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It is based on an analysis of facts and assumptions about the company, including: The opportunity and threat analysis is carried out by examining external factors in your domestic and export markets. What are people in your market likely to see as weaknesses? Because it mixes idea generation with evaluation, it is likely to reduce the range of strategies that are considered unless managed effectively. The findings showed that us of this framework harmed performance.This is usually broken down into environmental factors and competitors, including: What advantages does your company have? What unique or lowest-cost resources do you have access to? In addition, people who use a SWOT analysis might conclude that they have done an adequate job of planning and ignore such sensible things as defining the firm’s objectives or calculating ROI for alternate strategies. When Hill and Westbrook (1997) examined the use of it by 20 companies in the UK in 1993-94, they concluded that the process was so flawed that it was time for a “product recall.” While there are no real ways of knowing whether a given process is robust, to throw away such a simple and effective tool is a little premature.Humphrey and the original research team used the categories “What is good in the present is Satisfactory, good in the future is an Opportunity; bad in the present is a Fault and bad in the future is a Threat.” Some researchers reference the 1965 publication “Business Policy, Text and Cases” by Learned, Christensen, Andrews and Guth (from Harvard University) in which a framework is used which closely resembles a SWOT analysis, however these words are not used and certainly the framework is not described as succinctly as we know it today.In this book the terms used are: Strengths, Weaknesses, opportunities, risks, environment & problems of other industries.The analysis or more correctly interpretation comes after the SWOT summary has been produced.
If the objective is NOT attainable a different objective must be selected and the process repeated. Add any additional weaknesses that are unique to your business/ organization.
Note that in itself is only a data capture – the analysis follows.
Strengths The origins of the SWOT analysis technique is credited by Albert Humphrey, who led a research project at Stanford University in the 1960s and 1970s using data from many top companies.
Given the evidence, a SWOT analysis is should be used with care and in the CONTEXT of the organization, taking into account the financial situation of the organization.
When undertaking a traditional strategic planning process, debating future direction, or assessing existing opportunities for the organization, a board or management team can rely on a SWOT analysis for help.