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Class02_HW_Assignment - 1 A SWOT analysis also known as a...

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1. A SWOT analysis, also known as a situation analysis, is an assessment of the internal and external environment that occurs during the first stage of the planning process. Strengths (S) are internal and consist of the resources and abilities that will help the organization realize its objectives. A good reputation, patents, employee skills, and low production costs are examples of potential strengths. Identification of these strengths can help a firm recognize their competitive advantage. Weaknesses (W) are also internal and consist of the organizational attributes that may be detrimental to the achievement of organization objectives. A weak brand reputation, insufficient financial resources, and lack of marketing expertise are potential weaknesses. These issues will need to be addressed in order to achieve success. Opportunities (O) are external factors that may provide new avenues for profit or growth and can help an organization to accomplish its objectives. Strategic alliances, new technology, favorable regulatory
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