The strategic planning for any organisation is an process which provides plan and action course to optimise the vision and mission of the organisation. SWOT analysis is assessment of the Strengths, Weaknesses, Opportunities and Threats. This SWOT analysis is embedded with the strategic planning process of the company. The purpose of SWOT analysis is to draw a perspective from which an organisation can address critical issues.
Both assessments are done with respect to the vision and mission of the organisation.
The SWOT analysis is a powerful tool which analyses the internal Strengths & Weaknesses and external Opportunities & Threats in the organisation’s environment.
The internal analysis is used for identification of resources, capabilities, core competencies and advantage over competitors that are important for an organisation. On the other hand, the external analysis is used to analyse the opportunities in the market and the threats it possess by looking at the resources of the competitor. We also look at the industry environment and also the genera environment. The aim of conducting a SWOT analysis is to get the knowledge about the internal and external environment and use this knowledge to formulate strategies.
The internal analysis points to the resources that should be developed and maintained so that the organisation stays competitive. Also, we have to make sure that the competitive advantage is unique to generate profits above the industry average.
To conduct an internal analysis, the essential question answered is that how well are we equipped and how capable are we to fulfil the vision and mission. We are asking -
While answering these questions, you need to look at the management board’s perspective as well. This includes following factors -
The aim of conducting an external analysis is to aid the company identify the key developments and future scope. The external environment comprises of variables that are not in the control of the organisation but are important to align the strategies according to the changing business environment.
When you have analysed the current state, attention is drawn to what will the future be like. This assessment needs such events and trends that can be reasonably anticipated. They will either -
The analysis of opportunities and threats needs a wide angle perspective. One needs to look at all the relevant dimensions that might have an influence like change in any of the following areas -
We hope this information will help you a lot in conducting your next SWOT analysis. Oh, by the way, if you need any further assistance with how to conduct a SWOT analysis or need the eye of a professional management assignment help expert to guide you, we are available 24x7 all time of the day and all days of the year.
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