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analysis and reflection on swot analysis
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analysis and reflection on swot analysis
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MODELS OF DECISION MAKING:
SWOT Analysis Model
Poster’s Five Forces Analysis
PEST Analysis
SWOT Analysis
SWOT Analysis is the most common and renowned model for decision making in the business world today. It is used for conducting the audit, study and analyze the overall strategic position of the business and the environment in which the business operates SWOT is an abbreviation of Strengths, Weaknesses, Opportunities and Threats. The main objective of SWOT analysis is to devise the best strategy for the organization, using it to prepare the business model for the company while keeping in view the resources, capabilities and constraints that are applicable. It is in fact used to assess the internal potential of the organization and how it can be utilized to exploit the avenues available in the environment. It takes into consideration all the favorable and unfavorable factors associated with the organization. This tool when used consistently can help in the predicting the future outcome and including those forecasts in the organization’s strategy.
Conducting SWOT analysis is not a complex task but includes a very simple and interesting activity. It also includes brainstorming sessions. SWOT analysis may be used to develop the business idea, assessing an opportunity to make an acquisition, analyzing a potential partnership or making decision about a brand, product, an investment opportunity. SWOT analysis is conducted using a template which is usually in the form of a grid and consists of four sections.
An example of the template is produced below:
STRENGTHS
Financial Resources
Human Resource
Market Access
Brands
Patents
Copy Rights
Technology
Infrastructure
Quality
Cost minimization
Effective management
Geographical edge
Expertise and Experience
Backward and Forward Integration
Other assets WEAKNESS
Cash shortage or lack of access to financial resources
Lack of access to market
Incompetent human resource and management
Lack of infrastructure
Non availability of technology
Lack of competitive strengths
Ineffective supply chain management
Narrow Product Range
Poor Decision Making
Huge Debts
High employee turnover
Obsolete equipment
Complex decision making process
Large wastage of raw material
OPPORTUNITIES
New market
New Government policy or change in recent policy
Lifestyle or industry
Niche market
Increase in level of income of individuals
New Products and services
THREATS
Political factors
Legislative issues
Environmental factors
High turnover of staff
Takeover by a big giant
New technology by competitor
Disagreement with key contractors and customers
Seasonal impacts
Change in attitude, tastes or lifestyle
International market impacts on local market
Change in the market demand
Ever changing technology
Price war leading to decrease in profitability
Increased competition leading to access capacity
Lets have a view on each of the four factors:
Strengths:
Strengths are the competitive edge or the capabilities an organization has to be utilized when competing with its competitors.