SWOT Dr. Norris Dorsey

Agenda Review What is SWOT SWOT analysis and strategy formulation Assignment clarification

Review of SWOT SWOT analysis is a comparison of strengths, weaknesses, opportunities, and threats that help executives formulate strategy. Analysis of internal strengths and weaknesses Analysis of external opportunities and threats Trends in corporate strategy

SWOT Analysis www.marketingteacher.com Strengths Weaknesses Opportunities Threats

Strengths Pull ideas from people with a variety of experiences & backgrounds/expertise Gets the job done faster Two or more heads are better than one Learn something new from someone else Benefits from strengths of numerous people Get inspired by others (hopefully) Get to learn/work on ideas/concepts you might not have thought of on your own There would be a competition so that employees would work harder and to reach their goals. Opportunity to learn from other members. Others can use this skills when you are lacking Diversity of ideas, varying points of view Brainstorming, coming up with ideas & points that other teammates might have missed Bring in different skills Split up different tasks; everyone does their best Common Goal where sum of parts greater than individuals results in higher achievement More ideas presented, more creative Generate better ideas than what is possible by yourself If the team has mutual respect, everyone aspires to work hard and for the good of the group Leadership skills are important Creative and think outside of the box Innovation, original thoughts and concepts

Weaknesses May be difficult to reach consensus Slows down if one or more person fail to do the job assigned Too many cooks spoil the soup Schedules may not line up and it’s hard to meet Personalities can clash and stop progress Wrong personality match One person may end up working harder just to have the project done Personalities, may get a domineering personality, or someone does not pull their weight People with difficulty delegating or trusting the work of others may end up frustrated or being a controlling team member Conflict of personalities might cause problems Things may not get done in timely manner, if there’s no organizes/planner in the group Different personalities/characters that collide and make it hard to work constructively Best idea may not prevail depending on consensus of group Incentives may be different “Pass the buck” mentality If someone is not as strong in an area, the team may not want to work for that person to understand If people in the group have major disagreements they can’t put to a solution Differences within the team days delivery of “product” differences hinder fast decision making Initial uncertainty, personalities blend

Opportunities Opportunity to gain new insights and develop leadership skills Meet new people To learn something new/or you don’t know from others Opportunity to notice their abilities and powers To emerge as a leader, show leadership, team-motivation skill Develop interpersonal skills To learn much more than just what the project could have enable you to To learn new technical skills Realizing your shortcomings or mistakes through your teammates observations Be able to teach other teammates something you’re good at Acquire more leadership skills and learn to push one’s own ideas Develop teamwork skills Learn how to take different approaches to similar problems Get inspired from different ways of solving problem Learn from people who have more “ real world” experience Learn new approach to solving problems Build leadership skills in a safe environment

Threats Inertia “ Bogged down in committee” Be underappreciated and have no opportunity to shine Someone taking credit for what you did “If a leader is assigned, they may receive the majority of the credit if a job is well done” People who are not willing to put forth the same amount of effort as everyone else Personalities may clash and cause friction, thus causing tension in the year resulting in less than desirable results Totally different approach by different characters that endangers a healthy process Assume other people will do what is required Nobody will take the responsibility Company promises there will not be layoffs at the end of the day, there are layoffs Different and not widely tested approaches can significantly kills a company/business/organization Can be difficult to get many people in the same place at the same time-scheduling conflicts Different approaches to dealing with others and managing others Powerful personalities can derail team dynamics

Trends Successful projects seem to benefit more from groups as apposed to individual work “Electronic advancement, calendar sharing, ease of sharing information. People no longer has to meet in person” – Jessie R Learn to adjust to other personalities Technology helping to organize Learn different mind sets from each other More ideas Trends can substantially open a new market/ business. However, you need creativity and be also firm on the ground