All the marketing, business management, and human resource students must be aware of the SWOT analysis assignment as it is a basic requirement of every commerce student. Throughout higher education, students are provided with various activities and it is a must for the students to complete this activity to get the desired results and the right understanding of the concepts that are I'm necessary for the subject. Assignment writing is not easy as it seems as there are many other activities for the students to perform throughout the semester while maintaining the standards and meeting the requirements for all subjects at the same time.
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SWOT analysis is a term that is responsible to check the strength, weakness, opportunity, or threat for the individual, organization, or any business regardless of any nature or size. It is one of the basic assignments that students are required to do at the beginning of the semesters of higher education. Students can find many examples of conducting a SWOT analysis for the required entity.
Before studying the steps involved in SWOT analysis it is a must for the students to know that what exactly SWOT is.
What Is A SWOT Analysis?
SWOT analysis is one of the tools that is used to analyze the current position of the organization, business, or individual. It is conducted to check the position of the organization before making any kind of decisions while implementing new strategies throughout the organization. It helps you to find out what exactly is working as per the standards and what are the loopholes and the mistakes that are not giving the desired results.
Furthermore, it helps to predict and see the results of implementing the new strategies. The main objective of conducting a SWOT analysis is to reduce the risk factor and to be aware of the failures and the hazards that can be a barrier for implementing new strategies on making changes throughout the organization.
Let's see some of the basic steps involved in conducting a SWOT analysis to complete the required assignment;
First of all, develop a SWOT analysis matrix each one with a square. SWOT analysis can be conducted in two ways in formal or informal ways. In both cases, it is the basic step to brainstorm the ideas and to create a list of the ideas about the current position of your organization. Every time you think of the strength weakness opportunities or threats for the organization make sure to list it down. Once you listed down, it is now your job to consider that the provided information falls in which section of the SWOT analysis. Let's see each of the components of SWOT analysis in detail.
Strengths
Strength is one of the basic factors of the organization which includes good and effective things an Organisation is doing better than the competitors. To check out the strength of an organization, it is necessary to check out the sections in which the organization is performing well using the entire factors of production in the best possible way.
The integral part of the organization is its strength, so it is important to know the parts of the organization in which it's doing its best and effective than the competitors. Furthermore, you should ask yourself a question that what are the reasons that your sales are getting ahead of the comparators so that you can find the factors that are involved to enhance the strength of your organization.
Weaknesses
SWOT analysis in only be effective if you are honest while getting the required information. When it comes to checking out the weaknesses of the organization you should be realistic no matter what the truth is. While checking out the weaknesses of the organization it is important to check out the available resources and the procedures and think about the improvements you can make to enhance the productivity of the organization. One of the worst thing and analysis can do is to you tend to be blind while noticing the weaknesses of the organization.
Opportunities
Opportunities are considered as the chances for the organization to do something better or one step ahead. Opportunities are normally found outside of the organization and require you Tu to keep an eye on the opportunity to be used in the feature for the betterment of the organization. These opportunities can be based on the change of Technology or as per the requirements of the development throughout the market. It is necessary for the growing organization to find and avail the best opportunities in order to stay ahead of the competitors.
Threats
Threats also Rise from the outside of the organization. This can include a problem in stocks of the company, supply chain management, for anything that is considered as an external factor to affect the organization.
Conclusion:
It is important for the students to first understand the requirements of each component of the swot analysis. Understanding each component can help you to note down and segregate the information in the most suitable component.