Strategic Planning using SWOT analysis

Abstract: - The article is all about strategic planning within the organization by using SWOT analysis. SWOT analysis is the method or process which helps to identify strengths, weaknesses, opportunities & threats helps in evaluating and in growing the organization, person, plan or project. This study shows the position of SWOT analysis process in strategic planning and examined the components of the SWOT analysis with its advantages & disadvantages. This study also includes SWOT analysis of an international electronic or computer hardware & printer brand.

Keywords: - SWOT analysis, strategic planning

INTRODUCTION

Strategic management is the set of settlements & measures which determines long term performance of the corporation. It consists of internal as well as external factors, evaluation & control & strategic applications. It helps the company to become more active than reactive. Strategic planning is necessary for the management of the company to uplift the company using strategic management tools. In strategic management there are step by step analyses of the company by taking into consideration both internal & external factors by which a company gets affected. Every company has its different & unique approach in applying the strategic management. It starts from the vision and mission of company by which they implement step by step strategic management process. Strategic management includes the following factors or step by step process.

• Vision
• Mission
• Objectives
• Internal / External factors.
• Strategic choice
• Strategic implementation.
• Competitive advantage.

SWOT analysis is one of the tools of strategic management which is used to measure the internal or external factor. By conducting SWOT analysis, it gives the result of companies, personal or projects weakness, strengths, threats & opportunities. It also helps in examining the competitors company condition. It helps to know in which area the company needs improvement or which area it is good in and what is the impact of the resources and environmental condition on the company.

SWOT analysis

SWOT analysis is the tool of strategic management which is used to do strategic planning in the company. It helps to analyze the factors inside the company as well as outside the company. In SWOT analysis management can examine the strength, weaknesses, threats & opportunities by which we can analyze the state of the company from inside and outside. With this management can take decision on factors which can be converted into opportunities and the weaknesses to strength. This whole process of analyzing the company on basis of environmental factors is called SWOT analysis. “SWOT Analysis is a simple but powerful tool for sizing up a company’s resource capabilities and deficiencies, its market opportunities, and the external threats to its future”. SWOT Analysis may be a strategic planning framework utilized in evaluation of a corporation, a plan, project or a business activity. SWOT Analysis is therefore a big tool for situation analysis that helps the managers to identify organizational and environmental factors. SWOT analysis consists of two dimension which are internal (includes organizational factor) & external factor (includes environmental factors).