclude;problemswithinthesupply-chain,manpowershortageor changesin market demandsetc. Itisverynecessarythatyouanticipatethreatsandinitiateappropriateactionto negate the threat before it impacts you and causes a loss to your business or thwartsyour growth(Sarbah & Otu-Nyarko,2014).

  14. To identify threats, it might help if you try to list out the bottlenecks to your businesssuchasdeliveringyourfinishedgoodstothemarket,dropinqualityof yourproducts amongst others. Further,youshouldalwayskeepyourselfabreastoftheactivitiesthatarebeing carriedoutbyyourcompetitorsandmodifyyourstrategytotacklethatthreat. Alsothereisthethreatofnewgovernmentalortradepoliciesso,youneedto anticipatesuchthreatstostayaheadofthecompetitionandensuresuccess.

  15. CONCLUSION SWOTanalysisisatoolthatisbeingutilizedwithin thedomainofstrategicmanagementforthepastfive decades. Ithasturnedouttobeahighlytreasuredtoolasfaras planninganddecision-makingisconcerned. While there are a number of tools for analysis that havebeenutilizedduringthestrategicmanagement process, over the years a technique that has been extensivelyusedisSWOT analysis.

  16. The use of SWOT helps in evaluating the external as well as the internal environmentoftheorganizationandtherebylendssupporttosituationswhere strategicdecisions are required. Thistechniquecanbeappliedinseveralareasthatrequirestrategicanalysisfor anindustry,aproduct,anorganization,acity,aprojectorevenanindividual.

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