User:C stampe - Revision history

C stampe: /* Overview */

2021-02-20T19:38:44Z

Overview

← Older revision		Revision as of 19:38, 20 February 2021
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	==Overview==		==Overview==
	The concept of SWOT analysis is simple: to highlight the areas in which you wish to improve and minimize the areas where errors can occur. It’s an important tool because it can help identify which later steps in planning are necessary to achieve the objective. It also contributes to realizing if the objective is attainable or not. If not then the process must be repeated by selecting a different objective.		The concept of SWOT analysis is simple: to highlight the areas in which you wish to improve and minimize the areas where errors can occur. It’s an important tool because it can help identify which later steps in planning are necessary to achieve the objective. It also contributes to realizing if the objective is attainable or not. If not then the process must be repeated by selecting a different objective.
	SWOT is an acronym for Strength Weakness Opportunities and Threats.<ref>[Piercy, N. and Giles, W. (1989) Making SWOT Analysis Work Journal of Marketing Intelligence & Planning, Vol 7, Issue 5/6, P 5-7]</ref> Each category must be filled out starting with the internal factors, strengths, and weakness:		SWOT is an acronym for Strength Weakness Opportunities and Threats.<ref>Piercy, N. and Giles, W. (1989) Making SWOT Analysis Work Journal of Marketing Intelligence & Planning, Vol 7, Issue 5/6, P 5-7</ref> Each category must be filled out starting with the internal factors, strengths, and weakness:

	'''Strength''': the characteristics that give the business an advantage over the competition. Look within the company and find every strength that secures the position on the market. Strengths can be flexible such as brand attributes or more general like a specific team or branch. It can also be strengths in a particular product or product development which could give a market advantage.		'''Strength''': the characteristics that give the business an advantage over the competition. Look within the company and find every strength that secures the position on the market. Strengths can be flexible such as brand attributes or more general like a specific team or branch. It can also be strengths in a particular product or product development which could give a market advantage.

C stampe: /* Limitations */

2021-02-20T19:38:23Z

Limitations

← Older revision		Revision as of 19:38, 20 February 2021
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	==Limitations==		==Limitations==
	SWOT is most beneficial to use for small businesses because there is often more responsibility on the owner alone instead of having large corporate departs to help with support in growing, developing, and maintaining the business. SWOT can therefore help the manager of the small business in the decision-making process. SWOT analysis should not be a contributing tool in decision-making, its main intention is a starting point for discussions and clarification in regards to the business’ position.<ref>[Dess, Gregory (2018). Strategic Management. United States: McGraw-Hill]</ref>		SWOT is most beneficial to use for small businesses because there is often more responsibility on the owner alone instead of having large corporate departs to help with support in growing, developing, and maintaining the business. SWOT can therefore help the manager of the small business in the decision-making process. SWOT analysis should not be a contributing tool in decision-making, its main intention is a starting point for discussions and clarification in regards to the business’ position.<ref>Dess, Gregory (2018). Strategic Management. United States: McGraw-Hill</ref>

	A SWOT analysis will only show a moment in time, and it requires continuous work to maintain and update the analysis to be accurate. This can be a large disadvantage in an agile environment.<ref>[Hill, T. & R. Westbrook (1997), “SWOT Analysis: It’s Time for a Product Recall,” Long Range Planning, 30]</ref>		A SWOT analysis will only show a moment in time, and it requires continuous work to maintain and update the analysis to be accurate. This can be a large disadvantage in an agile environment.<ref>Hill, T. & R. Westbrook (1997), “SWOT Analysis: It’s Time for a Product Recall,” Long Range Planning, 30</ref>

	Another disadvantage is the subjectiveness of it. Different departments or stakeholders may perceive a listed opportunity as a threat or vice versa. Therefore, it is crucially important that all relevant personnel contribute to the completion of the analysis. This could potentially be a disadvantage in a large business as well because it will be difficult to gather everyone involved.<ref>[https://medium.com/better-marketing/the-swot-is-dead-a977f2efebb8 The SWOT is Dead.]</ref>		Another disadvantage is the subjectiveness of it. Different departments or stakeholders may perceive a listed opportunity as a threat or vice versa. Therefore, it is crucially important that all relevant personnel contribute to the completion of the analysis. This could potentially be a disadvantage in a large business as well because it will be difficult to gather everyone involved.<ref>[https://medium.com/better-marketing/the-swot-is-dead-a977f2efebb8 The SWOT is Dead.]</ref>

C stampe: /* Limitations */

2021-02-20T17:38:08Z

Limitations

← Older revision		Revision as of 17:38, 20 February 2021
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	==Limitations==		==Limitations==
	SWOT is most beneficial to use for small ~~business~~ because there is often more responsibility on the owner alone instead of having large corporate departs to help with support in growing, developing, and maintaining the business. SWOT can ~~therefor~~ help the manager of the small business in the decision-making process. SWOT analysis should not be a contributing tool in decision-making, ~~it’s mainly~~ intention is a starting point for discussions and clarification in regards to the business’ position. (Dess, Gregory (2018). Strategic Management. United States: McGraw-Hill~~. p. 73.)~~		SWOT is most beneficial to use for small businesses because there is often more responsibility on the owner alone instead of having large corporate departs to help with support in growing, developing, and maintaining the business. SWOT can therefore help the manager of the small business in the decision-making process. SWOT analysis should not be a contributing tool in decision-making, its main intention is a starting point for discussions and clarification in regards to the business’ position.<ref>[Dess, Gregory (2018). Strategic Management. United States: McGraw-Hill]</ref>

	A SWOT analysis will only show a moment in time, and it requires continuous work to maintain and update the analysis to be accurate. This can be a large disadvantage is an agile environment.		A SWOT analysis will only show a moment in time, and it requires continuous work to maintain and update the analysis to be accurate. This can be a large disadvantage in an agile environment.<ref>[Hill, T. & R. Westbrook (1997), “SWOT Analysis: It’s Time for a Product Recall,” Long Range Planning, 30]</ref>

	Another disadvantage is the subjectiveness of it. Different departments or stakeholders may perceive a listed opportunity as a threat or vice versa. Therefore, it is crucially important that all relevant personnel contribute to the completion of the analysis. This could potentially be a disadvantage in a large business as well because it will be difficult to gather everyone involved.<ref>[https://medium.com/better-marketing/the-swot-is-dead-a977f2efebb8 The SWOT is Dead.]</ref>		Another disadvantage is the subjectiveness of it. Different departments or stakeholders may perceive a listed opportunity as a threat or vice versa. Therefore, it is crucially important that all relevant personnel contribute to the completion of the analysis. This could potentially be a disadvantage in a large business as well because it will be difficult to gather everyone involved.<ref>[https://medium.com/better-marketing/the-swot-is-dead-a977f2efebb8 The SWOT is Dead.]</ref>

	==SWOT Alternatives==		==SWOT Alternatives==

C stampe: /* Overview */

2021-02-20T17:33:20Z

Overview

← Older revision		Revision as of 17:33, 20 February 2021
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	==Overview==		==Overview==
	The concept of SWOT analysis is simple: to highlight the areas in which you wish to improve and minimize the areas where errors can occur. It’s an important tool because it can help identify which later steps in planning are necessary to achieve the objective. It also contributes to realizing if the objective is attainable or not. If not then the process must be repeated by selecting a different objective.		The concept of SWOT analysis is simple: to highlight the areas in which you wish to improve and minimize the areas where errors can occur. It’s an important tool because it can help identify which later steps in planning are necessary to achieve the objective. It also contributes to realizing if the objective is attainable or not. If not then the process must be repeated by selecting a different objective.
	SWOT is an acronym for Strength Weakness Opportunities and Threats. Each category must be filled out starting with the internal factors, strengths, and weakness:		SWOT is an acronym for Strength Weakness Opportunities and Threats.<ref>[Piercy, N. and Giles, W. (1989) Making SWOT Analysis Work Journal of Marketing Intelligence & Planning, Vol 7, Issue 5/6, P 5-7]</ref> Each category must be filled out starting with the internal factors, strengths, and weakness:

	Strength: the characteristics that give the business an advantage over the competition. Look within the company and find every strength that secures the position on the market. Strengths can be flexible such as brand attributes or more general like a specific team or branch. It can also be strengths in a particular product or product development which could give a market advantage.		'''Strength''': the characteristics that give the business an advantage over the competition. Look within the company and find every strength that secures the position on the market. Strengths can be flexible such as brand attributes or more general like a specific team or branch. It can also be strengths in a particular product or product development which could give a market advantage.
	Weakness: the characteristics which give the business a disadvantage over the competitors. This is a great opportunity for critical self-awareness. Weaknesses can be within the company, like lack of specialized personnel or lack of resources either in form of financials or maybe production requires specific materials which are difficult to attain. It may also be concerning other companies; is the company’s market presence or reputation strong enough to withstand competition.<ref>[https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis How to Do a SWOT Analysis for Your Small Business]</ref>
			'''Weakness''': the characteristics which give the business a disadvantage over the competitors. This is a great opportunity for critical self-awareness. Weaknesses can be within the company, like lack of specialized personnel or lack of resources either in form of financials or maybe production requires specific materials which are difficult to attain. It may also be concerning other companies; is the company’s market presence or reputation strong enough to withstand competition.<ref>[https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis How to Do a SWOT Analysis for Your Small Business]</ref>

	When strengths and weaknesses within the business have been identified it is time to move on to the external factors, opportunity, and threats:		When strengths and weaknesses within the business have been identified it is time to move on to the external factors, opportunity, and threats:

	Opportunity: external factors that could contribute to your growth. In this step, there will be looked at every area where there is potential for growth or improvement and finding the factors that can contribute to it. Which opportunities can be utilized to secure or advance the position on the market? It can also be purely financial advancement or opportunity to hire new experienced workers. The primary purpose of opportunity is to find factors that can be turned into strengths for the company in the future.<ref>[https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis How to Do a SWOT Analysis for Your Small Business]</ref>		'''Opportunity''': external factors that could contribute to your growth. In this step, there will be looked at every area where there is potential for growth or improvement and finding the factors that can contribute to it. Which opportunities can be utilized to secure or advance the position on the market? It can also be purely financial advancement or opportunity to hire new experienced workers. The primary purpose of opportunity is to find factors that can be turned into strengths for the company in the future.<ref>[https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis How to Do a SWOT Analysis for Your Small Business]</ref>
	Threats: external factors that can harm the business or project. This could include new businesses that could become competitors or new laws that might affect them. It can be a very broad section of the analysis depending on how detailed you wish to be and how big impact threats you want to include.
			'''Threats''': external factors that can harm the business or project. This could include new businesses that could become competitors or new laws that might affect them. It can be a very broad section of the analysis depending on how detailed you wish to be and how big impact threats you want to include.

	SWOT considers the external and internal factors as well as which factors are helpful or harmful. The weaknesses and threats are harmful while strengths and opportunities categorize as helpful.		SWOT considers the external and internal factors as well as which factors are helpful or harmful. The weaknesses and threats are harmful while strengths and opportunities categorize as helpful.

C stampe: /* TOWS */

2021-02-20T17:30:59Z

TOWS

← Older revision		Revision as of 17:30, 20 February 2021
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	===TOWS===		===TOWS===
			[[File:Tows.png\|350px\|thumb\|right\|"TOWS Matrix identifies the relationships between these factors and selecting strategies on their bases."<ref>[https://online.visual-paradigm.com/knowledge/strategic-analysis/tows-analysis-guide/ TOWS Model Analysis – SWOT with actions]</ref>]]
	TOWS is an extension of the SWOT analysis. SWOT starts by focusing on the internal factors, but a TOWS analysis will focus on the external factors such as opportunities and threats first. SWOT is primarily used for planning; TOWS will primarily be used for planning action.<ref>[https://www.forbesbaxter.co.uk/2021/01/tows-model-analysis-swot-analysis-with-actions/ TOWS Model Analysis – SWOT with actions]</ref>		TOWS is an extension of the SWOT analysis. SWOT starts by focusing on the internal factors, but a TOWS analysis will focus on the external factors such as opportunities and threats first. SWOT is primarily used for planning; TOWS will primarily be used for planning action.<ref>[https://www.forbesbaxter.co.uk/2021/01/tows-model-analysis-swot-analysis-with-actions/ TOWS Model Analysis – SWOT with actions]</ref>

C stampe: /* Application */

2021-02-20T17:28:15Z

Application

← Older revision		Revision as of 17:28, 20 February 2021
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	==Application==		==Application==

	[[File:Swot1.jpg\|~~300px~~\|thumb\|right\|SWOT quadrant. Own image.]]		[[File:Swot1.jpg\|350px\|thumb\|right\|SWOT quadrant. Own image.]]

	SWOT analysis is generally used early in the process as a technique for strategic planning. It can sometimes also be used to make a business case because will collect large portions of relevant information that could contribute to the market research or competition identification. SWOT is a good opportunity to brainstorm within the business to assess the general position on the market and to clarify the objectives of a business venture or project. This is done by identifying the internal and external factors that are supportive or damaging to achieve these objectives. The key points of a SWOT application are to identify the internal and external barriers which could limit the objectives but to also determine the factors which could benefit the objective and thereby decide on a course of action that will be most powerful.<ref>[https://www.projectmanager.com/training/how-to-perform-a-swot-analysis How to Perform a SWOT Analysis]</ref>		SWOT analysis is generally used early in the process as a technique for strategic planning. It can sometimes also be used to make a business case because will collect large portions of relevant information that could contribute to the market research or competition identification. SWOT is a good opportunity to brainstorm within the business to assess the general position on the market and to clarify the objectives of a business venture or project. This is done by identifying the internal and external factors that are supportive or damaging to achieve these objectives. The key points of a SWOT application are to identify the internal and external barriers which could limit the objectives but to also determine the factors which could benefit the objective and thereby decide on a course of action that will be most powerful.<ref>[https://www.projectmanager.com/training/how-to-perform-a-swot-analysis How to Perform a SWOT Analysis]</ref>

C stampe: /* Application */

2021-02-20T17:28:04Z

Application

← Older revision		Revision as of 17:28, 20 February 2021
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	==Application==		==Application==
	SWOT analysis is generally used early in the process as a technique for strategic planning. It can sometimes also be used to make a business case because will collect large portions of relevant information that could contribute to the market research or competition identification. SWOT is a good opportunity to brainstorm within the business to assess the general position on the market and to clarify the objectives of a business venture or project. This is done by identifying the internal and external factors that are supportive or damaging to achieve these objectives. The key points of a SWOT application are to identify the internal and external barriers which could limit the objectives but to also determine the factors which could benefit the objective and thereby decide on a course of action that will be most powerful.<ref>[https://www.projectmanager.com/training/how-to-perform-a-swot-analysis How to Perform a SWOT Analysis]</ref>

	[[File:Swot1.jpg\|300px\|thumb\|right\|SWOT quadrant. Own image.]]		[[File:Swot1.jpg\|300px\|thumb\|right\|SWOT quadrant. Own image.]]

			SWOT analysis is generally used early in the process as a technique for strategic planning. It can sometimes also be used to make a business case because will collect large portions of relevant information that could contribute to the market research or competition identification. SWOT is a good opportunity to brainstorm within the business to assess the general position on the market and to clarify the objectives of a business venture or project. This is done by identifying the internal and external factors that are supportive or damaging to achieve these objectives. The key points of a SWOT application are to identify the internal and external barriers which could limit the objectives but to also determine the factors which could benefit the objective and thereby decide on a course of action that will be most powerful.<ref>[https://www.projectmanager.com/training/how-to-perform-a-swot-analysis How to Perform a SWOT Analysis]</ref>

	It is a visual tool and be completed in a few steps. Before beginning the process consider gathering all of the key stakeholders or others close to the project.		It is a visual tool and be completed in a few steps. Before beginning the process consider gathering all of the key stakeholders or others close to the project.

C stampe: /* Porter’s Five Forces */

2021-02-20T17:27:49Z

Porter’s Five Forces

← Older revision		Revision as of 17:27, 20 February 2021
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	*The threat of substitute products or services		*The threat of substitute products or services
	*Bargaining power of suppliers		*Bargaining power of suppliers
	[[File:porter.png\|~~400px~~\|thumb\|~~right~~\|Porters Five Forces. A diagram of Michael Porter's Five Forces based on an image from Porter M. E., Competitive Advantage: Creating and Sustaining Superior Performance (New York: Free Press, 1985), page 5.]]		[[File:porter.png\|300px\|thumb\|none\|Porters Five Forces. A diagram of Michael Porter's Five Forces based on an image from Porter M. E., Competitive Advantage: Creating and Sustaining Superior Performance (New York: Free Press, 1985), page 5.]]

	==Application==		==Application==

C stampe: /* Porter’s Five Forces */

2021-02-20T17:27:28Z

Porter’s Five Forces

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	====Porter’s Five Forces====		====Porter’s Five Forces====
	[[File:porter.png\|200px\|thumb\|right\|Porters Five Forces. A diagram of Michael Porter's Five Forces based on an image from Porter M. E., Competitive Advantage: Creating and Sustaining Superior Performance (New York: Free Press, 1985), page 5.]]
	Porter’s Five Forces aims to understand the competitiveness of the business and identify potential profitability. When having identified external forces that can affect profitability it is possible to create opportunities for the business.<ref>[https://www.mindtools.com/pages/article/newTMC_08.htm Porter's Five Forces Understanding Competitive Forces to Maximize Profitability]</ref>		Porter’s Five Forces aims to understand the competitiveness of the business and identify potential profitability. When having identified external forces that can affect profitability it is possible to create opportunities for the business.<ref>[https://www.mindtools.com/pages/article/newTMC_08.htm Porter's Five Forces Understanding Competitive Forces to Maximize Profitability]</ref>

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	*The threat of substitute products or services		*The threat of substitute products or services
	*Bargaining power of suppliers		*Bargaining power of suppliers
			[[File:porter.png\|400px\|thumb\|right\|Porters Five Forces. A diagram of Michael Porter's Five Forces based on an image from Porter M. E., Competitive Advantage: Creating and Sustaining Superior Performance (New York: Free Press, 1985), page 5.]]

	==Application==		==Application==

C stampe: /* Porter’s Five Forces */

2021-02-20T17:25:58Z

Porter’s Five Forces

← Older revision		Revision as of 17:25, 20 February 2021
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	====Porter’s Five Forces====		====Porter’s Five Forces====
	[[File:porter.png\|~~300px~~\|thumb\|right\|Porters Five Forces. A diagram of Michael Porter's Five Forces based on an image from Porter M. E., Competitive Advantage: Creating and Sustaining Superior Performance (New York: Free Press, 1985), page 5.]]		[[File:porter.png\|200px\|thumb\|right\|Porters Five Forces. A diagram of Michael Porter's Five Forces based on an image from Porter M. E., Competitive Advantage: Creating and Sustaining Superior Performance (New York: Free Press, 1985), page 5.]]
	Porter’s Five Forces aims to understand the competitiveness of the business and identify potential profitability. When having identified external forces that can affect profitability it is possible to create opportunities for the business.<ref>[https://www.mindtools.com/pages/article/newTMC_08.htm Porter's Five Forces Understanding Competitive Forces to Maximize Profitability]</ref>		Porter’s Five Forces aims to understand the competitiveness of the business and identify potential profitability. When having identified external forces that can affect profitability it is possible to create opportunities for the business.<ref>[https://www.mindtools.com/pages/article/newTMC_08.htm Porter's Five Forces Understanding Competitive Forces to Maximize Profitability]</ref>