Purpose of a SWOT Analysis
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This detailed solution provides an essay on the purpose of a SWOT analysis. Includes APA formatted references.
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The acronym SWOT stands for "strengths, weaknesses, opportunities, and threats." A SWOT analysis is a strategic planning tool that allows a company to evaluate their business more accurately. Ultimately, it can be used for managers to better understand the company as it currently operates and look forward towards the future in order to make plans based on possible scenarios. In addition, a SWOT analysis allows managers to weigh potential projects based on internal and external factors in order to make logical and more knowledgeable decisions.
A SWOT analysis may be done by looking at the company as a whole or it may be initiated when considering a specific project. It can also be used to evaluate competitive action or to judge the strength of corporate behavior. For instance, consider Netflix's recent decision to create and produce proprietary content. A strength to this proposal is the ability to eliminate license fees, better control content and offer subscribers the unique advantage to an entire season of shows immediately. Weaknesses to the proposal might include the need to dip into the company's financial resources, the need for specific expertise as well as talent, and the lack of background in producing shows. An opportunity for this proposal is the greater amount of viewers that might be drawn to Netflix as the result of this programming. If ...
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