What is SWOT Analysis and What is the need to master it?
SWOT Analysis is a tool which is usually used by businesses to check their current market position and implement new strategies for improvements accordingly. This examination looks at all the internal and external factors including Strengths, Weaknesses, Opportunities and Threats to acknowledge all the possibilities that can impact the business growth and its future position in the market.
For the students from UK, this is crucial to master this skill sWOT tool as this sets a stage or forms a base foundation for the assignments and case studies for all the academic disciplines.
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The SWOT analysis skill is an essential factor for the students to get comprehensive insights and well-structured responses to any study whether it is marketing planning, preparation of a business strategy or evaluation of any public project, this is a beneficiary tool.
The efficient and effective learning of these four elements of this tool can help an individual to get exceptional insights into any business or project, and by analyzing all these aspects, you can develop a wonderful and effective strategy to implement in the businesses. This is a very effective and vital skill that can serve the students throughout their career.
Swot Analysis Component Breakdown
Here is a detailed breakdown of SWOT to simplify its meaning for all the students. If you want to see the application of SWOT on an actual organisation you can visit our website, you can also see our essay samples.
Strength
Strengths are the internal qualities that a company possess. These are the strong factors that help the company in the best operations and can attract more consumers or deliver the best quality work to the customers.
There can be strength factors that we need to asses as an evaluator such as:
- The market reputation of a company
- A strong base of skilled workforce
- The pre-adaptations to the technologies
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Weakness
In the weakness point, the company looks at the weak factors or the weak internal points of the company that may hinder the ability to perform their strategies well in the market. The detection if these points is very important in order to grow in the competitive market. These weaknesses can be as follows:
Inefficient operation processes
- Poor service quality
- Poor brand reputation
- Lack of expertise in staff
- Outdated technology
- Weak leadership management
Opportunity
The SWOT analysis refers to the external factors which can be the advantage doorways for the organisations. These are the situations or developments like new tech adaptations by the general public, which can present opportunities for the companies to adapt those developments as quickly as possible and serve the customers while gaining huge benefits.
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Threats
Threats are the external challenges that a firm might have to face in the future. If a corporation does not take care of potential future threats then the present strategies can take a wrong turn and result in huge losses instead of benefits. Several factors can be counted as the threats such as:
- Intense competition from the new market entrants.
- Economic Downturns may cause reductions in the demand for products and services.
- The technological disruptions may make the existing products obsolete.
