Business Musings Evaluating your strengths, weaknesses, opportunities and threats Previously, we looked at some of the basic parts of creating a simple business plan researching the market and determining who your customers are.
This environment is made of up of numerous factors which may or may not be good for the organisation in the long run. The organisation has the responsibility to identify all such factors and then adjust itself accordingly.
Strength, Weakness, Opportunity and Threat Valentin, These four factors are essentially responsible for identifying the areas of concern for the business.
Guth in Business Policy Barney, This analysis can help the organisation to create a blueprint for the future. A SWOT analysis is useful not only for an organisation but also any industry or product, or even a person. People need to identify their core areas of strength and weakness to help them identify the suitable roles they should look for in the future.
We can understand it better with the help of the following illustration.
It depicts the four essential factors. We will now discuss the analysis in detail — Strengths — What is the core area of the organisation or product which is very strong? Strengths are basically an amalgamation of knowledge, talent, and skill in case of an individual and areas where the organisation has an upper hand over its competitors.
For example, a mosquito repellent brand which uses herbal ingredients may be in a better position than a company which uses harsh chemicals. The identification of strength is positive psychology.
Every organisation, product or person, may have a set of strengths, which when identified, helps them in finding the right fit.
For example, although a student is studying engineering, he may be keener to pursue a career in psychology. An earlier analysis would have successfully evaded this dilemma. Thus, strength is internal in nature.
Strength is accompanied by immediate excitement and complete engagement in the case of a person. In the case of a product or organisation, the effect is also somewhat similar.
For example, in the case of a mosquito repellent with herbal ingredients, it is more likely that a consumer will choose an herbal variety over a chemical product.
Hence, manufacturing a more health-friendly, user-friendly product can be considered as the strength of the company. Weaknesses — Every product, or person for that matter, may have a few qualities which may be harmful to It may create a negative psychology in the minds of the makers of the product, and in the minds of the persons who have those qualities.
Continuing with the example of a herbal mosquito repellent, we may find that the product, although made entirely of herbal ingredients, turns out to be quite expensive.
Everyone may not be able to afford the product. This may not be good for the product because the business may not grow further if it only caters to a particular section. The price must be quoted to compete with the cheaper versions in the market while retaining its popularity. Weakness is a component of the internal environment.
Weakness, as already defined, may negatively influence any person or product. But identifying the weakness is pretty essential from the point of view of improvement. Until and unless someone knows their weakness or the weakness of their organisation or product they may not know what exactly went wrong.
Why they missed a particular opportunity or why a product, despite being so good for the environment, failed to take off. The weak points have to be understood and then a remedy for the same has to be identified. If the price is a concern for the sale of the product, then perhaps lowering the price in the form of discounts or better still, providing another useful item with it as a combo pack may help the sales.
Once the product has brand recognition and generates goodwill, the sales will pick up.T or F, An aging analysis report refers how likely it is that the elderly patient can pay for services rendered by the practice.
F T or F, In medical practice, a total quality management approach includes consideration of all aspects of quality as well as risk management, utilization, and provider credentialing.
Safeguard INSTITUTE OF BUSINESS & TECHNOLOGY (BIZTEK) TOPIC MARKETING ANALYSIS OF SAFEGUARD BY P&G Preface: This report is based on Safeguard Pakistan, a successful and popular soap brand of P&G. it focuses on the different aspects relating to 5/5(3). Almond Oil.
grams in three variations. SAFEGUARD enjoys market leadership in the anti bacterial area having a market share of 20%.
As Lever Brothers is a potential threat in soap srmvision.coming Management - Threat of new entrants is also present. Zest Soap Marketing Plan 9.
SWOT analysis is a wholesome evaluation of your business enterprise. The word SWOT itself stands for Strengths, Weaknesses, Opportunities and Threats respectively. A complete SWOT analysis of your business would therefore give you a decent overlook of the current position as well as the future aspects of your business.
1Kamran Shabbir: Principles of Marketing MARKETING REPORT ON P&G’S Safeguard Kamran Shabbir Preston University Ka.