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Swot Analysis

The company I work for does not use a SWOT analysis in the usual sense, largely in part because we don't sell a product, nor do we possess competition per se. However, working for a unique company where capital is coveted and the possession of a healthy budget exists, still demands the use of a SWOT analysis. Specifically and most commonly, we use SWOT analyses in determining which endeavors or projects will be sustainable, compelling, beneficial, and innovative. All of these factors are impacted by internal and external factors and the use of a SWOT analysis helps us determine which projects are worth pursuing and what value added is expected of them. As well, we use SWOT analyses internally within departments of the organization. These are to help identify and reinforce our strengths, redirect our resources, and refine our strategies and structures.

SWOT analyses can have a significant impact on new product selection or development. Specifically, they provide a clear framework to analyze strengths, weaknesses, opportunities, & weaknesses. As well, they can provide essential information or evidence for necessary change to be implemented to the product as well as serve as motivation to further analyze and/or pursue noteworthy or significant strengths, weaknesses, opportunities, and threats. Conversely, SWOT analyses do not prioritize findings and nor do they provide an analysis of specific findings as they often focus on the specifics. Albeit important to identify such findings, the challenge often lies with the prioritization and undertaking of acting on such findings which can directly impact the success or failure of a product.