The paper "SWOT Analysis Model" is a perfect example of an assignment on management. SWOT analysis is a business planning tool that emanates from analyzing business and marketing strategies aiding organizations or companies to assess and reflect better on their strengths, weaknesses opportunities, and threats (SWOT). SWOT involves specifying the key objectives of a project or business. After this, there is a follow-through by identifying favorable and unfavorable internal, external factors influencing the achievement of the same. This analysis assists an organization better to understand their particular planning strategies and how best to implement them; to avoid deviating from the plan.
SWOT analysis is an essential and effective tool that requires proper resources and ample time, however, if done wrongly, can turn into a company’ s worst nightmare. Wrong implementation of SWOT analysis can cause a company to fail, therefore looking at how to use SWOT analysis the right way starts with the right SWOT framework. The SWOT framework is a two-by-two matrix whose success involves a group of members including key players and team members of the organization present (Bertelsen, 2012 p. 6).
This study evaluates the SWOT model, what constitutes the model, the pros and cons of choosing SWOT, and when to use the SWOT model in successful strategic planning. Aim of SWOT Analysis A good SWOT aims at analyzing the aspects that give an organization added advantage, sales prospects, and possible prospects for increased profitability and development enhancement. Additionally SWOT ensures an organization's preparedness and the necessary contingency plans are in place (Humphrey, 2005 p. 7). For example, a SWOT analysis done on RadioShack by one of their sales staff revealed the opportunities that keep it in competition with other companies and has sustained in the electronic retail market to date.
A thorough evaluation of the SWOT model remains a crucial factor in ensuring the most efficient analysis is applied and used correctly in strategic planning. For example, clarify the objectives and what organization or team the analysis intends to target. Afterward, the team should brainstorm ideas that they want to include in their strategic planning and clarify those ideas before they incorporate them into strategies. The International Fund for Agricultural Development (IFAD) reasserts the usefulness of a good SWOT analysis that begins with a well-planned SWOT model (Humphrey, 2005 p. 21).
IFAD describes the benefits of a good SWOT in carrying out a qualitative assessment of projects, project stakeholder’ s relationships, the organization of the strategy implementing partners, and the initial project team. Critique Despite the benefits associated with SWOT model critiques have attested its methodology to working both ways; as a quick and a dirty tool as well. Its flexibility qualifies it as a quick tool that is an advantage, but research findings have reported that SWOT can also harm an organization's performance immensely (Hill& West, 1997 p. 26).
For example, Menon et al. (1999, p. 11) found out that a SWOT analysis plays around with the variables that keep on changing like how many customers visit Starbucks versus McDonald's daily. These variables only lead to actions that best suit the one organization they target and not a wider scope that covers a wider corporate strategy. The two authors went ahead to suggest the Porter five forces analysis and growth-share matrix over the SWOT model.
Heinz Weihrich, (2000, p. 10) supports the above criticism by reasserting that most people find it difficult to translate the SWOT analysis results into meaningful and workable actions; covering a wider corporate strategy compared to the two options named above.
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