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Understanding SWOT Analysis
As a SHS student, you need to make sure that you understand the basics before heading to college. Below are the questions you need to ask for you to do a SWOT Analysis.
What is SWOT Analysis?
SWOT analysis: a summary of the ideas developed in the situation analysis, which allows managers to focus clearly on the meaningful strengths (S) and weaknesses (W) in the firm’s internal environment and opportunities (O) and threats (T) coming from outside the firm (the external environment).
SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. SWOT analysis assesses internal and external factors, as well as current and future potential.
A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, its initiatives, or an industry. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts. Companies should use it as a guide and not necessarily as a prescription.
Strengths
Strengths are things that your organization does particularly well, or in a way that distinguishes you from your competitors. Think about the advantages your organization has over other organizations. These might be the motivation of your staff, access to certain materials, or a strong set of manufacturing processes.
Your strengths are an integral part of your organization, so think about what makes it "tick." What do you do better than anyone else? What values drive your business? What unique or lowest-cost resources can you draw upon that others can't? Identify and analyze your organization's Unique Selling Proposition (USP), and add this to the Strengths section.
Then turn your perspective around and ask yourself what your competitors might see as your strengths. What factors mean that you get the sale ahead of them?
Remember, any aspect of your organization is only a strength if it brings you a clear advantage. For example, if all of your competitors provide high-quality products, then a high-quality production process is not a strength in your market: it's a necessity.
Questions to Asked:
What do you do well? What unique resources can you draw on? What do others see as your strengths?
Weaknesses
Now it's time to consider your organization's weaknesses. Be honest! A SWOT Analysis will only be valuable if you gather all the information you need. So, it's best to be realistic now, and face any unpleasant truths as soon as possible.
Weaknesses, like strengths, are inherent features of your organization, so focus on your people, resources, systems, and procedures. Think about what you could improve, and the sorts of practices you should avoid.
Once again, imagine (or find out) how other people in your market see you. Do they notice weaknesses that you tend to be blind to? Take time to examine how and why your competitors are doing better than you. What are you lacking?
Questions to Asked:
What could you improve? Where do you have fewer resources than others? What are others likely to see as weaknesses?
Opportunities
Opportunities are openings or chances for something positive to happen, but you'll need to claim them for yourself!
They usually arise from situations outside your organization. It also require an eye to what might happen in the future. They might arise as developments in the market you serve, or in the technology you use. Being able to spot and exploit opportunities can make a huge difference to your organization's ability to compete and take the lead in your market.
Think about good opportunities you can spot immediately. These don't need to be game-changers: even small advantages can increase your organization's competitiveness. What interesting market trends are you aware of, large or small, which could have an impact?
You should also watch out for changes in government policy related to your field. And changes in social patterns, population profiles, and lifestyles can all throw up interesting opportunities.
Questions to Asked:
What opportunities are open to you? What trends could you take advantage of? How can you turn your strengths into opportunities?
Threats
Threats include anything that can negatively affect your business from the outside, such as supply chain problems, shifts in market requirements, or a shortage of recruits. It's vital to anticipate threats and to take action against them before you become a victim of them and your growth stalls.
Think about the obstacles you face in getting your product to market and selling. You may notice that quality standards or specifications for your products are changing, and that you'll need to change those products if you're to stay in the lead. Evolving technology is an ever-present threat, as well as an opportunity!
Questions to Asked:
What threats could harm you? What is your competition doing? What threats do your weaknesses expose?
Always consider what your competitors are doing, and whether you should be changing your organization's emphasis to meet the challenge. But remember that what they're doing might not be the right thing for you to do. Avoid copying your competitors without knowing how it will improve your position.
Be sure to explore whether your organization is especially exposed to external challenges.
Source:
Principles of Marketing by Philip Kotler
Principles of Organization and Management by Camilar-Serrano
Illustration by ProfSMiRky
Tools: Powerpoint 365
Picture: unsplash.com
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This is a HUGE help in figuring out what all those great statistics are trying to tell you about your student's progress. Check out my blog for this AND MORE information about finding a home or rental within a specific school boundary.
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My second @nexusnewspaper cover hits the stands today! . . . . #camosun #camosuncollege #nexus #nexusnewspaper #studentmedia #studentpaper #studentreporting #earlychildhoodeducation #illustration #draw #drawing #illustrator #illustratorsoninstagram #artoninstagram #victoria #victoriabc #canadian #canada #camosuncollege (at Camosun College - Official)
#victoria#nexusnewspaper#camosuncollege#victoriabc#drawing#canada#illustrator#illustratorsoninstagram#camosun#illustration#draw#studentmedia#nexus#canadian#earlychildhoodeducation#studentpaper#studentreporting#artoninstagram
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This school report was amongst the treasures I found today. It is dated 1938-39 and the young student has not been working hard, as the parents have noted. They call her lazy! The teacher has suggested that the student read the story of St Judith - a Saint who, although a noblewoman, she gave away her riches and spent her life working hard and caring for the poor and the sick. #paperephemera #studentreport #1930sschoolreport #frenchpaperephemera #scrapbooking #journalling #
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Interviewing for our PBS Student Reporting Labs assignment: Power in Numbers. These kiddos are making people aware of the dangers of online challenges. #srl #studentnews #studentreporting #powerinnumbers
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New Project!! Tangible Data Conversations
Week 1 - Blog 1/2
This will be blog 1/2 for this week as I have been extremely slack that I need to start blogging a lot more often rather than leaving it till the last day to spam out a post. So to get into a better routine I am aiming to try and flesh out at least two blog posts a week. Hopefully?
Today I had no idea what I was doing even after listening through Ricardo’s explanation of the brief last week and what it entails. So I decided to go over the brief again myself starting with researching data sets from the ones provided. I was immediately drawn to NZUSA (The New Zealand Union of Students’ Association) where I came across a PDF on the website about the Income & Expenditure Report of 2017. http://www.students.org.nz/studentreport
The report had quite some interesting facts about costs university students face and the amount of debt one builds up over the course of their time studying. It really fascinated me and I knew this was something interesting I could base my data off for creating some “Low Fidelity Models of Data” which I also still have not quite understood yet, but I am sure I will get there. One data set I came across was in Chapter Three: Making Ends Meet which had this set of data:
It was interesting to see that 60.34% of students surveyed in 2017 were working part-time while they studied just to help with the cost of things so I decided I would make models of these figures.
I was not entirely sure if I was doing things correctly but my aim was to use the straws to represent the three different categories defined in the set of data. Part-Time, Full-time and None. The size differences represented the different percentages of each work types. While still do not completely understand the brief and whether I was doing things correctly. I guess I had to make a start somewhere.
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Sister #StudentReport #BlackmansPrivateSchool #Brilliant #Smart #Amazing #Awesome #Photogrid #photogrid @photogridorg
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This school report was amongst the treasures I found today. It is dated 1938-39 and the young student has not been working hard, as the parents have noted. They call her lazy! The teacher has suggested that the student read the story of St Judith - a Saint who, although a noblewoman, she gave away her riches and spent her life working hard and caring for the poor and the sick. #paperephemera #studentreport #1930sschoolreport #frenchpaperephemera #scrapbooking #journalling # https://instagr.am/p/CCikdH8nLo7/
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