SWOT

1. SWOT Dr. Norris Dorsey

2. Agenda • Review What is SWOT • SWOT analysis and strategy formulation • Assignment clarification

3. Review of SWOT • SWOT analysis is a comparison of strengths, weaknesses, opportunities, and threats that help executives formulate strategy. • Analysis of internal strengths and weaknesses • Analysis of external opportunities and threats • Trends in corporate strategy

4. SWOT Analysiswww.marketingteacher.com

5. Strengths • Pull ideas from people with a variety of experiences & backgrounds/expertise • Gets the job done faster • Two or more heads are better than one • Learn something new from someone else • Benefits from strengths of numerous people • Get inspired by others (hopefully) • Get to learn/work on ideas/concepts you might not have thought of on your own • There would be a competition so that employees would work harder and to reach their goals. • Opportunity to learn from other members. Others can use this skills when you are lacking • Diversity of ideas, varying points of view • Brainstorming, coming up with ideas & points that other teammates might have missed • Bring in different skills • Split up different tasks; everyone does their best • Common Goal where sum of parts greater than individuals results in higher achievement • More ideas presented, more creative • Generate better ideas than what is possible by yourself • If the team has mutual respect, everyone aspires to work hard and for the good of the group • Leadership skills are important • Creative and think outside of the box • Innovation, original thoughts and concepts

6. Weaknesses • May be difficult to reach consensus • Slows down if one or more person fail to do the job assigned • Too many cooks spoil the soup • Schedules may not line up and it’s hard to meet • Personalities can clash and stop progress • Wrong personality match • One person may end up working harder just to have the project done • Personalities, may get a domineering personality, or someone does not pull their weight • People with difficulty delegating or trusting the work of others may end up frustrated or being a controlling team member • Conflict of personalities might cause problems • Things may not get done in timely manner, if there’s no organizes/planner in the group • Different personalities/characters that collide and make it hard to work constructively • Best idea may not prevail depending on consensus of group • Incentives may be different • “Pass the buck” mentality • If someone is not as strong in an area, the team may not want to work for that person to understand • If people in the group have major disagreements they can’t put to a solution • Differences within the team days delivery of “product” differences hinder fast decision making • Initial uncertainty, personalities blend

7. Opportunities • Opportunity to gain new insights and develop leadership skills • Meet new people • To learn something new/or you don’t know from others • Opportunity to notice their abilities and powers • To emerge as a leader, show leadership, team-motivation skill • Develop interpersonal skills • To learn much more than just what the project could have enable you to • To learn new technical skills • Realizing your shortcomings or mistakes through your teammates observations • Be able to teach other teammates something you’re good at • Acquire more leadership skills and learn to push one’s own ideas • Develop teamwork skills • Learn how to take different approaches to similar problems • Get inspired from different ways of solving problem • Learn from people who have more “ real world” experience • Learn new approach to solving problems • Build leadership skills in a safe environment

8. Threats • Inertia “ Bogged down in committee” • Be underappreciated and have no opportunity to shine • Someone taking credit for what you did • “If a leader is assigned, they may receive the majority of the credit if a job is well done” • People who are not willing to put forth the same amount of effort as everyone else • Personalities may clash and cause friction, thus causing tension in the year resulting in less than desirable results • Totally different approach by different characters that endangers a healthy process • Assume other people will do what is required • Nobody will take the responsibility • Company promises there will not be layoffs at the end of the day, there are layoffs • Different and not widely tested approaches can significantly kills a company/business/organization • Can be difficult to get many people in the same place at the same time-scheduling conflicts • Different approaches to dealing with others and managing others • Powerful personalities can derail team dynamics

9. Trends • Successful projects seem to benefit more from groups as apposed to individual work • “Electronic advancement, calendar sharing, ease of sharing information. People no longer has to meet in person” – Jessie R • Learn to adjust to other personalities • Technology helping to organize • Learn different mind sets from each other • More ideas • Trends can substantially open a new market/ business. However, you need creativity and be also firm on the ground