Companies face threats.
- Finance
- People (poor working relations)
- Marketing (inferior products, and bad marketing compared to competitors)
- Production (lack of resources or expertise to increase production output and quality)
SWOT – strength (internal), weaknesses (internal), opportunities (external), threats (external)
Advantages and Disadvantages of SWOT Analysis
- Visual, helps deal with real world problem.
- Helps get a picture of the organization’s position in the market
- Let’s the organization reflect on weaknesses and strengths
- Facilitates strategic thinking
Disadvantages
- Becomes outdated quickly, since it’s a snapshot of the current situation of a company
- Organizations struggle to address shortcomings.
- There could be errors and biases, based on the person who compiled it
- SWOT is not a sure way to develop a successful strategy. (i.e. “identifying weaknesses and threats does not necessarily mean that the business has sufficient resources to tackle these risks)
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