The paper "Strategic Analysis Formulation" is an outstanding example of business coursework. Strategic analysis is the process of developing a strategy for a business through conducting research on the business and its operational environment. During strategic analysis, the following steps are followed: first, an organization must define its problem or goal that has made it necessary for the analysis to be done, for instance, the organization’ s problem would be how to improve its production. Secondly, the organization must gather the information required in order to assess its strengths and weaknesses regarding the problem which will be followed by defining the potential opportunities and threats that may be within the scope of the organization’ s problem.
By doing so, they will generate a solution and find the best possible way of implementing it in order to effect the required change within the organization. The last step is reviewing the results of the analysis which will assist in defining how to use the organization’ s strengths in the best way possible, find a remedy to its weaknesses, counter the threats and maximize opportunities. Strategic analysis is important in that it gives one a clear view of the organization in terms of its business operations, objectives, goals, and methods of achieving its targets.
In order to successfully measure the failure or success of a strategy implemented by an organization, the SWOT analysis is used. A SWOT analysis also referred to as a SWOT matrix is a structured planning technique used to evaluate strengths, weaknesses, opportunities, and threats involved in a business venture, and can be carried out for a product, place, industry, or person (Helms & Nixon, 2010 p. 216).
In SWOT analysis, one specifies the objective of the business venture and identifies the internal and external factors that can favor or hinder the achievement of that objective. Strengths are the characteristics of the business which give it an advantage over the others while weaknesses are characteristics that put a business at a disadvantage in comparison to others.
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