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Originated by Albert S Humphrey in the 1960s, SWOT Analysis is a basic, straightforward model that assesses what an organization can and cannot do as well as ...
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SWOT Analysis Originated by Albert S Humphrey in the 1960s, SWOT Analysis is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Strengths and Weaknesses are often internal to your organization while opportunities and threats generally relate to external factors. For this reason, the SWOT analysis is sometimes called Internal-External Analysis. Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results. By writing down answers to the following questions, one should be able to make a SWOT analysis. Strengths: What advantages does your organization have? What do you do better than anyone else? What unique or lowest-cost resources can you draw upon that others can't? What do people in your market see as your strengths? What factors mean that you "get the sale"? What is your organization's Unique Selling Proposition (USP)? Consider your strengths from both an internal perspective, and from the point of view of your customers and competitors in your market. Weaknesses: What could you improve? What should you avoid? What are people in your market likely to see as weaknesses? What factors lose you sales? Again, consider this from an internal and external basis: Do other people seem to perceive weaknesses that you don't see? Are your competitors doing any better than you?
Opportunities: What good opportunities can you spot? What interesting trends are you aware of? Useful opportunities can come from such things as: Changes in technology and markets on both a broad and narrow scale. Changes in government policy related to your field. Changes in social patterns, population profiles, lifestyle changes, and so on. Local events. Threats What obstacles do you face? What are your competitors doing? Are quality standards or specifications for your job, products or services changing? Is changing technology threatening your position? Do you have bad debt or cash-flow problems? Could any of your weaknesses seriously threaten your business?