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! ! Strengths Weakness Opportuniti For Threats es Organiza es ti SWOT Analysis ional Succe ss

Objective Explain What is SWOT Analysis Explain the Elements of SWOT Analysis List the Objectives of SWOT Describe Who needs SWOT Analysis Explain the Internal and External Factors Describe the SWOT Quadrants Explain What is TOWS Analysis Describe the Various Quadrant Combinations Explain the Steps of SWOT Analysis Explain the Role of Brainstorming in SWOT Analysis Explain SWOT-Driven Strategic Planning Describe the Considerations for Effective SWOT Analysis List the Benefits and Pitfalls of SWOT Analysis List the Common Mistakes in SWOT Analysis List the Tips for Effective SWOT Analysis

Introduction Globus Inc. is a leading manufacturer of baby products. It has decided to venture into the market of cosmetics with the launch of a new brand of cosmetics ‘Glaze’ in the market. However, before Globus can actually make the final decision of venturing into a new market, it needs to find out the things that are working in its favor and the aspects that can lead to the failure of its new venture.

Introduction Globus Inc. is a leading manufacturer of baby products. What do yo u think Glob us should do t o analyze th is situation? It has decided to venture into the market of cosmetics with the launch of a new brand of cosmetics ‘Glaze’ in the market. However, before Globus can actually make the final decision of venturing into a new market, it needs to find out the things that are working in its favor and the aspects that can lead to the failure of its new venture.

Introduction Globus can do a SWOT Analysis of its position in the market. Carrying out a SWOT Analysis will help Globus understand the company’s strengths, weaknesses, opportunities and threats. SWOT Analysis would help Globus understand its strengths that would be helpful in the new venture, its weaknesses that need to be overcome to be successful in launching the new products, the opportunities that it has at hand to succeed in the new venture and the threats that it perceives to the success in the new venture.

Introduction Carrying out a SWOT Analysis will help Globus Hence, you can see that a understand the company’s n o rg a n iz a ti o n a l Globus can. SW do O a T An strengths, weaknesses, alysis can be a very useful tool foropportunities SWOT Analysis a and threats. company’s development to of its position in succeed in any the market. venture. SWOT Analysis would help Globus understand its strengths that would be helpful in the new venture, its al n o i t a z i n weaknesses that need to be overcome orga t a k o o l il. t us tanew to be in launching the e Lesuccessful d n i s Analy OTopportunities products, that it has SWthe at hand to succeed in the new venture and the threats that it perceives to the success in the new venture.

What is SWOT Analysis? SWOT Analysis is a technique founded by Albert Humphrey who led a research project at Stanford University in the 1960 s and 1970 s. The acronym ‘SWOT’ stands for: S W O T

Strengths S W O T Strengths are: • Characteristics of the business or team that give it an advantage over others in the industry. • Positive, tangible and intangible attributes, internal to an organization. • Beneficial aspects of the organization or the capabilities of an organization, which includes human competencies, process capabilities, financial resources, products and services, customer goodwill and brand loyalty.

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Quadrant 3 an t 3 dr an Qu a dr t 2 1 Qu a nt Quadrant 3 helps the organization through the formulation of strategies by opening up the opportunities along the road by reducing some weaknesses that are currently present. ad u Q ra ad Weaknesses and Opportunities 4 t n ra Qu Quadrant 3 —internal strengths matched with external threats

Tip Matching and converting is one way of utilizing SWOT. ‘Matching’ is used to find competitive advantages by matching the strengths to opportunities. Finding new markets is an example of a conversion strategy. ‘Converting’ is to apply conversion strategies to convert weaknesses or threats into strengths or opportunities. Moreover, if the threats or weaknesses cannot be converted, then an organization should try to minimize or avoid them.

Steps of SWOT Analysis Perform SWOT Analysis & Document: Analyze Internal & External Environment This step includes the following: 1. Establish the objectives 2. Select contributors Perform SWOT Analysis & Document 3. Allocate research & information gathering tasks 4. Create a workshop environment Prepare Action Plans 5. List SWOT Analysis 6. Evaluate listed ideas against Objectives 7. Carry your findings forward Let us look at each in detail.

Searching extensively for competitors Effective SWOT Analysis Searching Extensively for Competitors: • It is critical for conducting an effective SWOT Analysis that you do not overlook any competitor, both current as well as future competitors. • You should consider all competitors including the following: o Product competitors o Generic competitors o Total budget competitors

Did You Know? SWOT analysis is greatly used in competitor analyses. Marketers build detailed profiles of each competitor in the market, focusing especially on their relative competitive strengths and weaknesses by using SWOT Analysis. Marketing managers examine each competitor's cost structure, sources of profits, resources and competencies, competitive positioning and product differentiation, degree of vertical integration, historical responses to industry developments, and other factors. The management often conducts market research to obtain this information about its competition.

SWOT Analysis Template Criteria Examples • • • What resources do you have: e. g. people, assets, USP, good marketing Do you have accreditations, qualifications, certificates? Do you have good process, systems, ICT, communications? Do you have good management succession planning? Are you financially secured? Do you have a good geographical location / easy distribution Do you have a good reputation within your field? Do you see an advantages of the proposition? What are the company’s capabilities? What are the company’s competitive advantages? Strengths Weaknesses Criteria Examples • • What are the disadvantages of your situation / the proposition? What could you improve? Does your workforce lack skills? What factors could lose you business; financial vulnerability, weak supply chain, weak processes and systems, poor leadership Are you well known within your field Do you face any pressure from timescales and deadlines? Are there any adverse effects on core activities, distraction? Do you possess the proper processes and systems, etc. ?

Common Mistakes in SWOT Analysis It is very important to conduct a SWOT Analysis that is effective and produces results. However, there are certain common mistakes that people tend to make while conducting a SWOT Analysis. The five most common mistakes that people make while conducting a SWOT Analysis are as follows: Unclear goals or unclear objectives Keeping a very narrow focus Not taking input from others Conducting an analysis only once Relying on SWOT as a holistic diagnostic strategy

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