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Ravi C Nithyanandan
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.
Let us look at SWOT Analysis in detail
SWOT is a strategic planning tool
It Develops a full awareness of your situation
SWOT focuses on vision
It can be used by individuals, businesses, groups etc
SWOT helps groups or individuals to move from everyday problems and strategies to a fresh perspective
Analyze issues that have led to failure in the past
Identify possible areas for change
Explore possibilities and solutions to problems
Help understand the factors for success
Help decide the best path for your goal
Refine and redirect efforts mid-plan
Analyze Environment
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.
Questions to ask yourself
Organization SWOT
Individual / Personal SWOT
Some of the examples of personal strengths are as follows:
Good interpersonal skills
First class degree holder
Good critical / analytical skills
Communication and wrtitten skills
Years of work experience
Good with public speaking
Some of the examples of organizational strengths are as follows:
Abundant financial resources
Established brand name
Economies of scale
Lower production costs
Superior management
Excellent marketing skills
Good supply chain distribution
Great Employee commitment
Perform SWOT Analysis
Create an action Plan
- Joyce Meyer