Swot Analysis : Marketing And Management

1370 Words6 Pages
Many individuals in the marketing and management industry understand the acronym SWOT, Strength, Weakness, Opportunities, and Threats but have no idea of the impact this analysis has on the business, or internal and external factors that are involved. Typically, managers’ first consider internal strengths and weaknesses (at the top row of the 2x2 grid) which can include image, structure, access to natural resources, capacity and efficiency, and financial resources. It is the foundation for understanding the true dynamics of how a business is flowing from all aspects. It is the most well-known tool for assessment and analysis of the total strategic position of the business and its environment. Its key purpose is to recognise the strategies that will produce a firm detailed business model that will best support an organization’s assets along with abilities to meet the requirements of the setting in which the firm operates. The importance of SWOT analysis lies in its ability to help clarify and summaries the key issues and opportunities facing a business. Value lies in considering the implications of the things identified and it can therefore play a key role in helping a business to set objectives and develop new strategies. Meaning of S.W.O.T. Strengths of a manager are to have the particular organization’s mission in mind along with the great qualities that assist with accomplishing the company’s mission. Examples of organizational strengths are huge financial resources, broad
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