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This document offers a comprehensive guide to swot (strengths, weaknesses, opportunities, threats) and smart (specific, measurable, achievable, realistic, time-bound) analyses. it details the components and applications of each framework, illustrating how they are used for strategic planning and effective goal setting in business and other fields. practical examples and emphasizes the importance of using these methods for achieving success. the document also includes a section on the johari window, a tool for improving self-awareness and interpersonal relationships, relevant to teamwork and leadership development.
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SWOT Analysis 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. Strengths and Weaknesses focus internally on the business being evaluated, while Opportunities and Threats look at competition and things going on externally. Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas. SWOT analysis works best when diverse groups or voices within an organization can provide realistic data points rather than prescribed messaging. Strengths and weakness cover internal factors such as human resources, funds, infrastructure, and even past experiences, both good and bad. Opportunities and threats relate to external factors such as changing consumer trends, economic and political factors, and laws. The findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. The purpose of performing a SWOT is to reveal positive forces that work together and potential problems that need to be recognized and possibly addressed. Components of SWOT Analysis Every SWOT analysis will include the following four categories. Though the elements and discoveries within these categories will vary from company to company, a SWOT analysis is not complete without each of these elements: Strengths Strengths describe what an organization excels at and what separates it from the competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. It must then decide how to use those results to attract new investors. Weaknesses Weaknesses stop an organization from performing at its optimum level. They are areas where the business needs to improve to remain competitive: a weak brand, higher-than-average turnover, high levels of debt, an inadequate supply chain, or lack of capital. Opportunities Opportunities refer to favourable external factors that could give an organization a competitive advantage. For example, if a country cuts tariffs, a car manufacturer can export its cars into a new market, increasing sales and market share. Threats Threats refer to factors that have the potential to harm an organization. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. Other common threats include things like rising costs for materials, increasing competition, tight labour supply, and so on.
Matrix-model-in-SWOT-analysis
Achievable SMART Goals A SMART goal must be achievable and attainable. This will help you figure out ways you can realize that goal and work towards it. The achievability of the goal should be stretched to make you feel challenged, but defined well enough that you can actually achieve it. Ask yourself:
Practical Applications for MBA and Engineering students: Teamwork: Enhances collaboration by expanding the Open Area through feedback and self-disclosure. Leadership: Reduces Blind Spots by seeking and acting on feedback from peers and mentors. Networking: Builds stronger professional relationships by sharing more about oneself, reducing the Hidden Area. Personal Development: Encourages exploration and self-discovery to uncover Unknown Areas, fostering growth. Using the Johari Window, MBA students can improve communication, increase self-awareness, and enhance professional interactions. The premise behind the window is that there are certain things that we know and things we do not know about ourselves. Similarly, there are certain things others know and do not know. Thus, at any given point, our true self is a combination of these four “panes” represented by the Johari window. In the diagram, all panes look equal, but the size (or openness) of each pane will vary depending on how well: One knows oneself One shares about oneself with others Others know the person