SWOT Analysis - SWOT analysis is a planning tool used to understand the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business. It involves specifying the objective of the business or project and identifying the internal and external factors that are supportive or unfavourable to achieving that objective. SWOT is often used as part of a strategic planning process.
Strengths
Competitive Strength Assessment - The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle. there are certain key reasons to do this kind of assessment. it will:
Key Success Factors - These are indicators or milestones that measure your business achievements and help determine how well you are progressing towards your goals and objectives. Without determining your key success factors, you run the risk of needing to make expensive changes of direction later on as you have not aligned your objectives to the success of your business. you must sit down and think what you really need to do to make your dream business a success.
Strengths
- Positive tangible and intangible attributes, internal to an organization.
- They are within the organization’s control.
- Factors that are within an organization’s control that detract from its ability to attain the desired goal.
- Which areas might the organization improve?
- External attractive factors that represent the reason for an organization to exist and develop.
- What opportunities exist in the environment, which will propel the organization?
Identify them by their “time frames”
- External factors, beyond an organization’s control, which could place the organization mission or operation at risk.
- The organization may benefit by having contingency plans to address them if they should occur.
- Classify them by their “seriousness” and “probability of occurrence”.
Competitive Strength Assessment - The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle. there are certain key reasons to do this kind of assessment. it will:
- Reveals strength of firm’s competitive position
- Shows how firm stacks up against rivals
- Indicates whether firm is at a competitive advantage/disadvantage against each rival
- Provides insight into how firm can build its strategy on its competitive strengths
- Provides insight into how firm can make strategic moves to alleviate its competitive weaknesses
Key Success Factors - These are indicators or milestones that measure your business achievements and help determine how well you are progressing towards your goals and objectives. Without determining your key success factors, you run the risk of needing to make expensive changes of direction later on as you have not aligned your objectives to the success of your business. you must sit down and think what you really need to do to make your dream business a success.