SWOT Analysis - Pixabin

Variety to make every phase of our business successful Research and analysis are required. Even running a small company in today's era of globalization is different It is imperative to do research and analysis. Such New tactics cannot be introduced without doing research, new tactics Today's industrial war cannot be won without instillation. in that respect,   One analysis that can be very useful for business is SWOT Analysis. 

SWOT Analysis Information needed to set goals and plan To present and examine the pros and cons necessary to achieve the goal, SWOT Analysis also provides necessary information for starting a new business is used

SWOT Analysis

Strengths Weaknesses Opportunities Threats (Threats) SWOT Analysis Strengths, Weaknesses, and Opportunities, This analysis is used to detect threats. We have many questions about Our company's strengths touching and providing answers on  Weaknesses,  Opportunities, and Threats that can be identified.

Internal and external factors

Internal Factors — Strengths and Weaknesses (for the organization Depends on factors of production – Price, Product Marketing, Sales, Finance, Production, employees (Employees) ... etc.). 

 External Factors — Opportunities and Threats (Depends on factors external to the firm – technological change (Technological Change), Economy (Government), Competitors, Social...etc).

Strength

Companies should know their strengths before planning a project is necessary. A company's strengths are many of the things it has in its favor is

• What are the things that make our company better than other companies?
• In our company's products than other company's products What are Unique?
• What resources can be procured at a lower cost than others?
• What do consumers and people consider our company's strengths?
• What talent and energy do we have that other company employees do not have Company employees have?
• In what way our company's products are better than other companies products Different?
• What unique selling methods do we have?

Answers to this type of question are our strengths.

High quality, cheap price, famous brand name (Brand Name), Finance Resources, No Debt, Skilled staff, excellent management, advanced technology, fast Production, etc. are strengths.

Whatever we see as strengths we have to relate to our competitors. If our competitor also sells high-quality products Quality is not our strength.

Weaknesses

Career by identifying our weaknesses Used to manage and improve. For our company Disadvantages etc. are weaknesses of the company. Weaknesses Not only from the company's point of view but also from the consumer's point of view It should also be seen from the people's point of view.

• What factors affect our sales?
• What do we need to improve over others?
• In what way are we lagging behind others?
• What factors affect us?
• Consumers and people as weaknesses of our company and our products What do you think?

Our weaknesses are the answers we get when we ask so many questions. All the competitors do better than we are our weaknesses. High prices, low quality, high debt, insufficient financial resources Lack of Finance Resources, Incompetence of staff, Leadership Management incompetence, weak marketing, outdated technology, there are many other weaknesses such as increasing cost of production.

Opportunities

Before organizations make a plan and set goals Knowing the opportunities is essential. These opportunities are our goal, and play a major role in deciding planning as well.

• Broad Market
• Technological change (Changes in Technology)
• Changes in Market
• Change in Government Policy Related to Our field.)
• Monetary circulation to people is high
• The number of young people is increasing
• People's salary has not increased (Salary Hike)
• Change in people's lifestyle, customs, society, etc (lifestyle changes, population profiles, changes in social patterns, and so on.)

All these are opportunities. Make ice cream Summer is an opportunity for companies, two-wheelers like Pulsar One opportunity is the growing number of young people into vehicles. jewelry The festive season is an opportunity for shops.

Threats 

All the obstacles and problems we encounter in the external environment are our Threats. We must consider these threats.

• Changing technology can be a threat to us (Changes in (Technology Maybe Threats to Us)
• Poor Infrastructures-Roads, Ports, Power, and so on...
• Entry of New Competitors
• Inflation
• Economy Recession
• Adverse Government Policies
• The reluctance of people to spend

All these are threats.

Opportunities for a few products are for other company products May become threats.

Rainy seasons are an opportunity for umbrella companies, but the same for ice cream manufacturing companies threats.

SWOT Analysis is used for goal setting and planning Just as SWOT Analysis is useful for business, goals are for our personal lives Used to determine We turn weaknesses into strengths and threats Let's try to turn them into opportunities!