Principles of Information Systems (MindTap Course List)
Principles of Information Systems (MindTap Course List)
13th Edition
ISBN: 9781305971776
Author: Ralph Stair, George Reynolds
Publisher: Cengage Learning
Question
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Chapter 11, Problem 5DQ
Program Plan Intro

SWOT Matrix:

The internal assessment and external environment are been analyzed and frequently summarized into “Strengths, Weaknesses, Opportunities, Threats (SWOT)” matrix.

Usage of SWOT Matrix:

  • The SWOT matrix denotes a simple way to illustrate the following points:
    • What company is doing well?
    • Where it could improve?
    • What are available opportunities?
    • What environmental factors are threats to organization?
  • The internal assessment identifies most of strengths and weaknesses.
  • The analysis of external environment uncovers most of threats and opportunities.

Weakness and threat:

  • The details of weakness are shown below:
    • The weaknesses are identified from internal assessment.
    • The main aim is to minimize weaknesses.
    • It could be improved after its identification.
    • It denotes the entities or actions that could be avoided.
  • The details of threats are shown below:
    • A threat can damage potential business.
    • It denotes obstacles faced by business.
    • It denotes a detailed analysis of competitors of business.
    • It analyses the financial conditions and difficulties for organizations.

Strength and opportunity:

  • The details of strength are shown below:
    • It denotes features that help to perform better than competitors.
    • It computes advantages over the competitors.
    • It denotes the difference and extra points in organization compared to competitors.
    • It denotes an advantage for an organization.
  • The details of opportunities are shown below:
    • It denotes the research on interesting trends that could be followed.
    • It denotes changes in technology and markets.
    • It denotes global as well as local events.
    • It denotes usage of promotional techniques to promote business.
    • It denotes something that is not yet achieved.

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