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The SWOT analysis is a useful tool for decision-making in all sorts of situations in business. The SWOT analysis headings provide a framework for reviewing strategy, position, and direction of a business proposition or any other idea. SWOT is an acronym for:Strengths, Weaknesses, Opportunities, and Threats. Your SWOT involves assessing: Internally•Weaknesses to overcome•Threats to manage Externally•Strengths to build on •Opportunities to exploit
BUS12 Business Learner Guide Version 2.0 (2018/02/05) 49 Put dot points under each heading that honestly reflects your research. You need to develop strategies to deal with each identified issue. You can use a SWOT analysis for business planning, strategic planning, competitor evaluation, marketing, business and product development, and research reports. A SWOT analysis: Measures a business unit, a proposition or idea Is a subjective assessment of data that is organised by the SWOT format into a logical order that helps understanding, presentation, discussion, and decision-making Can be used for all sorts of decision-making The SWOT analysis template is normally presented as a grid, comprising four sections for each of the SWOT headings. The SWOT template enables proactive thinking rather than relying on habitual or instinctive reactions. It is important to clearly identify the subject of a SWOT analysis because a SWOT analysis is a perspective of one thing, be it a company, a product, a proposition, an idea, a method, or an option.
BUS12 Business Learner Guide Version 2.0 (2018/02/05) 50 There are lots of places to go to get information on the trends in your market. City and state business publications frequently publish overview issues. You can talk to local business reporters and local chambers of commerce publish projections, as do associations of manufacturers. Talk to your professional association, and read trade journals. Section 4 –The future Vision statement An aspirational description of what an organisation would like to achieve or accomplish in the mid-term or long-term future. It is intended to serve as a clear guide for choosing current and future courses of action. Mission statement A mission statement defines what an organisation is, why it exists, and its reason for being. A SWOT analysis can be used to assess:•A company (its position in the market, commercial viability, etc.)•A method of sales distribution•A product or brand•A business idea•A strategic option (such as entering a new market or launching a new product)•An opportunity to make an acquisition•A potential partnership•Changing a supplier•Outsourcing a service, activity, or resource•An investment opportunityA SWOT analysis needs to address the following questions:•What trends in the marketplace are against you?