Introduction: A SWOT analysis is vital to generating long-term strategies. Strategic management is the formulation, implementation, and evaluation of decisions that help a business achieve its goals (David, 2014). Strategy formulation includes the development of a vision and a mission, determining internal strengths and weaknesses, identifying external opportunities and threats (also known as a SWOT analysis), and establishing long-term strategies and objectives. Strategy implementation requires the organization to create policies and short-term objectives, and to allocate resources so strategies can be achieved. Strategy evaluation reviews external and internal factors, measures performance, and takes corrective action. Strategy formulation can occur at the corporate, divisional, business unit, or functional level. There are financial and non-financial benefits in strategic planning. Success increasingly depends upon being competitive in the global market. Strategic planning can help achieve this imperative.
It is also important to consider an organization’s unique purpose and reason for being and how these things are reflected in the organization’s vision and mission statements. Vision and mission statements are similar, but a vision statement, according to David (2014), answers the questions “What do we want to become?” and “What is our business?” A mission statement is typically longer and more detailed than a vision statement. Organizations that invite strategists, managers, and employees into the development and communication of their business vision and mission create a heightened sense of purpose.
The vision statement, although often the most commonly overlooked task, is the necessary first step in strategic management. It provides direction for other activities. Like a vision statement, effective mission statements stand the test of time and, although re-examined annually, they are infrequently changed. Reference- David, F. R. (2014). Strategic management: A competitive advantage approach, concepts & cases (15th ed.). Pearson Prentice Hall.
Choose an organization on which to complete a strengths, weaknesses, opportunities, and threats (SWOT) analysis. PLEASE USE SAMSUNG.
It is important to remember that opportunities and threats are external to an organization, and strengths and weaknesses are internal to an organization.
Complete the following: First, identify and describe what you consider to be your chosen organization’s internal strengths and weaknesses. Examples of internal factors include employees, management, and finance. Use the terms “Strengths” and “Weaknesses” as titles. Then, list three or more factors under each title and describe them. Second, identify and describe what you consider to be the organization’s external opportunities and threats. Opportunities and threats may include a variety of factors, such as economics, technology, demographics, environmental considerations, culture, competition, and political influences. Use the terms “Opportunities” and “Threats” as titles. Then, list three or more factors under each title and describe them.
