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Summary Week 3 Paper.docx Strategic Plan Part II BUS/475 Introduction A SWOTT analysis is a tool used by companies to analyze internal and external areas that relate to Strengths, Weaknesses, Opportunities, Threats, and Trends. Analyzing a business through €5,36
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Summary Week 3 Paper.docx Strategic Plan Part II BUS/475 Introduction A SWOTT analysis is a tool used by companies to analyze internal and external areas that relate to Strengths, Weaknesses, Opportunities, Threats, and Trends. Analyzing a business through
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Week 3 P Strategic Plan Part II BUS/475 Introduction A SWOTT analysis is a tool used by companies to analyze internal and external areas that relate to Strengths, Weaknesses, Opportunities, Threats, and Trends. Analyzing a business through these lenses helps a business to grow by focusing on a...
week 3 paperdocx strategic plan part ii bus475 introduction a swott analysis is a tool used by companies to analyze internal and external areas that relate to strengths
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Strategic Plan Part II
BUS/475
Introduction
, A SWOTT analysis is a tool used by companies to analyze internal and external areas
that relate to Strengths, Weaknesses, Opportunities, Threats, and Trends. Analyzing a business
through these lenses helps a business to grow by focusing on areas that need the most attention.
The internal factors are Strengths and Weaknesses. Understanding your strengths is
important because it highlights areas of focus for a business. Understanding weakness is also
important to help solve business problems and spark positive change.
External factors include Opportunities and Threats. Opportunities can take on many
forms including, new market trends, consumer spending shifts, partnerships, new locations, and
even the hiring of a skilled employee. Threats, on the other hand, can be quite devastating if not
caught early and understood completely. Threats may come in the market shifting away from the
business or a competitor changing tactics. Threats from the business may also be internal through
unskilled staff in areas of strength or ineffective business processes. The important take-away
from threat analysis is finding and forecasting threats early, then develop a strategy to see the
company through the challenges. Successful businesses seek solutions to turn threats into
opportunities.
Trend analysis is important for a business because it allows a business to be proactive to
internal or external changes. This proactive analysis of trends ties SWOTT together by allowing
a business to spot potential areas of market growth in strengths, weaknesses, opportunities, and
threats. The most successful and growth-oriented businesses are always looking into the future
for trends, avoiding pitfalls and finding advantages their competitors haven’t.
By focusing on SWOTT’s five areas of business, it’s easy to see why even a quick
assessment can have enormous positive results on small business resources. SWOTT analysis
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