Swot analysis is the first and the foremost step in any marketing research exercise. Swot stands for strength, weaknesses, opportunities, and threats. Usually, business management students are given such type of analysis assignment to assess their skills and knowledge. However, a majority of students are stuck while writing their Swot analysis assignment. In a desire to make a better assignment, they seek assistance from experts and search for online assignment services providers.
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Assignment On Swot Analysis For Students
Assignment on Swot analysis is the process by which internal strengths and weaknesses of an organization and external opportunities and threats are identified and evaluated. The structural planning procedure to evaluate an organization’s strengths, weaknesses, opportunities, and threats are called Swot analysis. This analysis can be done for an individual, place, organization, or venture. It is one of the essential tools used while comprehending and decision-making for all sorts of the situation in an organization. It assists in identifying what an organization can do or cannot, including both the internal and external factors. It uses external environmental data to evaluate the position of an organization.
A swot analysis identifies which factors help a company accomplish its goals and the major obstacles which can block the company from reaching its goals. Obstacles can be reduced and overcome with the help of Swot analysis. It is a planned method that helps in making appropriate strategies to make the effective use of resources and stock of the organization.
Swot Analysis Class Assignment With Examples
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The four elements of SWOT analysis
Strengths are the special components that are an advantage to a firm. Strength is crucial for every organization in a particular field that differentiates and gives it an edge over its competitor. Strengths are an integral part of every organization, and it describes what the organization excels at. Some of the examples of the strengths of any organization are unique work power, strong balance sheet, loyal customer base, latest technology, unique selling proposition, and strong goodwill.
Weaknesses are the component that puts the firm on a level of disadvantage. These are a backlog that does not allow an organization to work on its optimum level. Because of weaknesses, an organization may suffer a loss out to its competitor in business. It is considered a crucial area that needs to be assessed from time to time to overcome. Some of the examples of the weakness of an organization can be inadequate supply chain, high debt, higher than average industry turnover, and the insufficiency of capital investment. After identifying the weaknesses, you can evaluate what should be improved in the organization, what should be avoided, and what factors are resulting in the establishment of those weaknesses.
Opportunities are the elements present in the surrounding or environment that an organization can use to take advantage of by identifying them. It can help an organization to take the lead over its competitors. It is essential to spot the new opportunities arising in the market or share market. One should identify the trends which are going on in the market, the change in technology, and market ethics. The organization can also modify some of the important opportunities.
Threats are the element that is also present in the environment which can influence the growth of an organization in a negative way. It can get the organization in trouble. These are those factors that have a high potential of harming the organization’s reputation and resources. While identifying the threats, the organization needs to identify the obstacles they are going to confront and also need to identify the competitor status and growth report. Analyze if the changing technology is creating issues for the firm.
The SWOT analysis factors are mainly categorized as:
- Internal factors: The strength and weaknesses are related to the internal factors. It is the internal policies of a business organization that influences its work. It may include the product, price, place, promotion, manufacturing, finances, and personnel.
- External factors: Opportunities and threats are related to the external factors. The external factors include expanding opportunities, change in government policies, technological changes, sociological changes, legislation, and marketplace changes.
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The Swot analysis provides strategic details about the functioning of the business and projects their results, lagging, and strong phases. It can be used to:
- Find new opportunities for the business
- Find new solutions to problems
- Eradicate hindrances in the achievement of the goals
- Direct the management for the attainment of the objectives
- Identify the planning is appropriate and goal-oriented or not
What are the benefits of SWOT analysis?
SWOT analysis is regarded as the very effective, efficient, and time-saving procedure of recognizing different vital elements relating to the organization that can help the organization make better than before. It is the most efficient way to guide the business strategy meetings, which help to expand the business stature. The strength and weaknesses can be used to change the performance of the company and its internal factors. The recognition of opportunities and threats can help to make the business market potential stronger. It is a useful method to understand your strength and weakness and identify both the opportunities open for you and the threats you face. Apart from the overall organization’s based SWOT analysis, there is also different sector-based SWOT analysis inside the organization such as production, marketing, sales departments SWOT analysis.
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