SEM2 4.05 Part II SWOT Analysis.

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Presentation transcript:

SEM2 4.05 Part II SWOT Analysis

What is SWOT? SWOT is an anagram that stands for Strengths, Weaknesses, Opportunities, and Threats.

Strengths, Weaknesses, Opportunities, and Threats Any resource or capability your business has that can help you gain a competitive advantage in your industry Weakness Any limitation or shortcoming your business has that can keep you from achieving your objectives Opportunity Any favorable situation in the environment surrounding your business Threat Any unfavorable situation in the environment surrounding your business

BENEFITS Benefits of conducting a SWOT analysis: Becoming aware of issues that you hadn’t thought of before Having a “filter” for a great deal of information Gaining new insights about your business environment by applying SWOT to a competitor’s company

STRENGTHS Strengths are internal - under your control. What are our advantages? What do we do well (what is our expertise)? What are our assets? What resources do we have access to? Where are we making money?

STRENGTHS Examples of strengths: A product or service that you offer that no one else in your area does A convenient location Strong brand recognition The skills and talents of your staff Once a SWOT analysis identifies an internal strength, a business can use that strength to take advantage of a external opportunity

WEAKNESSES Weaknesses are internal - under your control. What can we improve? What resources do we lack? Where are we losing money? What are our competitors doing better than we are? Examples of Weaknesses: Lack of expertise, experience, or management depth Bad reputation among the public Poor communication among staff members Weak brand name

external threat attacking QUESTION A SWOT analysis indicates that customers' buying preferences are changing, but the business has a very limited product line. This is an example of an external threat attacking an internal weakness

OPPORTUNITIES Opportunities are external -out of your control. Collect information about the environment surrounding your business. What are the newest technological breakthroughs? What new needs of customers can we meet? What economic trends are beneficial to us? What niches have our competitors missed?

OPPORTUNITIES Examples of opportunities: A new software development An improved mechanical process A corporate merger Failure of another company

THREATS Threats are external - of your control. Examples of threats: What obstacles do we face? What is our competition doing? What economic trends are harmful to us? Where are we vulnerable? Do we have money problems? Examples of threats: New competition moving into your area A new tax that your business owes the government A new law that your business must follow Government regulation A new trend sweeping the public