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SWOT Analysis in Business
SWOT analysis is a
structured planning method used to evaluate the strengths, weaknesses,
opportunities and threats faced by the organization in its operations. It
involves specifying the objectives of the business and identifying the internal
(strengths and weaknesses) and external (opportunities and threats) factors
that are favorable and unfavorable in achieving the stated objectives (Renault,
n.d.).
SWOT analysis is
important when developing a business strategy because:-
·
It Gives direction to the organization
·
Highlights constraints and problems the
organization is facing.
·
Shows the ability or capability of the
organization to survive in the current global environment as well as its
ability to meet set objectives.
·
Provides useful information that is
helpful in matching the firm’s resources and capabilities to the competitive
environment which it operates in.
·
It sets an organization’s objectives or
goals as well as in strategic planning. For example, avenues for new
initiatives and Identifying possible areas for change.
·
It is important in decision making as
you can capitalize on the firm’s strengths and eliminate weakness.
Importance
of business strategy
Ø Value
addition: especially in the product or service the business is offering
Ø Effectiveness
and efficiency: This applies in the business operations and ensures resources
are utilized appropriately and objectives are met as required.
Ø Competitive
advantage: by ensuring that you are differentiated from your competition
because of a special attribute in your offerings or operations gains the
business an advantage in the market place.
Ø Reduced
wastage and maximization of resource utilization
Ø Provides
direction towards goal achievement: this occurs through systemization and the
reduction of random decisions and making ad-hoc choices.
Ø Checks
the process and forecasts the future
Ø Reduces
risk and uncertainty by offering opportunities for prevention rather than
reaction
Ø Provides
opportunities for firms to explore opportunities that exist in the environment