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SWOT Analysis

SWOT Analysis

This
video will focus on the Strengths, Weaknesses, Opportunities and Threats (SWOT)
analysis. The SWOT analysis is the
foundation for developing the strategies and tactics that are the framework in
building a business plan for a business. It can also be a very beneficial tool
in planning any exercise outside the realm of business applications. Generally,
it is used to define a company’s strengths, weaknesses, opportunities and
threats. The purpose of this video will be to explain the analysis in terms
that anybody can understand without any prior understanding of the topic.

After
watching this video, the viewer will be able to identify the strengths,
weaknesses, opportunities and threats of their organization to better evaluate
the internal and external environment that affects their business operations.
The purpose of this video is to help viewers identify these internal and
external factors in order to develop a business plan or simply use this analysis
to help focus direction of their business ventures.

Video Summary

The
Strengths, Weaknesses, Opportunities and Threats analysis is a common tool for
identifying the internal and external environment of a business. It is
imperative that business leaders start with mission, vision and value
statements and have completely evaluated their internal and external
environment. Once business leaders have identifying those statements and have a
clear understanding of their business environment, they should be able to use
the SWOT analysis to answer a number of questions to help further understand
their business environment.

To be begin with, I would like to help
explain the SWOT analysis in terms that anybody can understand. By replacing each
category with a very general question we can understand the analysis in much
simpler terms but, we must first identify that that the internal factors are
the strengths and weaknesses of the business and the external factors are the opportunities
and threats.

When looking at the SWOT diagram I
would like to replace the “strengths” word with the question: What unique
benefits do you provide? The business leader should be able to list a number of
variables that benefit their mission statement.

Replace the “weaknesses” word with the
question: What customer needs remain unfulfilled? In other words what
weaknesses does the business have that need to be strengthened in order to
fulfill customer needs.

Replace the word “Opportunities” with
the question: How can you add more value? The business leader can list a number
of situations or business practices that could help develop a strategy to take
advantage of current or future opportunities.

Replace the word “threats” with the
question: Where might you lose customers? The business leader should be able to
list all the situations that pose possible threats to losing customers.

Now that we understand each category
of the SWOT analysis I would like to give the viewer a number of questions
under each category to answer in order to fully understand their internal and
external environmental factors.

Strengths

Where your given strengths?

Where are your competitive Strengths?

What internal factors will help you?

Weaknesses

What are your competitive weaknesses?

What are your perceived versus real
weaknesses?

What other internal factors will
hinder you?

Opportunities

What current opportunities do you
face?

What future opportunities do you face?

What competitive opportunities do you
see?

What other external factors can you
take advantage of?

Threats

What current threats do you face?

What future threats do you face?

What competitive threats do you face?

What other external factors do you see
as problems?

After answering the above questions
and fully understanding the internal and external environment of the business,
the business leaders should be able to strategies and tactics that match their
SWOT analysis ultimately resulting in a useful business operating plan.

Please reference the above video at:

http://www.youtube.com/watch?v=sZR1k7ngtQE

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