Professional Documents
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2.Weaknesses
-The factors within the SWOT analysis formula that could
prevent successful results within a project are Weaknesses. Weaknesses
include factors such as an abundance of rivalry between departments, a
weak internal communication system, lack of funding and an inadequate
amount of materials. Weaknesses can derail a project before it even
begins. Other Weaknesses include Weak brand name,Poor
reputation, Ineffective and high cost structure.
-Weaknesses in an organization may be depreciating
machinery, insufficient research and development facilities, narrow
product range, poor decision-making, etc. Weaknesses are controllable.
They must be minimized and eliminated. For instance to overcome
obsolete machinery, new machinery can be purchased. Other examples of
organizational weaknesses are huge debts, high employee turnover,
complex decision making process, narrow product range, large wastage of
raw materials, etc.
3.Opportunities
-Opportunities are classified as external elements that
might be helpful in achieving the goals set for the project. These factors
could involve vendors who wish to work with the company to help achieve
success, the positive perception of the company by the general public,
and market conditions that could make the project desirable to the
segment of the market. Additional Opportunities include, Arrival of
new technology,Unfulfilled customer needs, and Taking business
courses (training).
-Organization should be careful and recognize the
opportunities and grasp them whenever they arise. Selecting the targets
that will best serve the clients while getting desired results is a difficult
task. Opportunities may arise from market, competition,
industry/government and technology. Increasing demand for
telecommunications accompanied by deregulation is a great opportunity
for new firms to enter telecom sector and compete with existing firms for
revenue.
4.Threats
-These external factors could gravely affect the success of the
project or business venture. The possible threats that are critical to any
SWOT analysis include a negative public image, no ready-made market
for the final product and the lack of vendors who are able to supply raw
materials for the project. Some other threats include,Trend changes,
New regulations and New substitute products.
-Threats arise when conditions in external environment
jeopardize the reliability and profitability of the organization’s business.
They compound the vulnerability when they relate to the weaknesses.
Threats are uncontrollable. When a threat comes, the stability and survival
can be at stake. Examples of threats are - unrest among employees;
ever changing technology; increasing competition leading to excess
capacity, price wars and reducing industry profits; etc.
8.Stakeholders management
-Stakeholder management is the process of maintaining good
relationships with the people who have most impact on your work.
Communicating with each one in the right way can play a vital part in
keeping them "on board."
On the other hand, where competitive rivalry is minimal, and no one else
is doing what you do, then you'll likely have tremendous strength and
healthy profits.
The more you have to choose from, the easier it will be to switch to a
cheaper alternative. But the fewer suppliers there are, and the more you
need their help, the stronger their position and their ability to charge you
more. That can impact your profit.
3.Buyer Power. Here, you ask yourself how easy it is for buyers to
drive your prices down. How many buyers are there, and how big are their
orders? How much would it cost them to switch from your products and
services to those of a rival? Are your buyers strong enough to dictate
terms to you?
When you deal with only a few savvy customers, they have more power,
but your power increases if you have many customers.