Swot Analysis Essay
SWOT analysis can also be called as SLOT analysis which is a strategic planning or direction for making decision based on available resources to determine valuate the Strength, Weaknesses/limitations, Opportunities, and Threats involved in a project or in a small business (business venture). It mentions the objective of business or a collaborative enterprise project and recognizes the internal, external factors which come in the achieving of objective. This method of analysis is prepared by an American businessman and a management consultant named Albert S …show more content…
Importance of Planning in SWOT
For determining the SWOT analysis strategic planning plays a vital role. Primarily it is important that the program issue must be put in shape and they are classified as: * What we are putting up for the sale. (Production) * A series of action conducted for doing the sales. (Process) * To whom the company is trading. (costumers) * How to do marketing and transporting. ( Distribution) * What to do with the money, budgeting. (Finance) * Direction or supervision for managing all this process. (Administration)
One way exercising SWOT analysis is comparing and transforming. By comparing the rival/ competitor project the strength opportunity is used for making profit in the business. Transforming is to accept the weakness or trade in the business and convert it into strengths and if it is not possible company should try to put down the weakness.
Internal and External factors of SWOT
To accomplish the objective of a project/business it is important