N.B. SWOT analysis is a very flexible tool. Its use is not restricted to business and marketing. Be mindful that when SWOT is used in situations outside of business and marketing, strict categorization of the SWOT dimensions (according to 'internal' and 'external' factors) can be limiting, and so a more open interpretation of the model can be helpful in such circumstances, especially when assessing Opportunities and Threats.
SWOT analysis might help the executive to understand the opportunities and threats in the environment with the strengths and weakness of Inditex; thus help the executive to evaluate existing strategies and formulate the new master strategies (growth strategy, stability strategy and retrenchment strategy).
The purpose of this assignment is to assist and identifying ones’ strengths that will assist one in leading change and improvement in the advanced practice role.
A common practice used by companies to analyze themselves and their competitors is an analysis called “SWOT”. This process can inform key decisions and strategies. This exercise isn’t just for businesses; it can be helpful for nurses in evaluating their goals and aspirations too.
SWOT stands for:
Strengths – Factors that are likely to have a positive effect on (or be an enabler to) achieving the objective
Weaknesses – Factors that are likely to have a negative effect on (or be a barrier to) achieving the objective
Opportunities – External Factors that are likely to have a positive effect on achieving or exceeding your objective, or goal not previously considered
Threats – External Factors and conditions that are likely to have a negative effect on achieving your objective, or making the objective redundant or unachievable
With the goal of graduating and practicing as an APRN, the first step is to understand more about oneself and one’s external environment. Complete a brief SWOT analysis. Be sure to include References where appropriate and use APA format when citing.
If the SWOT analysis is being used to assess a proposition, then it could be that the analysis shows that the proposition is too weak (especially if compared with other SWOT's for alternative propositions) to warrant further investment, in which case further action planning, other than exit, is not required.
Depending on pretext and situation, a SWOT analysis can produce issues which very readily translate into (one of the six) category actions, or a SWOT analysis can produce issues which overlay a number of categories. Or a mixture. Whatever, SWOT essentially tells you what is good and bad about a business or a particular proposition. If it's a business, and the aim is to improve it, then work on translating:
This remarkable piece of history as to the origins of SWOT analysis was provided by , one of the founding fathers of what we know today as SWOT analysis. I am indebted to him for sharing this fascinating contribution. Albert Humphrey died on 31 October 2005. He was one of the good guys.
See also the , which measures a business according to external factors; Political, Economic, Social and Technological. It is often helpful to complete a PEST analysis prior to competing a SWOT analysis.
All businesses benefit from a SWOT analysis, and all businesses benefit from completing a SWOT analysis of their main competitors, which interestingly can then provide useful points back into the economic aspects of the PEST analysis.
This SWOT analysis example is based on an imaginary situation. The scenario is based on a business-to-business manufacturing company, who historically rely on distributors to take their products to the end user market. The opportunity, and therefore the subject for the SWOT analysis, is for the manufacturer to create a new company of its own to distribute its products direct to certain end-user sectors, which are not being covered or developed by its normal distributors.
Whatever the application, be sure to describe the subject (or purpose or question) for the SWOT analysis clearly so you remain focused on the central issue. This is especially crucial when others are involved in the process. People contributing to the analysis and seeing the finished SWOT analysis must be able to understand properly the purpose of the SWOT assessment and the implications arising.
SWOT analysis is a powerful model for many different situations. The SWOT tool is not just for business and marketing. Here are some examples of what a SWOT analysis can be used to assess:
You will note from the below that the methodology did not begin, and was not operated as the simple 2x2 'internal/external' matrix that we commonly see today. Particularly, the original application of the model did not restrict threats and opportunities to just external factors. Instead, six key aspects of the business in question (namely: product, process, customer, distribution, finance, admin) were each assessed using the SWOT model. Each aspect was considered according to all four SWOT elements. Thus today when we apply the SWOT model to an entire business, if we disregard internal threats and opportunities, so the analysis can exclude some potentially serious issues.
Also be mindful that if using the SWOT analysis model only as a 2x2 matrix, which assumes the categorization of internal and external factors (and notably limiting the assessment of threats and opportunities to external factors only), that it is very easy then to miss certain threats and opportunities that can exist (internally) within the company/organization. Some internal threats and opportunities can be substantial, for example, opportunities such as: energy-saving, process-improvement, training, advertising, or discontinuing loss-making products, or threats such as: desertion or key staff, the loss of major contracts, to name just a couple of typically ever-present threats within large commercial corporations.
The SWOT analysis in this format acts as a quick decision-making tool, quite aside from the more detailed data that would typically be fed into business planning process for each of the SWOT factors.