BUS 475 Week 1 DQ 2 - 7473

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What is a SWOT analysis? What is its purpose in strategic planning? Must you conduct a SWOT analysis to have an effective strategic plan? Why or why not?


What is a SWOT analysis?

 

SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis clarifies the internal as well as external factors, which an organization has to face.” The overall evaluation of a company’s strengths, weaknesses, opportunities, and threats is called SWOT analysis. It’s a way of monitoring the external and internal marketing environment“(Kotler & Keller, 2009, p. 49).

 



What is its purpose in strategic planning?  

 

The SWOT plays an important part in strategic management. SWOT analysis is an important tool in order to understand the decisions and current situation. It also answers that what the strengths and weakness an organization have and what are the opportunities and threats from the external factors. Due to some limitations of the SWOT analysis, some have opted resource-based view (RBV) or value chain analysis for a more comprehensive framework.

 

Must you conduct a SWOTT analysis to have an effective strategic plan? Why or why not? 

In order to get an effective strategic plan, evaluating both internal and external environments is necessary. “The SWOT analysis provides information market researchers need by elaborating on the internal environment, strengths, and weaknesses as well as the external environment; opportunities, threats, and trends.” (Kotler & Keller, 2009).

 

Others methods such as chain analysis or resource – based view (RBV) are used instead of SWOT analysis, But in strategic planning the SWOT makes the task faster.

Solution Description

What is a SWOT analysis? What is its purpose in strategic planning? Must you conduct a SWOT analysis to have an effective strategic plan? Why or why not?


What is a SWOT analysis?

 

SWOT analysis stands for Stre