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SWOT refers to strengths, weaknesses, opportunities and threats. Opportunities and threats deal with factors external to the company--environmental factors. SWOT analysis is done as part of the overall corporate planning process in which financial and operational goals are set for the upcoming year and strategies are created to accomplish these goals.
Using Resources Efficiently Every company--even the largest ones that dominate their markets--has a finite supply of manpower, production capacity and capital.
The management team examines where the company can compete most effectively. The company often discovers it has competitive strengths that have not been fully utilized in the past. It is to identify the most critical areas that need to be improved in order for the business to more effectively compete.
A realistic assessment of weaknesses also prevents strategic blunders like entering a market with products that are clearly inferior to what well-entrenched competitors are offering.
Current weaknesses can--and must--be turned into future strengths. Discovering Opportunities Growth in business requires seeking out new opportunities, including new potential customer groups, broader product distribution, developing new categories of products and services and geographic expansion.
In SWOT analysis the management team identifies emerging opportunities to take advantage of right now and tries to forecast longer term opportunities so advance planning can be made to be ready to enter the market when the time is right.
Companies face many threats beyond those caused by direct competitors. Changes in the regulatory environment can have an adverse impact on performance.
Consumer tastes can abruptly change such as when a recession causes consumers to cut back on purchasing luxury goods and services. Risks are less threatening to an organization when it takes the time to develop contingency plans to quickly implement should the threats become a reality.
SWOT analysis helps a company be better prepared for whatever it will encounter in the external environment.
It is much like game planning in football--trying to locate where the opposing team is vulnerable. SWOT analysis shows a company that even its most powerful competitors have weaknesses that can be exploited.
References 3 "Simplified Strategic Planning: Peter Duncan; Management Study Guide:Choosing a name for your business is a crucial step. You want to make sure it is understandable and conveys what you do, while also being catchy enough for people to remember.
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A listing of cool and catchy project names to use within your organization or inspire future projects of your own. These names are typically used as code names to .
In general, the rules for finding a name for a new business also apply to finding a new name for an existing company. A new name might be necessary when a company broadens its range or when it merges with a different business.
Easiest Business to Start Profitable Businesses to Start. Whether you’re employed, a homemaker, or a student, you can still establish your own business.