SWOT Analysis

How to Write a SWOT Analysis Paper

If you have ever written business or marketing plans, you should know that SWOT analysis is important. The abbreviation stands for strengths, weaknesses, opportunities, and threats, where the first two components (strengths and weaknesses) refer to the internal analysis and the last two (opportunities and threats) belong to the external one. As such, a thoroughly conducted SWOT analysis provides an in-depth and complete examination how a chosen organization performs among its other business competitors. From the results obtained from SWOT analysis, it is possible to make a prognosis of how the company will function in the future or to what results or consequences might lead its current actions. Judging from the analysis, the managing staff of the organization might know how to maximize strengths or minimize the weaknesses in order to ensure that the company avoids the possible external threats.

How to Provide an Extensive SWOT Analysis

#1. When analyzing strengths, one should look for key factors that contribute to the organization success. For example, a brand name can serve as the company’s strength (Apple, Ford, Tesla, etc.). Besides, among the other strengths could be new technologies that the company is implementing. Overall, all aspects that positively affect the company and give it competitive edge can be regarded as its strengths.

#2. Weaknesses, on the contrary, refer to the factors that negatively influence a specific organization. For instance, among the most widespread weaknesses are high turnover rate among employees, problems in HR Department, the lack of expert workers, poor quality of products or services, etc. All these and numerous other factors have a detrimental influence on clients, and therefore the company does not enjoy popularity among the target consumers.

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#3. In order not to confuse opportunities with strengths, you should remember that the former are external factors unlike the latter that re connected to the benefits that can be found within the company. Actually, opportunities provide extra strength that can help the organization be more competitive. For example, if the economic situation in the country is favorable, it will help increase a company’s sales. Very often, a company’s success depends not merely on its ability to function properly and have some prospects but also on more global factors.

#4. Threats are tricky factors as they cannot be controlled easily and can thus negatively impact the organization and its processes. Some of the most severe threats are increased taxes, which lead to the increase of company’s costs. To avoid threats or at least reduce their negative effects, companies should consider threatening conditions in advance to be able to tackle such conditions.

The main purpose of conducting a SWOT analysis is to collect as much information as possible. To do it, it is advised to investigate the financial status of the company and examine the key information on the organization’s website and annual reports. Moreover, it is recommended to follow the news about the organization and study some academic sources that provide thorough and detailed research. To understand how well the company performs among its competitors, it is important to select a few aspects on the basis of which you will compare and contrast the selected company with the other organizations in the same industry.

References

  1. Humphrey, Albert (December 2005). "SWOT Analysis for Management Consulting"
  2. Albert Humphrey The "Father" of TAM". TAM UK. Retrieved 2012-06-03

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