Question

Discuss SWOT analysis and provide examples and potential application for the future.

500 words

2 references in APA format

Answer 1

SWOT analysis refers to identifying the strengths, weaknesses, opportunities and threats of industries. When there are too many competitors in the market, companies perform SWOT analysis to identify their strengths, weaknesses, opportunities and threats so that they can come up with different strategies to give healthy competition in the market.

Example -

Vice Media has huge audience especially youth globally and people are emotionally connected to Vice Media. The reputation of Vice Media is very good. Advertisers and media companies see it as the best way to reach target audience.

The SWOT (Strength, weakness, opportunities and threat) analysis of Vice Media are as follows:-

Strength - The strength of Vice Media include:-

• They have positive media coverage
• They give same message every time.
• They cover large audience globally.
• They focus on quality service.
• They have efficient and effective management system.

Weaknesses - The weaknesses of Vice Media are:-

• The management pro-activeness is one of the biggest weakness.

Opportunities -

• People are more interested for alternative and un-filtered news.
• They should focus on improving and increasing its news coverage on partnership.

Threats -

• Increasing news coverage on partnership might be a threat as well.

SWOT analysis can be used for the following: -

• It helps the organization to identify the weaknesses so that organization can work on those to reverse it.
• Organization will be able to overcome its threats.
• Core competences of the firm can be identified with the help of this technique.
• Objectives can be set effectively for strategic planning.
• Past, present and future data can help the organization to be competitive by planning its future based on the data collected.
• It helps in building organization's strengths.