Vermont Teddy Bear Co.
The Vermont Teddy Bear Co Making decisions is certainly the most important task of a manager and it is often a very difficult one. This article offers a decision making procedure for solving complex problems step by step. It presents the decision-analysis process for both public and private decision-making, using different decision criteria, different types of information, and information of varying quality. It describes the elements in the analysis of decision alternatives and choices, as well as the goals and objectives that guide decision-making. The key issues related to a decision-maker 's preferences regarding alternatives, criteria for choice, and choice modes, together with the risk assessment tools are also presented.
SWOT is an abbreviation for Strengths, Weaknesses, Opportunities and Threats.
SWOT analysis is an important tool for auditing the overall strategic position of a business and its environment. Once key strategic issues have been identified, they feed into business objectives, particularly marketing objectives. SWOT analysis can be used in conjunction with other tools for audit and analysis, such as PEST analysis and Porter 's Five-Forces analysis. It is also a very popular tool with business and marketing students because it is quick and easy to learn.
The Key Distinction - Internal and External Issues
Strengths and weaknesses are internal factors. For example, strength could be your specialist marketing expertise. A weakness could be the lack of a new product.
Opportunities and threats are external factors. For example, an opportunity could be a developing distribution channel such as the Internet, or changing consumer lifestyles that potentially increase demand for a company 's products. A threat could be a new competitor in an important existing market or a technological change that makes existing products potentially obsolete. It is worth pointing out that SWOT analysis can be very subjective - two people rarely come-up with
SWOT is an abbreviation for Strengths, Weaknesses, Opportunities and Threats.
SWOT analysis is an important tool for auditing the overall strategic position of a business and its environment. Once key strategic issues have been identified, they feed into business objectives, particularly marketing objectives. SWOT analysis can be used in conjunction with other tools for audit and analysis, such as PEST analysis and Porter 's Five-Forces analysis. It is also a very popular tool with business and marketing students because it is quick and easy to learn.
The Key Distinction - Internal and External Issues
Strengths and weaknesses are internal factors. For example, strength could be your specialist marketing expertise. A weakness could be the lack of a new product.
Opportunities and threats are external factors. For example, an opportunity could be a developing distribution channel such as the Internet, or changing consumer lifestyles that potentially increase demand for a company 's products. A threat could be a new competitor in an important existing market or a technological change that makes existing products potentially obsolete. It is worth pointing out that SWOT analysis can be very subjective - two people rarely come-up with
References: AGS Practice Management Toolkit. Strategic Planning and Market Analysis. Copyright 2004 American Geriatrics Society. Retrieved January 4, 2006. http://www.frycomm.com/ags/toolkit/chapter4.shtml#swotanalysis Morrison, J. Wilson, I. (1996). The strategic Management Response to the Challenge of Global Change. By permission of the World Future Society. Retrieved January 4, 2006. http://horizon.unc.edu/courses/papers/Scenario_wksp.asp NetMBA Business Knowledge Center, SWOT Analysis, Internet Center for Management and Business Administration, Inc. Copyright 2002-2005. Retrieved January 4, 2006. http://www.netmba.com/strategy/swot/ NetMBA Business Knowledge Center, SWOT Analysis, Internet Center for Management and Business Administration, Inc. Copyright 2002-2005. Retrieved January 4, 2006 http://www.netmba.com/strategy/process/ Wheelen, T. Hunger, J. (2006). Strategic Management and Business Policy; Tenth Edition. Upper Saddle River, New Jersey: Prentice-Hall, Inc.