Swots: Strategic Management and Swot Analysis

10111 WordsDec 30, 201241 Pages
SWOT usage SWOT has been used by countless practitioners, marketing researchers, and is a frequent and popular tool for business marketing and strategy students. Its simplicity and catchy acronym perpetuates its usage in business and beyond as the tool is used to assess alternatives and complex decision situations. In the business arena the grouping of internal and external issues is a frequent starting point for strategic planning. It can be constructed quickly and can benefit from multiple viewpoints as a brainstorming exercise. Typically, managers first consider internal strengths and weaknesses (at the top row of the 2 × 2 grid) which can include image, structure, access to natural resources, capacity and efficiency, and financial…show more content…
Organization As expected priori, SWOT analysis was frequently applied to organizational assessments for strategic planning. Studies report use of the tool for individual organizations, for comparing two companies, and for assessing several companies (but not the entire group of companies comprising an industry). Individual studies were grouped into subcategories of education: - healthcare; - government and not-for-profit; and - for-profit companies. Individual - education studies [61] Hai and Tsou (2009) used SWOT to develop a strategy for the Department of Information Management of Shih Chien University's Kaohsiung campus in Taiwan. The authors used a quantifiable method by including Multiple-Criteria Decision Making with the SWOT analysis. Their resulting SWOT indices were voted upon and weighted to determine the best strategic alternative. [48] Dyson (2004) studied the strategic development process at the University of Warwick (UK) by linking SWOT analysis to resource-based planning in an iterative process, embedded within overall strategic planning. In another education-focused study, [102] Lee et al. (2000) described the framework employed in strategy formulation by the Hong Kong Institute of Vocational Education. The study joined SWOT analysis with the balanced scorecard (BSC) method prior to analyzing the Malcolm Baldrige
Open Document