Week 2 Team SWOT Paper BUS.475

Week 2 Team SWOT Paper BUS.475 - SWOT Paper Desma Darden...

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SWOT Paper Desma Darden, Kayode Ogbera, Dionne Franklin, Gregory Franklin, Samanthia Bell BUS/475 March 28, 2016 Daniel Magnole
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SWOT Paper Introduction When starting a new business, there are many obstacles that come along the way. The owners and management are eager to hit the ground running with new ideas and their creative ways to help sell their product. The one thing that is important for this to happen is a SWOT analysis. A SWOT analysis helps a company know their problems and strengths at every corner. It helps the company not to fall victim to mistakes or early product launching. The key to a long success as a company is to have and know identify key elements of the SWOT analysis. Elements of SWOT Analysis The four elements of SWOT analysis that are related to a business project are namely strengths, weaknesses, opportunities and threats. Strengths are the essential abilities of a business that make it function. These are the aspects that determine whether or not a business will be successful. Weaknesses are the items that stand in the line of a project and make it less likely to succeed. These are areas that competitors of the business have an upper hand and thrive more compared to it. Opportunities are the areas that a business has a higher potential to increase its productivity. Threats are the areas that a business needs to be aware of as they pose potential harm to it. Weaknesses have the ability to turn into strengths and threats into opportunities. There are portions that a team might consider to be more important than the other. These are the facets that make a project stronger compared to another project being done by a competitor firm. If a
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