Please make use of the links I've provided and refer to our company business plan for further assistance. I will not be in the building on Thursday, so use your resources.
Thursday: Internal Strengths and Weaknesses
Here is a great link to an article that summarizes how to compose a SWOT analysis. The first two portions, strengths and weaknesses, deal with your internal operations. In the article, there are bulleted questions that you can answer to complete your analysis for each section, but you may also choose to identify other highlights that are industry-specific if you wish. For example, do you have any technology at your disposal that separates you? Are your employees trained in a certain way that helps your business stand out? Do you have offers or loyalty programs that are unique to your industry? Essentially, how are you better than other established businesses? Conversely, which areas of the business will you need to improve?
Tuesday: External Opportunities and Threats
Again, reference this article for some questions that you may use to complete your analysis. Think about it… your established competitors may be resting upon their laurels, and may be missing out on opportunities in the marketplace that you can use to your advantage. Conversely, these established competitors do have name recognition and good reputations on their side. Will this pose a threat to your business penetrating the market? How will you address this?
We will share out some of our findings in the last 7 minutes of class, so please work diligently and be prepared. Also, don’t hesitate to use some great points from your classmates if you can add them to your plan. The purpose of this exercise is to share best practices (buzzword: collaborate). I urge you to think hard when it comes to what “best practices” you can use for your own plan. This is a great way to expand your thinking and be productive.
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