REQUIRED READING:
Evans, C., & Wright, W. (2009). The “how to…” series: How to conduct a SWOT analysis (Links to an external site.). Manager: British Journal of Administrative Management, (65), 10-11. Retrieved from http://vlib.excelsior.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=36796005&site=bsi-live&scope=site.
The authors report on steps that are taken when conducting a SWOT analysis. SWOT is described as an analysis that focuses on issues involving both capability and environmental issues. The authors feel that objectivity is an important part of a SWOT analysis. Several specific topics relating to a SWOT analysis are discussed, including questions that are asked regarding a variety of business topics such as the opportunities and threats that are faced by a business.
Melkman, A., & Simmonds, K. (2006). Strategic customer planning: How to develop and implement a strategic account plan. London: Thorogood Publishing Ltd. Retrieved from http://vlib.excelsior.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=191736&scope=site&ebv=EB&ppid=pp_131
Chapter 5: Conducting the SWOT Analysis (Links to an external site.)
Phillips, L. (2011). What is strategy? (Links to an external site.) Journal of the Operational Research Society, 62(5), 926-929. Retrieved from http://vlib.excelsior.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=60407604&site=bsi-live&scope=site
In this article, the author discusses the definition of strategic planning. The author states that understanding strategy requires clarity on where the organization is at present. One way of understanding this is by conducting a SWOT analysis. The author suggests that strategy is first considering the “why” and “what” of what is to be done before deciding on the “how” and “when.”
Module Notes: Management Fundamentals and your SWOT Analysis
OPTIONAL READING:
KU Work Group for Community Health and Development. (n.d.). SWOT analysis: Strengths, weaknesses, opportunities, and threats. In Community toolbox (Chapter 3, Section 14 (Links to an external site.)). Retrieved from http://ctb.ku.edu/en/table-of-contents/assessment/assessing-community-needs-and-resources/swot-analysis/main
OPTIONAL VIEWING:
Taylor, S. (2009). Business plan: SWOT analysis (Links to an external site.). [Video, 1:32 minutes]. Retrieved from http://vlib.excelsior.edu/login?url=http://digital.films.com.vlib.excelsior.edu/PortalPlaylists.aspx?aid=8496&xtid=41113&loid=84160
A great marketing plan will include an analysis of the competition, which can help business owners to perceive untapped opportunities or potential in the marketplace. It is best to establish positive relationships rather than target the competition.
Module 1: Module Notes: Management Fundamentals and your SWOT Analysis
Management includes many tasks and requires an understanding of many fundamental concepts, including the basic concepts of organizational communication, ethical leadership, and managing diversity in the workplace. Management also includes the tasks of managing human resources and understanding employee rights. During this first module we are going to get to know one another and learn a little something about each other in our introduction discussion. We are also going to discuss and analyze who is a manager and some of the things managers need to be successful in our first graded discussion, M1D1: Management: Who is a Manager and how do Managers make Decisions for the Future based on Today’s Information. Finally, we are going to pick our subject for the SWOT analysis and write a detailed organizational history, including a mission statement if available.
In order to be an efficient and effective manager, managers must possess several types of skills, including technical, human, organizational, conceptual and leadership. All levels of management use all of these skills. Depending on the level of management, you will see managers tapping into one skill more than the others. For example, a first-line or lower-level manager will typically draw more heavily on their technical skills than a top manager, since a first-line manager typically spends a large proportion of their time training and developing subordinates.
A crucial skill for a top-level manager to possess is conceptual skill, the ability to see the “big picture.” This is something a SWOT analysis helps a manger accomplish. This ability enables a CEO or other top leadership to set the strategic course and vision for the company. This is important to remember as you complete your work this week and research your own companies. As you’ll see in the first assignment, we are looking for the abstract or beginning of your SWOT analysis. Some of this information will come from the vision or mission statement of your company. This mission statement is the foundation of why your company is in business and “tells” the world why you are great at what you do.
In addition to great managerial skills, managers must also understand how the organizational environment affects the organization in different ways. An organization has two environments: the external environment and the internal environment. A large part of the SWOT analysis focuses on these environments and on your ability to understand the effect that these two environmental forces have on a given organization.
Below is a great outline that will help you formulate your SWOT analysis. This outline should be considered and used throughout the course as you build your own SWOT analysis throughout each module. Remember this outline is only a tool that you can use to help keep you on track and concentrated on each section. As you review this outline and take a look over the entire course, you will see how the different modules will cover each SWOT area separately and how each area is listed here in the outline. So when we get to the strengths portion of the course, refer to this document to help establish your foundation for that area. Then in the ensuing modules, you will do the same thing for the weaknesses, opportunities, and threats. This is only one of many tools you should consider and use as you work this through this project each week and for this entire course. This outline is one that is a good tool; you are not required to use it and it is not included in your final paper in Module 8.
(SWOT):
STRENGTHS:
Define areas you excel in, such as the company’s core competencies and resource analysis.
What does your company do well?
How strong is your company in the market?
Does your company have a clear strategic direction?
Does your company’s culture produce a positive work environment?
WEAKNESSES:
Evaluate your liabilities.
What could be improved at your company?
What does your company do poorly?
What should be avoided?
Is your company unable to finance needed technology?
Do you have poor debt or cash flow?
OPPORTUNITIES:
Analyze your customers and the market attractiveness.
What favorable circumstances are you facing?
What are the interesting trends? Is your company positioned to take on those trends?
Is your company entering new markets?
Is your company advanced in technology?
THREATS:
Check out what your competitors are doing and assess other potential challenges.
What obstacles do you face?
What is your competition doing?
Are the required specifications for your products or services changing?
Is changing technology threatening your position?
What policies are local and federal lawmakers backing? Do they affect your industry?