Purpose of SWOT Analysis Essay. Management Assignment. (Essay Sample)

Purpose of SWOT Analysis
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Purpose of SWOT Analysis
Nowadays, the market conditions are in the constant state of flux that forces managers to develop new projects and keep business relevant. Strategic planning describes the process that the organizations perform to determine how they can advantageously carry out its mission and realize the set of goals. A SWOT analysis is a common tool of strategic planning incorporated in the documents of private and public enterprises. It helps managers to evaluate the further chance of a project to succeed. Once the company has explored the four aspects of SWOT, it will need to elaborate on potential actions to undertake, exploit opportunities to succeed, head off threats, boost weaker areas, and build on strengths in the competitive and challenging business environment.
The purpose of the framework (strengths, weaknesses, opportunities, and threats) is to make the specialists think about aspects that affect the success of new projects. Failure to consider opportunities, threats, weaknesses, and strengths may lead to poor decisions and deteriorate the company’s reputation on the market (Schooley, 2019). For example, if the technology company with a processor patent does not know that the competitor develops a similar product, it can overestimate its sales potential and take on debt to fund it.