How does SWOT analysis lead to an understanding of realistic market opportunities?

-

SWOT analysis leads to an understanding of realistic market opportunities by the following ways:

Building on strengths

A SWOT analysis will help you identify areas of your business that are performing well. These areas are your critical success factors and they give your business its competitive advantage.
Identifying these strengths can help you make sure you maintain them so you don't lose your competitive advantage. Growing your business involves finding ways of using and building on these strengths.

Minimising weaknesses

Weaknesses are the characteristics that put your business at a disadvantage to others. Conducting a SWOT analysis can help you identify these characteristics and minimise or improve them before they become a problem. When conducting a SWOT analysis, it is important to be realistic about the weaknesses in your business so you can deal with them adequately.

Seizing opportunities

A SWOT analysis can help you identify opportunities that your business could take advantage of to make greater profits. Opportunities are created by external factors, such as new consumer trends and changes in the market.

Conducting a SWOT analysis will help you understand the internal factors (your business's strengths and weaknesses) that will influence your ability to take
advantage of a new opportunity. If your business doesn't have the capability to seize an opportunity but decides to anyway, it could be damaging. Similarly, if you do have the capability to seize an opportunity and don't, it could also be damaging.

Counteracting threats

Threats are external factors that could cause problems for your business, such as changes to the market, a competitor's new advertising campaign, or new government policy. A SWOT analysis can help you identify threats and ways to counteract them, depending on your strengths and weaknesses.

Comments

Post a Comment

Popular posts from this blog

Advantages of motivation in management

-
Definition of motivation Motivation is the inner state that causes an individual to behave in a way that ensures the accomplishment of some goal. In other words, motivation explains why people act as they do. Motivation may be defined as the process at stimulating some to adopt a desired course of action. In brief sense motivation is the drive to achieve a goal. In details sense to attain organizational goal, motivation is a process of making best use of the organization's employees and it is a system to encourage, inspire and to motive the organizational activities. Borolson and Steiner described that, "motivation is an inner state that energizes. activates, or moves and directs or channels behavior toward goals". M.J. Gannon described that "Motivation basically means an individual needs desires and concepts that cause him or her to act in a particular manned'. Heinz Weihrich and Harrold Koontz describe that "Motivation is a general term applying t...
Read more

BENEFITS OF BANK RECONCILIATION

-
Bank reconciliations are an important accounting procedure, performed by companies of all sizes, to match the cash balance of the bank with the balance found on the company's financial records. Reconciliations can detect and prevent intentional fraud, along with errors by bank tellers, accountants, employees, and management. Although bank reconciliation is typically a month-end procedure, companies with smaller cash resources might perform it daily. Detects fraud Because bank reconciliations match a company's disbursed checks with the cleared checks on the company's bank statement, a careful review based on appropriate controls and procedures helps to reveal fraudulent activities. These could include payments for illegitimate business purposes, payments to unauthorized employees or unauthorized vendors, and amended check amounts and details. Prevents overdraft The lag time between cash outflows to vendors and employees - and payments coming in from clients and customers - c...
Read more

The Importance of Impact Shorts in Snowboarding

-
  The Importance of Impact Shorts in Snowboarding Impact shorts, also known as padded shorts or crash pants, are specifically designed to absorb shocks and reduce the severity of injuries during falls. They are typically worn under snowboarding pants and feature padding in key areas prone to impact. Benefits of Wearing Impact Shorts Protection Against Injuries : They provide cushioning to vulnerable areas, minimizing the risk of bruises, fractures, and other injuries. Facebook +9 snowboardingdays.com +9 snowboardingforum.com +9 Enhanced Confidence : Knowing you're protected allows you to push your limits and try new techniques without excessive fear of injury. Comfort : Modern impact shorts are designed to be lightweight and breathable, ensuring comfort during long sessions on the slopes. Versatility : Suitable for various snowboarding styles, from freestyle to alpine, making them a valuable addition to any snowboarder's gear. Key Features to Consider When Cho...
Read more