SWOT Analysis: Overview Article

Undertaking a SWOT research can help increase your company

Houston Business Diary by Jeff Clark

Date: Sunday, 06 6, 2004, 11: 00pm CDT - Last Revised: Thursday, June 3, 2004, 10: 12am CDT [pic][pic][pic][pic][pic][pic]

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SWOT is one particular acronyms that numerous business people use, few know what it means, and fewer realize how to use it. But an effective SWOT analysis is important to the ongoing success of any business. SWOT is short for Strengths, Weak points, Opportunities and Threats. A SWOT analysis for your organization should be done at least every year. SWOT results form a company's marketing strategy, strategies and tactics. Let's discuss each one of the elements of SWOT:

• Strengths. They are defined as positive factors in your company that may enhance it is ability to win future business. Examples of these types of factors might include particular skills or products, special knowledge or perhaps experience, good customer relationships, special solutions, manufacturing advantages, delivery advantages, marketing positive aspects and monetary advantages. Just about every business has its own distinctive strong points the competition will not. Start by thinking a list of the first strengths of your business in accordance with other items, relative to economical returns, in accordance with the requirements of consumers and relative to competition. Once you have a list, prioritize your records from most relevant to least significant. Then simply eliminate those that do not symbolize a significant advantage for your business. • Weaknesses. These are defined as bad factors in your company that may impede it is ability to succeed future organization. Examples may well include the not enough a specific merchandise, capability, encounter or skill-set. Weaknesses might also include poor knowledge of a client or a rival, an unproven product or perhaps business in...