Question

Performance is a fundamental concept in SWOT analysis and strategic management, define the usage, usefulness and application for profit and non-profit organizations.

Answer 1

SWOT analysis is a strategic planning technique used to help individuals or organizations identify strengths, weaknesses, opportunities, and threats related to business competition or project planning. It is intended for use in the early stages of the decision-making process and can be used as a tool for assessing the strategic location of a city or organization. It aims to clarify the purpose of a business venture or project and to identify the internal and external factors that are favorable and unfavorable for the achievement of these objectives. SWOT analysis users often ask and answer questions to generate meaningful information for each category to make the tool useful and determine their competitive advantage. SWOT has been described as a testing and testing tool for strategic analysis, but has also been criticized for its limitations.

Strengths and weaknesses are often related to the inside, while opportunities and threats always focus on the external environment. The name is an acronym for the four parameters that the technique checks:

Strengths: The nature of a business or project that benefits others.
Weaknesses: The nature of the business that makes the business or project disadvantageous compared to others.
Opportunity: An item in an environment that a business or project can use to its advantage.
Threats: Elements in the environment that can create problems for a business or project.

The degree to which a company’s internal environment corresponds to its external environment is illustrated by the concept of exercise. Identification of SWOTs is important because they can inform the next step in planning to achieve a goal. First, decision makers need to consider whether goals can be achieved provided by SWOTs. If a goal cannot be achieved, they have to choose another goal and repeat the procedure.

Some authors pay tribute to the SWOT system to Albert Humphrey, who led the conference at the Stanford Research Institute in the 1960s and 1970s, using data from the Fortune 500 Company. However, Fufrey himself did not claim to have created the SWOT, and the origins remain unclear.