Hello everyone ! :D
In this chapter I have learned how to assess how well a company's strategy working. I'm also understand why a company's resources and capabilities are central to its strategic approach and how to evaluate their potential for giving the company a competitive edge over rivals. In this chapter also discover how to assess the company's strengths and weaknesses in light of market opportunities and external threats ( SWOT Analysis ).
So now, I want to explain about the SWOT Analysis that I have understand in my lesson.
SWOT Analysis is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.
Analysis may view the internal factors as strengths or as weaknesses depending upon their effect on the organization's objectives. What may represent strengths with respect to one objective may be weaknesses (distractions, competition) for another objective. The factors may include all of the 4Ps; as well as personnel, finance, manufacturing capabilities, and so on.
Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization.
- Strengths: characteristics of the business or project that give it an advantage over others
- Weaknesses: characteristics that place the team at a disadvantage relative to others
- Opportunities: elements that the project could exploit to its advantage
- Threats: elements in the environment that could cause trouble for the business or project
Thank you for reading this entry. Sorry because it is too simple. Hope miss Ummi can understand that what I want to say in this entry :D
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