What is a SWOT analysis?

SWOT Analysis stands for Strengths, Weaknesses, Opportunities and threats. It is a strategical objectning tool which is used by coursees and shaping to stage a comprehensible rationale of the purport. 1This analysis is non only aimed at analyzing the internal factors but it also scans the external environment. Strengths and weaknesses are usually interpreted as internal environmental factors while opportunities and threats are viewed as external environmental factors. It helps a company in formulating strategies and utilizes the firms resources in the accurate vicinity.Strengths would highlight the knowledge bases where investments should be made to further enhance the growth or service and make it as a competitive profit for the company, e.g. low cost. Weaknesses would tell a firm that improvement is required in a particular area, e.g. weak distribution network. Opportunities would define the areas which are not being targeted by the company and investing in that area wo uld consume chances of growth and profit, e.g. an unmet customer need. There may be some changes in the external environment which can be a threat for a company, e.g. a new substitute product.2 SWOT analysis should be performed for all area of the bloodes and it should be repeatedly done for every market.What is its purpose in strategic training? strategical readying basically helps a military control to set its overall objectives and then build a comprehensive plan to accomplish those objectives.3 In doing so, SWOT analysis performs an important function 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 justly direction.Do you have to conduct a SWOTT Analysis to have an effective strategic plan? Why or why not.Yes, it is necessary to perform a SWOT analysis for building an effective strategic plan. The reason is that it tells a company what has been done well, so as to focus in that area to earn higher kale. 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 considercapable planning tool that will help in building a winning strategic plan for a company.Week 2 DQ 2What are the lynchpin planning factors for competitive success?Key planning factors for an organization will differ from company to company. However, we can perform a general effort analysis, along with competitor analysis and macro environment analysis. These factors drive the scheme of a company, so it is important to understand then properly. For achieving competitive success, character reference of business must be taken into account. Some suggested key planning factors for competitive success are Focus on strategic planning Right implementation of the strategy Time management of the entire project Using project management techniques for effective planning Research and knowledge Acquiring land and maintaining liquidity Well-constructed product Establishing efficient channels of distribution Providing after-sales support Communicating every decision to everyone in the organization liaison of every employee in decision marking5 Teamwork and Collaboration between all departments quest principles of EthicsProvide an example of an organization that has achieved competitive success through planning.An example of an organization that has achieved competitive success through planning is Nestl. It is a leading feeding and health company. They have diversified into new areas by creating treasure 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 plan for the development of their research centers across the solid ground which is now o ne of their competitive advantages. Their entry into different countries and creating products with respect to the tastes and acculturation 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 lodge and shareholders.6Provide an example of an organization that has failed to achieve competitive success as the chair of failed planning.An example of an organization that has failed to achieve competitive success as the dissolver 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 choose SAP ERP. simply 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 trafficker but poor planning by Herseys. They choose wrong age for implemen tation 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 solar day to day operations of the business, creating confusions for the employees. They might have avoided this issue if they remained focused 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/ put to death/ peak?itemId=1079687246&type=RESOURCESRoger Lever (Dec 10, 2008), Retrieved from http//strategic-business planning.suite101.com/article.cfm/use_swot_analysis_for_strate gic_planningKey Success Factors in Strategic Planning By Bill 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 Anal yzing ERP failures in Hershey, Retrieved from http//www.erpwire.com/erp-articles/failure-story-in-erp-process.htm