think hypothetical organization offering product /service of your choice. Identify a real potential competitor in the market.
- Name your product/service as well as organization.
- Write the mission and objectives.
- Scan and assess the external environment to determine the strategic factors that pose opportunities and threats.
- Scan and assess the internal corporate environment to determine the strategic factors that are Strengths (especially core competencies) and Weaknesses.
- Analyze strategic (SWOT) factors to (a) pinpoint problem areas and (b) review and revise the corporate mission and objectives, as necessary.
- Generate, evaluate, and select the best alternative strategy in light of the analysis conducted in step 5.
- State how you are going to implement selected strategies via programs, budgets, and procedures.
- State how you are going to evaluate implemented strategies via feedback systems, and the control
of activities to ensure their minimum deviation from plans.
Before carrying out a SWOT analysis, consider the following guidelines:
- Be realistic about strengths and weaknesses. When performing a SWOT analysis on your business, be neither modest nor overly optimistic.
- Consider answers from the company’s point of view and from the point of view of customers, vendors, distributors, and others who do business with them.
- Distinguish between where the organization is today and where it could be in the future.
- Note that the SWOT is subjective. No two persons will come up with the same SWOT.