Implementing SWOT

Revision as of 12:54, 19 February 2021

Abstract

This article is going to have focus on the SWOT Analysis. There will be an introduction to the SWOT and how to implement the tool. Furthermore, there will be a focus on the strenghts and weaknesses of the SWOT analysis which is something that is very beneficial and relevant when working with this tool. In relation to project management, the SWOT analysis can be applied in several different fields like research, strategy or marketing in both public and private organizations and companies.

Many companies apply SWOT to get an overview of the potential risks and the obstacles and difficulties there can be. The aforementioned can be for both internal and external problems and purposes. The abbreviation, SWOT, derives from Strengths, Weaknesses, Opportunities and Threats. So the main purpose of the SWOT is to be an analytical device for defining the four aforementioned factors in a specific organization or establishment.

SWOT-model

Both the Weaknesses and strenghs can be viewed as internal factors which could be something like ressources or skills that the company possesses. Oppurtunities and threats are viewed as external factors where the company or organization's influence is mainly indirect, which is a correlation to it being called "external" factors or conditions.

Overall, SWOT is designed to give a fact-based and realistic look into an organization, project or any other initiative that is being set in motion. The result may not be a definite action plan but is a very good benchmark and indicator which can give a good point of orientation.

If the SWOT is used well and with a relatively broad base of both external and also internal input, it will lead to a strong analysis that qualifies and enhances the potential for all or parts of a an organizations projects or other initiatives.

Introduction of the SWOT

Implementation of the SWOT

Strength

Strenghs of the company refers typically to the internal skills and resources.It can also be defined as the key factors which plays a role in the company doing well. Examples of strengths could be: trusted brand, high quality, great communication and a good location.

Key questions for the organization to go through it, is by asking questions like:

- What is the things we are very good at, which is better than others? - what is the specific competencies that leads to our success? - What cooperations and relationships do we have with others?

Weakness

You can say weakness is when an element in the strength tends to fail. In other words, the weakness can be seen as a barrier for the organization to achieve its business goals and objectives. Examples of weaknesses in an organization could be: Bad reputation, poor communication, inexperienced in the field or poor quality.

Key questions for the organization to go through its weaknesses, is by asking questions like:

- what is something we are not good at in the company? - what kinds of cooperations and alliances should we have (but dont have)? - does our workforce lack anything when it comes to training or competencies?

Opportunity

Opportunity is an external factor which is something the company can control. The opportunity factor is something which has an effect on future developments and possibilities. So overall, this factor enables the company to enhance its growth and business. Examples of weaknesses in an organization could be: launch a new product, Outsourcing, extending to new markets or outlets.

Key questions for the organization to go through its opportunities, is by asking questions like:

- What kinds of outlets or markets might open its doors to us? - What new technology could be useful and something to invest in? - What kinds of weak points and elements does our competitors have, which we can take advantage of and exploit? - what could be some adaptments that we need to make to catch up with the external enviroment?

Critical succes factors of the SWOT

Deficiencies of the SWOT