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The SWOT analysis is a tool used to help an organizations strategic planning process and It is also a useful tool in developing and confirming your goals and marketing strategy.

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Introduction

SWOT analysis In 1960, a research was conducted at Stanford Research Institute. The research was funded by the Fortune 500 companies to find out what could be the reason that corporate planning was failing. Under lead of Albert Humphrey, who also developed the TAM(r) (Team, Action, Management) business performance model, the research team invented the SWOT analysis model. The SWOT analysis is a tool used to help an organization's strategic planning process and It is also a useful tool in developing and confirming your goals and marketing strategy. The SWOT analysis evaluates the organization's internal strengths (S) and weaknesses (W), and its external opportunities (O) and threats (T). ...read more.

Middle

As Wikipedia.org defines, "Strengths are the characteristics of the business, or project team that give it an advantage over others" (SWOT analysis, par 2). Secondly, we consider the weaknesses or limitations of the organization. These are the characteristics that place the organization at a disadvantage relative to other organizations. Weaknesses are factors that are within your control that detract from your ability to obtain or maintain a competitive edge. Mindtools.com states, "Ask yourself these questions: What are my competitors doing better than me, what can we improve, and what are people in my market likely to see as weaknesses from my company?" (SWOT analysis, par 3). The more accurately you identify these weaknesses, the more valuable the outcome will be to compete with your competitors. ...read more.

Conclusion

Whereas some changes turn into opportunities, other changes in the environment will impact the business in a negative way. They could cause trouble for the organization or team. It is valuable to rank the threats to their seriousness and probability of occurrence. The better you are at identifying the potential threats, the higher the chance that you can position yourself correctly and respond to them as quickly and as smart as possible. Once the above analysis is complete, you can build a strategy for the future of the organization, whereby you can capitalize the strengths, improve the weaknesses, seize the opportunities and avoid the threats of the organization. "You have to convert your weaknesses into strength and your threats into opportunities; Further on, you should match the strengths and opportunities to optimize the potential and profitability of the organization "(Marketing Strategy, 2011). ...read more.

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