SWOTT Analysis Process and its Purpose in Strategic Planning
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1. 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?
2. Have you ever been part of a SWOTT Analysis? What experiences can you share with us about the process?
3. What are the primary internal organization considerations for the development of a strategic plan? Which consideration is the most important? Why?
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Solution Summary
Before writing about a detailed discussion of SWOT Analysis, we have to first figure out the meaning of SWOT Analysis. In addition, the purpose of SWOTT Analysis in strategic planning is being described here with a personal view regarding the conduction of SWOT Analysis. The significant purpose of SWOTT analysis and the prospective interpretations that can be made about the process of SWOTT analysis is then discussed as well as primary internal organization considerations for the development of a strategic plan; as it has its own significance. This response addresses the queries posed in 938 Words with APA References
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//Before writing about a detailed discussion of SWOT Analysis, we have to first figure out the meaning of SWOT Analysis. In addition, the purpose of SWOTT Analysis in strategic planning is being described here with a personal view regarding the conduction of SWOT Analysis. //
SWOTT analysis
It is the analysis of organizational strength, weakness, opportunity, threats and trends in an effective manner.
Strength: It refers to the positive aspect of company, which plays an important role in building unique position of the company.
Weakness: It refers to the negative position of the company, as a result of which the profit and goodwill of the company is lower in comparison to its competitors.
Opportunity: It refers to the area of growth for the company through identifying the possible key factors, which in future play the role of milestone for the company.
Threats: It refers to the upcoming challenge for the company as a result of intense competition in the market.
Trends: It refers to the current or future trends operating in the market which change according to the fashion in market.
Purpose of SWOTT analysis in strategic planning
The purpose of SWOTT analysis is to analyze the internal as well as the external market position of the firm in terms of strength, weakness, opportunity, threats and trends. In the cut throat competition of global business environment, it is essential for the company to know what the key areas of growth are and to select the best available opportunity by capitalizing the strength. SWOTT analysis assists the company in ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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