SWOT stands for Strength, Weaknesses, Opportunity, and Threats. It is a very convenient and hassle-free method for determining and defining the four criteria mentioned before. SWOT analysis can be easily applied to a wide range of organizations such as individual projects or a complete company in a large scale. This analysis is usually done at the level of organization. It is advantageous at that time because it helps in determining the probability or the extent to which the alignment of the business with the trajectories of the success as well as growth. It helps to determine the benchmarks for the success of the company and how to achieve them. It also helps in cracking down the projections which were done for the performance for a particular project or company and how much it has achieved.
SWOT analysis is presented in a matrix resembling grid with four quadrants for the four criteria to be covered. The presentation is beneficial as it helps in making out the elements that are internal in comparison to external; displays a large amount of data in a format that is easy to read and understand and then visual format is always appealing and keeps the audience hooked.
BREAKING OF SWOT ANALYSIS
It is important to understand the criteria which are required to be considered for identifying all four aspects properly.
- The things which are done by the company well and maintained over a period of time.
- The advantageous qualities of a company that makes it distinct in the race of becoming the more efficient one.
- To identify the internal resources proving to be an asset for the company which can include all the employees irrespective of the level in which a certain individual works.
- To consider the tangible assets important for the company which includes capital, intellectual property, proprietary technologies and many more.
All the above points revolve around identifying the strengths of the company. It is critical to consider all the aspects which are contributing towards the success of the company.
After identifying the strengths, it’s time to figure out those elements which are which are proving to be negative for the company.
- The major lacks in the company are proving advantageous for the competitors in a large scale.
- The things which are being adopted or modified according to the current situation by other companies for getting successes in a global platform.
- Identification of the limitations in the company policy which are acting as hindrances in the path of success for the company.
- Unclear propositions which are again acting as a negative factor for the company’s growth.
If the above aspects will be covered completely and efficiently, then the company or any organization which get the answer of a very important question: what are the factors which are worrisome and providing resistance in the path of the company’s success.
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Next is the opportunities which needs to be analysed and evaluated.
- The markets which are underserved for a certain or specific product. The loopholes which can serve as advantageous are to be identified as an opportunity for growth.
- The smaller number of competitors around the concerned area, the more exposed will be the areas which can be worked upon.
- The ever-rising needs for the services or goods are to be identified.
- In the recent times of smart world, the media coverage or even social media marketing serves to be fruitful.
The opportunities are to be identified at every step. The thoughts and requirements are to be broadened.
The final step is to identify the probable threats which are exposing the company to slow growth or acting as hindrance towards growth or success.
- The rising number of competitors and their new advances tips and tricks.
- The change in the regulation.
- The negative media coverage or false aspects done by the malpractices of the competitors.
- The change of the customer’s attitude towards the company. It is one of the major criteria which needs to be identified and worked upon.
Lastly, SWOT Analysis requires extensive research and as an assignment can be dreadful. Assignment help Hobart has some fine experts who specialize in conducting SWOT analyses helping to get the best grades.