Question 1: Compare and contrast the key differences between a SWOT and a Five Forces analysis? Assess the advantages and disadvantages of this model?
Question 2: Analyze if the nominal group process encourages new ideas or does the process suppress critical thinking. Assume you have been asked to look at establishing an outpatient surgical center. Propose what would an environmental assessment look like for this product offering?
SWOT vs Five Forces
SWOT (strengths, weaknesses, opportunities, threats) analysis is utilized by a large cross section of businesses to formulate strategic plans (Hollingsworth, 2011). Another paradigm that can be employed is Porter's five forces. Porter's five forces model I one of the best known and most used techniques for assessing the factors that most directly affect the profitability of an industry (Warner, 2010). SWOT analysis does not gauge the ...
A brief comparison of SWOT vs Five forces and the effect of nominal group process on critical thinking.