Ask a question from expert

Ask now

SWOT as an analysis tool

4 Pages577 Words129 Views
   

Added on  2019-10-18

About This Document

SWOT analysis is a basic yet effective tool for identifying strengths, weaknesses, opportunities, and threats for a company. It helps in identifying the different strengths and weaknesses of the company operations, leading to the efficient use of resources in the areas where they are bound to have the most impact. The tool also helps in identifying new opportunities and risks, which can be leveraged to gain a competitive advantage over the competitors. Read more about SWOT analysis on Desklib.

SWOT as an analysis tool

   Added on 2019-10-18

BookmarkShareRelated Documents
SWOT as an analysis tool_1
SWOT analysisThe apple is an American company that is currently dominating the market in the national andglobal market is the firm chosen for this analysis and the tool for analysis that is evaluated in theSWOT analysis, which is the most basic of the situation analysis tools for a company. While the SWOT analysis in a specific market is simple to perform it does not detract from itsimportance in the organization. The SWOT analysis helps identify the strengths, weaknesses,opportunities and threats for a company operating in the market and their benefits start fromidentification of the different strengths and weaknesses of the company operations. That leads tothe economic use of the resources, which is finite and thus allows the organization to gain anadvantage by improving overall performance by concentrating the efforts in specific weak areasand leverage their strengths to their fullest benefit (Helms & Nixon, 2010). Therefore, theefficient use of resources in the areas where they are bound to have most impact improves thecompany performance to a higher degree and the resultant performance rise makes the companymore profitable. This leads to improvement in the product quality and specification to bettermeet the customer needs that affect the company image and brand recognition. Therefore, thecompany can find the best way to raise the company reputation and brand value by the analysistool (Hay & Castilla, 2006,). As the current market saturation rate is high in case of electronicgoods the market information regarding new opportunities is a great method to direct productdevelopment and improvement, which is the other benefit of the SWOT analysis. Therefore, themarket information gained from a SWOT analysis that not only provides rudimentary directionfor the company future steps but also helps identify specific areas where further study isnecessary to benefit the organization. The identification of threats or risks is also part of theanalysis, which helps devise the preventive planning for the future contingencies. Theidentification of the risk allows the company to not only prevent or minimize the damage fromsaid factors but also helps in the development of a strategy to leverage these risks to gain acompetitive advantage over the competitors (Yuan, 2013). All these benefits can be gained from the SWOT analysis but the main strength of SWOTanalysis is the simplicity of the tool and the versatility that allows the company to gain basic
SWOT as an analysis tool_2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Marketing
|4
|539
|57

Article Work: SWOT Analysis of Domino’s
|9
|1919
|674

SWOT, EBP, and PDP in Nursing
|9
|2743
|113

Swot Analysis of Netflix
|4
|849
|411

Strategy Development Tools
|9
|1856
|71

Comprehensive Discussion on Various Strategies for Telstra Corporation Limited
|10
|1839
|299