A SWOT analysis is vital to generating long-term strategies.

Strategic management is the formulation, implementation, and evaluation of decisions that help a business achieve its goals (David, 2014). Strategy formulation includes the development of a vision and a mission, determining internal strengths and weaknesses, identifying external opportunities and threats (also known as a SWOT analysis), and establishing long-term strategies and objectives. Strategy implementation requires the organization to create policies and short-term objectives, and to allocate resources so strategies can be achieved. Strategy evaluation reviews external and internal factors, measures performance, and takes corrective action. Strategy formulation can occur at the corporate, divisional, business unit, or functional level. There are financial and non-financial benefits in strategic planning. Success increasingly depends upon being competitive in the global market. Strategic planning can help achieve this imperative.

It is also important to consider an organization’s unique purpose and reason for being and how these things are reflected in the organization’s vision and mission statements. Vision and mission statements are similar, but a vision statement, according to David (2014), answers the questions “What do we want to become?” and “What is our business?” A mission statement is typically longer and more detailed than a vision statement. Organizations that invite strategists, managers, and employees into the development and communication of their business vision and mission create a heightened sense of purpose.

The vision statement, although often the most commonly overlooked task, is the necessary first step in strategic management. It provides direction for other activities. Like a vision statement, effective mission statements stand the test of time and, although re-examined annually, they are infrequently changed.

Reference

David, F. R. (2014). Strategic management: A competitive advantage approach, concepts & cases (15th ed.). Pearson Prentice Hall.

Preparation

Choose an organization on which to complete a strengths, weaknesses, opportunities, and threats (SWOT) analysis. Ideally, the company you choose will be a familiar one and one to which you have easy access, such as your place of employment or a company close to where you live. You may use the same organization for other assessments in this course. Think of yourself as an outside consultant hired to research, assess, formulate, recommend, and evaluate your selected organization.

It is important to remember that opportunities and threats are external to an organization, and strengths and weaknesses are internal to an organization.

SWOT Analysis

Complete the following:

1. First, identify and describe what you consider to be your chosen organization’s internal strengths and weaknesses. Examples of internal factors include employees, management, and finance. Use the terms “Strengths” and “Weaknesses” as titles. Then, list three or more factors under each title and describe them.
2. Second, identify and describe what you consider to be the organization’s external opportunities and threats. Opportunities and threats may include a variety of factors, such as economics, technology, demographics, environmental considerations, culture, competition, and political influences. Use the terms “Opportunities” and “Threats” as titles. Then, list three or more factors under each title and describe them.

Be sure to both identify and describe the strengths, weaknesses, opportunities, and threats of your chosen organization.

Additional Requirements

• Written communication: Written communication is free of errors that detract from the overall message.
• APA formatting: If you use sources, ensure that resources and citations are formatted according to current APA style and formatting guidelines.
• Font and font size: Times New Roman, 12 point.

Conduct an environmental scan and write an assessment in which you focus on both the internal and external factors that could affect your success within your chosen industry.

Introduction

After an organization has completed a SWOT analysis, it will carefully monitor both the internal and external environments to detect signs of opportunities and threats that could affect current and future plans. This environmental scanning can help an organization identify trends that are most likely to affect the industry, thereby allowing the development of a strategy for change. The right information, at the right time, can determine the future of an organization.

Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.

Conduct a personal strengths, weaknesses, opportunities, and threats (SWOT) analysis. In your analysis, consider the following:

Strengths

• What advantages do you have that others do not (skills, education, experience, certifications)?
• What achievements are you most proud of?
• What do you do better than anyone else?
• What do you think others would see as your strengths?
• Do you have special connections that others may not have?
• What personal resources do you have available?

Be sure to consider how others see you—not just how you see yourself.

Weaknesses

• Are there tasks you avoid doing because you do not feel confident doing them?
• Do you have any negative work habits (often late, disorganized, easily stressed)?
• Do you feel confident about your skills, experience, and education?
• Do you have any personality traits that might hold you back? For example, do you have a fear of public speaking, yet work where you are expected to conduct regular meetings?

Again, consider how others see you.

Opportunities

• Do you have a network of influential contacts that can help or offer advice?
• Is there a need in your company or industry that no one else has been able to fill?
• Are there trends in your company that you can use to your advantage?
• Can you offer solutions to problems within your company?

Threats

• What kind of obstacles are you facing at work?
• Are there co-workers/colleagues competing with you for positions or projects?
• Has the nature of your job changed?
• Does technology pose a threat to your position?
• Do any of your weaknesses pose a threat?
• What threats to your overall plan are there?

Once you have completed your SWOT analysis, identify strategies that you can use to capitalize on your strengths and open up opportunities, and address ways you can minimize areas of weakness and eliminate threats. Consider asking a trusted peer or friend to review your SWOT analysis and provide you with honest feedback. Analyze the feedback you receive and include that analysis in your assessment. Were there aspects of the feedback that surprised you?

To successfully complete this assessment, you may need to do some research on writing a SWOT analysis. Format this assessment as a research paper following current APA guidelines for both style and citing sources, making sure that you also use correct grammar and mechanics. There is no required minimum or maximum page length; however, you should strive to be as detailed as possible in addressing each bullet point, while also being as clear and concise as possible.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:

• Competency 3: Communicate effectively.
  • Write coherently to support a central idea in appropriate format with correct grammar, usage, and mechanics.
• Competency 4: Plan strategically.
  • Describe strategies to use SWOT analysis to improve competitive advantage.
• Competency 5: Employ high-performance business management techniques.
  • Analyze strengths to determine competitive advantages.
  • Analyze opportunities that may be leveraged for competitive advantage.
  • Analyze threats to competitive advantage.
• Competency 6: Solve problems within professional standards.
  • Analyze weaknesses to determine areas for improvement.