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1. Strategic Management: SWOT Analysis for Business Strategic Management: SWOT Analysis for Business An Academic presentation by Dr. Nancy Agnes, Head, Technical Operations, Tutors India Group www.tutorsindia.com Email: info@tutorsindia.com

2. Introduction A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is a tool that facilitates organizational managers to evaluate the strengths, weaknesses, opportunities and threats that might exist in any kind of business. Conducting a SWOT analysis could prove to be very instrumental in helping the organization to acquire in-depth insights into the past and conjure potential solutions to current or potential challenges. This SWOT analysis can be carried out for an organization that is already existing within the market or for an organization that intends to make an entry into the market in the near future Contd...

3. SWOT and PESTLE analysis are among the most common tools for strategic management. SWOT comes across as a model that is very fundamental and transparent that can evaluate what a business can do or incapable of doing, along with the possible opportunities and threats. The SWOT analysis technique is to consider the information generated through an environmental evaluation and segregate it to internal (strengths and weaknesses) and external issues (opportunities and threats). Many organizations execute a SWOT analysis during the stage of their strategic planning and they attempt to identify and scrutinize the prevalent resources, both externally as well as internally, examining their patterns and trends that might result in either positive or negative business outcomes. Contd...

4. Components of SWOT The four components of SWOT as mentioned above is Strength, Weakness, Opportunities and Threats. Strengths and weaknesses can be deemed as factors that are internal and make up the organizational attributes while, opportunities and threats would be factors that are external and are usually the environmental attributes (Gurl, 2017). Strengths This component organization that is doing particularly well. It need not be anything tangible or definite. would consider aspects of your The strength of your organization could also be intangible such as the brand image of an organization or something which can be very easily defined such as the organization’s unique selling proposition (USP) of a specific line of products (Brooks, 2014). In other cases, it could also be the human resources of the organization; robust leadership or a highly effective research and development team. Contd...

5. Weaknesses Weakness does not refer to physical weakness here but rather it refers to aspects of the organization that is pulling your organization back. Weaknesses could be anything such as financial constraints, lack of skilled personnel, superior brand image of competitor etc. Akin to strengths, weaknesses also are an innate aspect of your organization. Consider aspects that needs improvement and the kind of practices that you need to curb Contd...

7. Opportunities Opportunities would refer to chances of something good or positive happening. Opportunities would generally tend to emerge from situations that exist beyond your organization, and it requires foresight on your part as to what might happen in future. Market or technology developments can be one Contd...

8. Threats Lastly, the component of threat would comprise of anything that has the propensity to make a negative impact on your business externally. These would include; problems within the supply-chain, manpower shortage or changes in market demands etc. It is very necessary that you anticipate threats and initiate appropriate action to negate the threat before it impacts you and causes a loss to your business or thwarts your growth . To identify threats, it might help if you try to list out the bottlenecks to your business such as delivering your finished goods to the market, drop in quality of your products amongst others. Further, you should always keep yourself abreast of the activities that are being carried out by your competitors and modify your strategy to tackle that threat. Also there is the threat of new governmental or trade policies so, you need to anticipate such threats to stay ahead of the competition and ensure success.

9. CONCLUSION SWOT analysis is a tool that is being utilized within the domain of strategic management for the past five decades. It has turned out to be a highly treasured tool as far as planning and decision-making is concerned. The use of SWOT helps in evaluating the external as well as the internal environment of the organization and thereby lends support to situations where strategic decisions are required. This technique can be applied in several areas that require strategic analysis for an industry, a product, an organization, a city, a project or even an individual.

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