What is a SWOT analysis?

devise Analysis stands for Strengths, Weaknesses, Opportunities and threats. It is a strategic planning tool which is used by caperes and institution to set a comprehensible rationale of the find. 1This analysis is not only aimed at analyzing the inborn factors but it also scans the remote milieu. Strengths and weaknesses are usually taken as internal environmental factors while opportunities and threats are viewed as outdoor(a) environmental factors. It helps a ships companion in formulating strategies and utilizes the firms resources in the accurate vicinity.Strengths would highlight the areas where investments should be made to further enhance the product or service and make it as a free-enterprise(a) advantage for the company, e.g. low cost. Weaknesses would tell a firm that improvement is required in a grouchy area, e.g. weak distribution network. Opportunities would define the areas which are not being targeted by the company and investing in that area would bring chances of growth and profit, e.g. an unmet customer need. There may be some changes in the international environment which can be a threat for a company, e.g. a new substitute product.2 tog out analysis should be performed for every area of the blood linees and it should be repeatedly done for every market.What is its purpose in strategic planning?strategic planning basically helps a business to set its overall objectives and indeed build a comprehensive plan to accomplish those objectives.3 In doing so, SWOT analysis performs an important dish by highlighting the strengths and weaknesses and spotlighting the opportunities and weaknesses. Through this in-depth market analysis, companies can set their goals in the right direction.Do you have to go on a SWOTT Analysis to have an effective strategic plan? Why or why not.Yes, it is indispensable to perform a SWOT analysis for building an effective strategic plan. The suit is that it tells a company what has been done well, so a s to focus in that area to earn higher profits. Then it highlights the internal harmful factors that can be improved by a company. Not only this, it gives insights for better opportunities in the market. 4 SWOT Analysis also informs about potential threats for a business. It is an immense planning tool that get out help in building a winning strategic plan for a company.Week 2 DQ 2What are the key planning factors for competitive success? line planning factors for an disposal will differ from company to company. However, we can perform a general industry analysis, a keen-sighted with competitor analysis and macro environment analysis. These factors drive the strategy of a company, so it is important to understand then properly. For achieving competitive success, type of business must be taken into account. Some suggested key planning factors for competitive success are focalise on strategic planning Right implementation of the strategy Time management of the entire project Using project management techniques for effective planning Research and learning Acquiring land and maintaining liquidness Well-constructed product Establishing efficient channels of distribution Providing after-sales support Communicating every decision to everyone in the organization Involvement of every employee in decision marking5 Teamwork and Collaboration between all departments Following principles of EthicsProvide an example of an organization that has gaind competitive success through planning.An example of an organization that has achieved competitive success through planning is Nestl. It is a leading nutrition and health company. They have diversified into new areas by creating value for their products. They were able to achieve that through long term planning by creating value for their shareholders, employees, consumers, and business partners. They strategically planned for the development of their research centers across the globe which is now one of their competitive ad vantages. Their entry into different countries and creating products with respect to the tastes and polish of that country was also a part of their strategic planning process. This planning is helping them to achieve their long term vision, i.e. creating shared value for society and shareholders.6Provide an example of an organization that has failed to achieve competitive success as the result of failed planning.An example of an organization that has failed to achieve competitive success as the result of failed planning is Hersheys. It is a leading manufacturer of chocolates, confectionaries and beverages in United States of America. Hersheys was in process of implanting an ERP Solution and they decided to convey SAP ERP. But this implementation failed and caused heavy loss to the company in terms of profits and sales. The reason was not any technical mistake by the vendor but poor planning by Herseys. They choose wrong conviction for implementation when business was at its peak. They made a blunder of restructuring the business process and changing it in a wrong way without doing strategic planning.They spend most of the time on ERP implementation which interrupted the day to day operations of the business, creating confusions for the employees. They might have avoided this issue if they remained pore and planned out all activities properly before implementation. They should have set their priorities in a strategic manner by looking at the business prospects from all angles.7BibliographyWhat is SWOT Analysis(2010), Retrieved from http//www.wisegeek.com/what-is-swot-analysis.htmStrategic Management(2010), Retrieved from http//www.quickmba.com/strategy/swot/Strategic Planning(2010), Retrieved from http//www.businesslink.gov.uk/bdotg/action/detail?itemId=1079687246&type=RESOURCESRoger Lever (Dec 10, 2008), Retrieved from http//strategic-business planning.suite101.com/article.cfm/use_swot_analysis_for_strategic_planningKey Success Factors in Strategic Plannin g By post horse Birnbaum, CMC(2009) Retrieved from http//www.birnbaumassociates.com/key-success-factors.htmRetrieved from http//www.nestle.com/AllAbout/AllAboutNestle.htmAnalyzing ERP failures in Hershey, Retrieved from http//www.erpwire.com/erp-articles/failure-story-in-erp-process.htm1 What is SWOT Analysis(2010), Retrieved from http//www.wisegeek.com/what-is-swot-analysis.htm 2Strategic Management(2010), Retrieved from http//www.quickmba.com/strategy/swot/ 3 Strategic Planning(2010), Retrieved from http//www.businesslink.gov.uk/bdotg/action/detail?itemId=1079687246&type=RESOURCES 4 Roger Lever (Dec 10, 2008), Retrieved from http//strategic-business planning.suite101.com/article.cfm/use_swot_analysis_for_strategic_planning 5 Key Success Factors in Strategic Planning By Bill Birnbaum, CMC(2009) Retrieved from http//www.birnbaumassociates.com/key-success-factors.htm 6 Retrieved from http//www.nestle.com/AllAbout/AllAboutNestle.htm 7 Analyzing ERP failures in Hershey, Retrieved from http//www.erpwire.com/erp-articles/failure-story-in-erp-process.htm