SWOT analysis - the pattern of decisions in a company that determines and reveals its objectives, purposes, or goals, produces the principal policies and plans for achieving those goals, and defines the range of business the company is to pursue. Purpose: to understand how internal conditions contr...
BUSMHR 2292 Learning Assessment #1
SWOT analysis - the pattern of decisions in a company that determines and reveals
its objectives, purposes, or goals, produces the principal policies and plans for
achieving those goals, and defines the range of business the company is to pursue.
Purpose: to understand how internal conditions contribute to your organization's
strengths and weaknesses and how external conditions exist as opportunities and
threats to your business model. The goal of a SWOT is not just to develop a
laundry list of data but to be able to cull down and pinpoint the most significant,
pressing, strategically important internal and external conditions facing your
business.
Opportunities - summarizes favorable trends and developments in the external
environment which may lead to higher sales or profits or which may open doors to
new business opportunities. While the firm can't always affect these externalities, it
can take advantage of them to move the business forward
Threats - summarizes unfavorable trends and developments in the external
environment which threaten sales or profit or preclude the firm from pursuing new
business opportunities. While the firm can't always affect these externalities, it can
change strategies to avoid the negative effects of them
Strengths - describe the unique resources or circumstances that can be used to take
advantage of opportunities. Strengths are core competencies and company
capabilities that are superior to the competition
Weaknesses - core competencies and company capabilities that are inferior to the
competition. Firms should strive to improve their capabilities in areas that are
important to and valuable to their customers and in areas in which they face a
significant disadvantage to their competition.
, Economics - the study of the production, distribution, and consumption of goods
and services. Resources may include: land, labor, capital, entrepreneurs, and
knowledge
Economic System - The means by which countries and governments distribute
resources and trade goods and services.
Perfect competition - Many consumers and sellers, standardized products, no one is
big enough to influence price and everyone accepts the going price.
Monopolistic Competition - Many sellers sell differentiated products and have
limited control over pricing.
Oligopoly - Several powerful players in the market with barriers to entry. They
have more control over price, yet must keep their competitors in mind.
Monopoly - Single seller in the market, controls price.
Natural Monopoly - Utilities
Legal Monopoly - Patents
Planned economy - a system in which the government decides how the factors of
production are used.
Market economy - a system in which people decide how to utilize the factors of
production.
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