What is a SWOTT analysis? What is its purpose in strategic planning? Must you conduct a SWOTT analysis to have an effective strategic plan? Why or why not?
What are the primary internal organizational considerations for the development of a strategic plan? Which consideration is the most important? Why?
What are the key planning factors for competitive success? Provide an example of an organization that has achieved competitive success through planning. Provide an example of an organization that has failed to achieve competitive success as the result of failed planning.© BrainMass Inc. brainmass.com March 4, 2021, 11:00 pm ad1c9bdddf
What is a SWOT analysis? What is its purpose in strategic planning?
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This is also known as situation analysis where strengths (what a company is able to do) and weaknesses (what a company is not able to do) are searched for in the internal environment and opportunities (potential favorable conditions for a company) and threats (potential unfavorable conditions for a company) are searched for from external environments. It provides direction and is the basis for developing marketing plans.
SWOT analysis is one of the most important steps in strategic planning. It is simplistic in nature and many underestimate its value. It collects information from an environmental analysis and separates it into internal issues which are strengths and weaknesses and into external issues which are opportunities and threats. Once a SWOT analysis is completed, it is reviewed to determine whether it will assist the company in accomplishing its objectives or if there are obstacles blocking that progress. It reassesses the mission statements of companies to see if they are still relevant.
What is its purpose in strategic planning?
The purpose of strategic planning is to set business goals and create a plan to achieve them. It requires taking a good look at the ...
Defines SWOTT analysis briefly. Gives example of company that succeeded and one that failed and give urls to point you in the direction for more information to expound on those. Discusses SWOT analysis briefly.