MeganCookWeek1HomeworkSWOT

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Charter College, Anchorage *

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4920

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Management

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Feb 20, 2024

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docx

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Megan Cook Week 1 Homework 10/22/2023 SWOT Strategic planning has no one size that fits all formula and has several different steps. One of the main analyzing tools that organization use is the SWOT analysis. In this paper we will break down the steps of SWOT and discuss the benefits and challenges of using this certain method of strategic management. Strengths The first step in the SWOT framework is to find out and establish your current organization’s strengths. These strengths can be proven and have correlating evidence to suggest that these traits gives your organization an edge over its competitors. These strengths help motivate employees as they paint a clear picture of the overall goals of the company and point out the characteristics that will help get them there. Weaknesses The determination of weaknesses causes the organization to bear some of the traits they carry that may be a deterrent for the business. These are areas in the organization that need improving to remain competitive in the marketplace. Opportunities

This section of strategic planning helps find the external factors that an organization has that can be used to reach its potential. Opportunities can be expansion in the market, innovation ideas, or increasing prices through productivity. Threats This is a very important section in the strategic process. The threats of your organization can either break your organization or give you the opportunity to build upon these threats as you combat them effectively. Any potential harm that your organization may face would be listed in this section to help implement plans in unforeseen circumstances. Conclusion The greatest benefit from using SWOT is the tangible chart that displays the different factors that could either make or break your organization. With documentation and a clear outline of these factors, employees and managers can better align their motivation and competency levels accordingly. The main challenge with using SWOT is the oversimplified complex issues that organizations face. This analysis is just a short outline to strengths, weaknesses, opportunities, and weaknesses of a business. Along with these complex issues, the biased position of the analyzer can also be a challenge. Different perspectives pose different strengths, weaknesses, opportunities, and weaknesses of a business. This is why analyzing data across the board with different perspectives is the best way to come up with a unbiased and solid SWOT analysis.

Resources Advantages of SWOT analysis (6 benefits and 4 limitations) . (2023, January 26). Status.net. https://status.net/articles/swot-analysis-process-benefits-limitations/ Gaille, B. (2017, January 13). 9 SWOT Analysis pros and Cons - BrandonGaille.com . BrandonGaille.com. https://brandongaille.com/9-swot-analysis-pros-and-cons/ Kenton, W. (2023). SWOT Analysis: How To With Table and Example. Investopedia . https://www.investopedia.com/terms/s/swot.asp

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