SWOT Analysis

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The Statements

Strategies are the way a company accomplishes their mission. Strategies come from a Vision and mission statement. A Vision statement tells everyone what the company wants to be. It is like the young boy who says he wants to be a fireman when he grows up. The vision statement should be inspirational and timeless. The mission statement identifies what the company will to do. It lets us know who the customers are and what its level of performance will be. By making a Vision and mission statement, the company is giving direction to the employees in the company. Strategies are based on the vision and mission statements. One of the best ways to develop strategies is to do a SWOT analysis.

SWOT

A SWOT analysis looks at internal and external factors to help in identifying the company’s strengths, weaknesses, opportunities and threats. By using the SWOT analysis, the company can match resources and capabilities. It is also helpful in determining strategy in today’s market. Using the SWOT vision statement and mission statement, we can develop strategies that coincide with the needs of the company. We can put our resources towards those strategies that will increase the company’s market share.

Strengths and Weaknesses

Strengths and weaknesses come from the internal factors.The company looks at itself to determine its strengths and weaknesses.The strengths are resources that can be used to increase a company’s advantage in the market place.Some strength includes a strong brand name, good customer service or a feature rich product.Weaknesses prevent a company from growing.Weaknesses could be a weak brand name, high cost for the product, or a lack of quality employees.

Opportunities and Threats

External factors are opportunities and threats.Opportunities reveal potential profit and growth for the company.Some opportunities could be new technologies or an unfulfilled customer need.Threats represent those factors that are detrimental to the company.Competitors could have released a better tool for the customers or developed that product customers wanted.

Strategy

Vision and mission statements are necessary for the company to see where they want to be. Employees use the statements to formulate strategy for the company. In order to develop strategy, a SWOT analysis should be done. SWOT helps develop the strategies by looking at the internal and external factors affecting the company.