4 Oct 2022

57

How to Do a SWOT Analysis for Your Business

Format: APA

Academic level: High School

Paper type: Essay (Any Type)

Words: 300

Pages: 1

Downloads: 0

SWOT is an acronym for strengths, weaknesses, opportunities and threats. A firm needs to analyze its potential as well as the factors in its environment, which might affect its operations. The strengths are the advantages the firm uses to its benefit, while weaknesses are the disadvantages that might adversely affect the normal operations of the firm (Gürel & Tat, 2017). Opportunities are the loopholes or chances, especially those presented by the external environment, which the firm uses to gain an edge in the market, while threats are factors from the external environment, which might cripple the operations of the firm. 

A SWOT analysis is important because a firm must analyze its potential in relation to its competitors and other forces in its environment. In strategic planning, a SWOT analysis helps especially the management team to forge a suitable way ahead in consideration of the firm’s capabilities (Tuncay, 2015). Although the firm may experience certain weaknesses and threats, the management team strategizes using the limited resources, strengths and opportunities. Besides, once the team is aware of the weaknesses and threats, it works out a way of eliminating them or improving on the weaker areas gradually. In essence a SWOT analysis presents the internal capabilities of a firm in relation to the various factors in the external environment. Any firm is affected by the external environment; hence it is vital to have a strategic plan to mete the competition. 

It’s time to jumpstart your paper!

Delegate your assignment to our experts and they will do the rest.

Get custom essay

One important analysis model that can work with the SWOT analysis is the PESTEL analysis. In particular, the PESTEL analysis examines the external factors that may affect the operations of a firm. Such factors include; environmental, legal, social, political, and economic, among others (Gupta, 2013). A PESTEL analysis evidently gives specific details of the external environment and as such, could help a firm prepare and plan better to tackle issues presented by the external environment. 

References  

Gupta, A. (2013). Environment & PEST analysis: an approach to the external business environment.  International Journal of Modern Social Sciences 2 (1), 34-43. 

Gürel, E., & Tat, M. (2017). SWOT analysis: A theoretical review.  Journal of International Social Research 10 (51). 

Tuncay, M. (2015). SWOT Analysis in Strategıc Management and a Sample Applicatıon in Public. Retrieved from https://mpra.ub.uni-muenchen.de/67213/1/MPRA_paper_67213.pdf 

Illustration
Cite this page

Select style:

Reference

StudyBounty. (2023, September 15). How to Do a SWOT Analysis for Your Business.
https://studybounty.com/how-to-do-a-swot-analysis-for-your-business-essay

illustration

Related essays

We post free essay examples for college on a regular basis. Stay in the know!

Vaccine Choice Canada Interest Group

Vaccine Choice Canada Interest Group Brief description of the group Vaccine Choice Canada, VCC, denotes Canada's leading anti-vaccination group. Initially, the anti-vaccination group was regarded as Vaccination...

Words: 588

Pages: 2

Views: 145

Regulation for Nursing Practice Staff Development Meeting

Describe the differences between a board of nursing and a professional nurse association. A board of nursing (BON) refers to a professional organization tasked with the responsibility of representing nurses in...

Words: 809

Pages: 3

Views: 191

Moral and Ethical Decision Making

Moral and Ethical Decision Making Healthcare is one of the institutions where technology had taken lead. With the emerging different kinds of diseases, technology had been put on the frontline to curb some of the...

Words: 576

Pages: 2

Views: 88

COVID-19 and Ethical Dilemmas on Nurses

Nurses are key players in the health care sector of a nation. They provide care and information to patients and occupy leadership positions in the health systems, hospitals, and other related organizations. However,...

Words: 1274

Pages: 5

Views: 77

Health Insurance and Reimbursement

There are as many as 5000 hospitals in the United States equipped to meet the health needs of a diversified population whenever they arise. The majority of the facilities offer medical and surgical care for...

Words: 1239

Pages: 4

Views: 438

Preventing Postoperative Wound Infections

Tesla Inc. is an American based multinational company dealing with clean energy and electric vehicles to transition the world into exploiting sustainable energy. The dream of developing an electric car was...

Words: 522

Pages: 5

Views: 357

illustration

Running out of time?

Entrust your assignment to proficient writers and receive TOP-quality paper before the deadline is over.

Illustration