SWOT analysis Essay Example | Topics and Well Written Essays - 1250 words

SWOT epitome - Essay ExampleThis is followed by analyzing the internal and out-of-door factors that complement achieving of these objectives as well those which hinder feat of the same objectives. It therefore gives work leaders a sense of direction and changes which need to be made to achieve the set business objectives.A business stands a better chance of success if they do understand the opportunities which exist in a particular market segment. A company can in any case exploit the weakness of a competitor n meeting market demand. At the same measure a SWOT analysis can friend a company avoid a saturated market or taking on an established competitor (Snelling, 2012).A detailed SWOT analysis helps a company send potential hazards before entering a market. This is crucial in laying strategies to overcome these risks. These risks include those that a business entity has no direct control over such as the economy, forex rates or government policy.It is always the goal of any b usiness to increase profitability piece of music reducing costs. Identifying the strengths of a business helps in optimal allocation of resources (Snelling, 2012). For example the company can know how much it should spend on advertising, public dealing activities as well as social responsibility depending on its position in the market it operates.Conducting a SWOT analysis helps a company identify vulnerable areas in its operations which can be used by competitors to their advantage. Identifying these weak points helps a company lay contingency plans to improve and deter external threats by competitors.The first step involves assembling the SWOT team and setting the SMART objectives which need to be achieved by conducting the SWOT. The objectives of course should be specific, measurable, achievable, realistic and time bound (Ferrell & Hartline, 2012). For example a SWOT analysis can be about expanding to a invigorated market or starting a new product line.The second step is under standing the business