Applying Swot Analysis for Effective Planning
Applying SWOT Analysis for Effective Planning
By
Betty McQuilla Okocha
December 24, 2012
Professor Lisa Bradill
GM500
Introduction
The objective or purpose of applying a SWOT diagram as a planning tool in business is to have a platform of doing business or having a through picture of a business plan. Applying SWOT diagram as a planning tool has helped me to work out the strengths, threats, benefits and strategy of achieving financial prosperity in business. (Draft, 2012/2010, p. 209) I have learned that using the SWOT method as a planning tool will help me in working out an effective way and strategy to solidify my business plan with proper research, and thinking through it before setting the ball rolling for execution. Understand and using SWOT method will expose so many things and points one need to put into consideration while planning a business strategy. I also realized when I took the strategy strength test, I have a balanced formulator and implementer style and I work well in both arenas. New managers bring value to strategic management as a formulator, implementer, or both (Draft, 2012/2010, p. 201).
Exporting used cars to Nigeria is a business venture I and my husband have been working hard to setup. We have put a lot of things into consideration before coming to a conclusion of choosing to set this business up in Nigeria. One of the reasons is based on the fact that Nigeria has a big market for American used cars in the whole of Africa. Next is the opportunities, market potentials and the economic gains are very high. We also intend to use the population of Nigeria and their love for quality American used cars to our advantage. My strategy which is the most important aspect of succeeding in this business is to get my local bank to finance this business. Also with the knowledge, experience and expertise my husband has in business, involving him to become parts and parcel of this business will help me to drive this business to the road of
By
Betty McQuilla Okocha
December 24, 2012
Professor Lisa Bradill
GM500
Introduction
The objective or purpose of applying a SWOT diagram as a planning tool in business is to have a platform of doing business or having a through picture of a business plan. Applying SWOT diagram as a planning tool has helped me to work out the strengths, threats, benefits and strategy of achieving financial prosperity in business. (Draft, 2012/2010, p. 209) I have learned that using the SWOT method as a planning tool will help me in working out an effective way and strategy to solidify my business plan with proper research, and thinking through it before setting the ball rolling for execution. Understand and using SWOT method will expose so many things and points one need to put into consideration while planning a business strategy. I also realized when I took the strategy strength test, I have a balanced formulator and implementer style and I work well in both arenas. New managers bring value to strategic management as a formulator, implementer, or both (Draft, 2012/2010, p. 201).
Exporting used cars to Nigeria is a business venture I and my husband have been working hard to setup. We have put a lot of things into consideration before coming to a conclusion of choosing to set this business up in Nigeria. One of the reasons is based on the fact that Nigeria has a big market for American used cars in the whole of Africa. Next is the opportunities, market potentials and the economic gains are very high. We also intend to use the population of Nigeria and their love for quality American used cars to our advantage. My strategy which is the most important aspect of succeeding in this business is to get my local bank to finance this business. Also with the knowledge, experience and expertise my husband has in business, involving him to become parts and parcel of this business will help me to drive this business to the road of