Variety to make every phase of our business successful
Research and analysis are required.
Even running a small company in today's era of globalization is different
It is imperative to do research and analysis. Such
New tactics cannot be introduced without doing research, new tactics
Today's industrial war cannot be won without instillation. in that respect, One analysis that can be very useful for business is SWOT Analysis.
SWOT Analysis
Information needed to set goals and plan
To present and examine the pros and cons necessary to achieve the goal,
SWOT Analysis also provides necessary information for starting a new business
is used
SWOT Analysis
Strengths Weaknesses Opportunities Threats
(Threats) SWOT Analysis Strengths, Weaknesses, and Opportunities,
This analysis is used to detect threats. We have many questions about Our company's strengths touching and providing answers on Weaknesses, Opportunities, and Threats that can be identified.
Internal and external factors
Internal Factors — Strengths and Weaknesses (for the organization
Depends on factors of production – Price, Product
Marketing, Sales, Finance, Production, employees (Employees) ... etc.).
External Factors — Opportunities and Threats
(Depends on factors external to the firm – technological change
(Technological Change), Economy (Government),
Competitors, Social...etc).
Strength
Companies should know their strengths before planning a project
is necessary. A company's strengths are many of the things it has in its favor
is
What are the things that make our company better than other companies?
In our company's products than other company's products
What are Unique?
What resources can be procured at a lower cost than others?
- What do consumers and people consider our company's strengths?
What talent and energy do we have that other company employees do not have
Company employees have?
In what way our company's products are better than other companies products
Different?
- What unique selling methods do we have?
Answers to this type of question are our strengths.
High quality, cheap price, famous brand name
(Brand Name), Finance Resources, No Debt,
Skilled staff, excellent management, advanced technology, fast
Production, etc. are strengths.
Whatever we see as strengths we have to relate to our competitors.
If our competitor also sells high-quality products
Quality is not our strength.
Weaknesses
Career by identifying our weaknesses
Used to manage and improve. For our company
Disadvantages etc. are weaknesses of the company. Weaknesses
Not only from the company's point of view but also from the consumer's point of view
It should also be seen from the people's point of view.
- What factors affect our sales?
- What do we need to improve over others?
- In what way are we lagging behind others?
- What factors affect us?
Consumers and people as weaknesses of our company and our products
What do you think?
Our weaknesses are the answers we get when we ask so many questions. All the competitors do better than we are our weaknesses. High prices, low quality, high debt, insufficient financial resources
Lack of Finance Resources, Incompetence of staff, Leadership
Management incompetence, weak marketing, outdated technology,
there are many other weaknesses such as increasing cost of production.
Opportunities
Before organizations make a plan and set goals
Knowing the opportunities is essential. These opportunities are our goal, and play a major role in deciding planning as well.
- Broad Market
- Technological change (Changes in Technology)
- Changes in Market
Change in Government Policy Related to Our
field.)
- Monetary circulation to people is high
- The number of young people is increasing
- People's salary has not increased (Salary Hike)
Change in people's lifestyle, customs, society, etc
(lifestyle changes, population profiles, changes in social patterns, and so
on.)
All these are opportunities. Make ice cream
Summer is an opportunity for companies, two-wheelers like Pulsar
One opportunity is the growing number of young people into vehicles. jewelry
The festive season is an opportunity for shops.
Threats
All the obstacles and problems we encounter in the external environment are our
Threats. We must consider these threats.
Changing technology can be a threat to us (Changes in
(Technology Maybe Threats to Us)
Poor Infrastructures-Roads, Ports, Power, and so on...
- Entry of New Competitors
- Inflation
- Economy Recession
- Adverse Government Policies
- The reluctance of people to spend
All these are threats.
Opportunities for a few products are for other company products
May become threats.
Rainy seasons are an opportunity for umbrella companies, but the same for ice cream manufacturing companies
threats.
SWOT Analysis is used for goal setting and planning
Just as SWOT Analysis is useful for business, goals are for our personal lives
Used to determine We turn weaknesses into strengths and threats
Let's try to turn them into opportunities!