Swot Analysis in Pharmaceutical Industry

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History of SWOT In the 1960’s and 70’s, Albert Humphrey is said to have developed this strategic planning tool using data from the top companies in America at the time. A SWOT Analysis looks at the strengths, weaknesses, opportunities and threats that are relevant to an organization in a new venture. A SWOT Analysis is a tool which allows users to look at the direction a company or organization may wish to move towards in the future. A SWOT Analysis is a useful tool, which in conjunction with others can help make informed decisions. Definition of SWOT Many people see SWOT as synonymous with strategic planning. In fact, a SWOT analysis is only one of many tools that can be used in an organization’s strategic planning process. SWOT…show more content…
• Consider bringing in sympathetic outsiders who know your business and market (eg customers and suppliers). • Many businesses find a consultant most useful for their first SWOT analysis. 1.2 Brainstorm the issues. Ask everyone to identify any strengths or weaknesses they feel the business has, and any opportunities or threats they think the business faces. • Encourage participants to make suggestions without trying to judge how important the issue is. • Concentrate especially on identifying weaknesses and threats. • Be aware that lack of honesty is a common problem. For example, most people find it easier to identify strengths and opportunities, particularly if the performance of key people (including yourself) is one of the weaknesses. • You may want to use checklists to prompt further suggestions • Organize related ideas into groups. Recording suggestions on Post-it notes or cards that can be moved around and rearranged makes this easy. 1.3 Evaluate the significance of the issues that have been identified. To help you, use relevant data from your own and similar businesses. • Update your conclusions from any previous SWOT analysis. For example, a strength may no longer exist (e.g. if last year’s cutting edge product is now obsolete). • Assess whether your strengths (or weaknesses) give your business a significant competitive advantage (or disadvantage). For example, your
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