Swot Analysis: A perfect guide for strategic planning

<h2>Swot Analysis: A perfect guide for strategic planning</h2>

SWOT-Analysis.gif

Knowing about your weakness is your biggest strength. Business market is a place where only that company survives which has the capability and determination to dominate the market but, it won’t be possible without perfect direction. Planning based on notional thought or beliefs is like hitting arrow without target. Swot analysis is pertinent and prevalent method to gauge the intensity of the market and even scrutinize your competitor. The term SWOT is the acronym made up of four words viz., Strengths, Weaknesses, Opportunities and Threats. Strength and weakness is internal factors of organization whereas opportunities and threats are external factors.

Swot analysis plays very crucial role of formulation of plan to be prepared for the possible threats from competitors. If you failed to identify the market trends then; within fraction of seconds your brand will be out of the shelves and soon it will get disappear and lose the market share. Swot analysis helps the companies to identify strength, eliminate their weakness, avail opportunity and be alert from competition. It is very difficult to move with technology because within blink of an eye, morning news or technology is history in evening. There are myriads of competition due to increase in liberalization and privatization. Sectors like Telecommunication, Banks and many other sectors have now been opened to the private sector.

There are always two sides of the story, Globalization is an opportunity because our entrepreneurs can now compete with foreign brands like Flipkart competing Amazon, whereas on the other hand it is a threat because our home market has been captured by multinationals. Swot analysis is pertinent in today’s market to provide your business perfect direction and put up a pillar or strong base for formulating plans which is effective and efficient to build your own market.
 

kartik

Kartik Raichura
Staff member
SWOT Analysis is not just an evaluation tool for companies but also for individuals. You can consider SWOT to be similar to the ZOHARI window of personality tests.
 
Top