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SWOTT analysis

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What is a SWOTT Analysis? What is its purpose in strategic planning? Do you have to conduct a SWOTT Analysis to have an effective strategic plan? Why or why not?

What are the primary external organization considerations for the development of a strategic plan? Which consideration is the most important? Why?

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The response addresses the queries posted in 779 words with references.

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The response addresses the queries posted in 779 words with references.
//Before you start writing about this query, you should be aware of SWOTT (Strengths, Weaknesses, Opportunities, Threats and Trends) and its purpose & importance of strategic planning. In addition to this, you are required to define primary external consideration for the development of strategic plan. I would like to guide you on these points which would assist you in fulfilling your query. See the text below: //

In the present era of cut-throat competition, the organizations, which fail to recognize & response to the changes affecting business, find heavy difficulties to survive in the marketplace. Therefore, the organization should carefully analyze all internal as well as external factors which cover strengths, weaknesses, opportunities, threats and trends (SWOTT) to maintain a secure position in current competitive world. SWOTT analysis assists a company to identify favorable factors and others that need to be improved.

Strengths: This factor comes under internal factor analysis and is under the control of company. Strengths help the company to develop competitiveness for example, great customer service, company assets, unique aspects, etc.

Weaknesses: These are the areas and limitations of business which needs to carefully analyzed and improved for example, weak financial position, limited market, less ...

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