Understanding SWOT Analysis
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The document discusses the importance of SWOT analysis as a decision-making tool for businesses to evaluate their competitive position in the marketplace. It outlines the components of SWOT (Strengths, Weaknesses, Opportunities, Threats) and provides guiding questions for businesses to identify their strategic advantages and areas for improvement. Additionally, it emphasizes the necessity of remaining strategically focused through four main steps during the SWOT analysis process.
Understanding SWOT Analysis
- 1. Strategy Redefined through SWOT Hammad Siddiqui http://hammadsiddiquiblog.com Twitter http://twitter.com/hammads
- 2. What is your biggest fear? Loosing business to my competitor because of changing business dynamics
- 3. What SWOT Does for you: A decision making tool that analyses your position in marketplace in comparison with your competitors.
- 4. It Takes Account of
- 5. It helps you Redefine Your Competitive Advantage
- 6. Strengths What advantages does the company have? What makes company standout from its competitors? What positive aspects does the company enjoy in the current environment ?
- 7. Weaknesses Which areas are causing concerns? Which issues can be avoided? Company’s reputation among its customers.
- 8. Opportunities How can the company be more innovative ? Which are the new markets or consumers that can be tapped ? Which area has the company not ventured into ? What are the upcoming trends that are catching up in the market?
- 9. Threats Are there any new competitors emerging in the industry ? What are the issues that threatens the company’s position ? Is there any significant change(s) in the industry of operation ?
- 11. Be Strategically Focused Four Steps to remain strategically focused while conducting SWOT Analysis Strategic SWOT Analysis Strategic Choice Strategic Implementation Strategic Control
- 12. Breakout Session Strengths Weaknesses Opportunities Threats