Question

SWOT Analysis: Balance the company's strengths, weaknesses, opportunities, and threats to create a competitive position for the company.

Answer 1

SWOT analysis is divided into four categories Strength, Weakness, Opportunities, and Threats. It is used to do the analysis of the business to lower the occurrence of failures and to welcome many new opportunities. It makes the organization understand or identify the weakened areas and with constructive analysis, any threats can be overcome. Strengthening areas can drive business effectively and advantages to grow new opportunities can be gained. It will result to produce effective outcomes as with SWOT analysis the business process will get structured and the delivery range of services can be gained.

The SWOT analyses of the company are discussed below:

1. Strength: It is the most important part that a company that is required to be maintained to keep the stability of the business processes. The company should motivate their staffs; maintain a strong set of product materials to stabilize the process of business. Strength is a motivational aspect for the organization that includes good customer service, stable employee attitudes, excellent leadership qualities in product innovation, and acquiring a large part of the market share. It is always necessary to think for driving the business better and to make it done it is required to validate from the side of your competitors. More areas will be seen to implement into the strength and all such factors are required to be introduced in the company process to make it even better in terms of gaining strength.                  

2. Weakness: In the process of work it needs to monitor all work activities by the employees. The strategies are undertaken; customer reviews and their demands are required to be notified. It will make a clear picture of the weakest section of the company business that can hamper the process of work. These sections are required to be sorted down and need to measure the cause of weakness that may impact the growth of the company. Based on the measurement, steps towards improvement of the weakest section are required to be undertaken to make the process of work structured.          

3. Opportunities: The opportunities are always necessary to be monitored; it is the point where other competitors take the advantages to project new things in terms of technologies, services, product development, etc. The opportunities are necessary to be closely monitored and it is important to project strategies to fulfill the client’s demand. It will result to grow more customers as they always like to accept the new trends of product formulation. Once the company can successfully identify the areas of opportunity, the growth in the company can be witnessed and gaining competitive advantages will result to make a strong presence in the market.          

        

4. Threats: It is basically the most crucial area that a company should focus on, as threats can hamper the entire work process of the organization. The company generally takes decisions and based on the decision making approaches all work is being conducted. During the formulation of the decision making steps, there remains some kind of uncertainties in decisions, strategies, and work procedures. It can have a negative impact on the future work driven process, and that may result to affect the organization's growth. The company can lose its reputation in the market and the competitors can take advantage. The company is necessary to analyze each detail before initiation of work procedures and after the conduction of work to find mistakes that may result to avoid future negative consequences to take place. The threat can hamper the company’s growth and it is the companies’ responsibility to keep a close watch on the activities of the work-driven process like decision making, quality, shortage, supply chains, services, complaints, etc, so to make the necessary improvement to make the structure of work better.