Strategy Formation using SWOT
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The document provides an overview of SWOT analysis, a framework used to identify strategies that align an entity's resources and capabilities with its external environment. It defines strengths, weaknesses, opportunities, and threats and gives examples of each. Strengths and weaknesses refer to internal factors while opportunities and threats refer to external factors. The aim is to identify strategies that maximize strengths and opportunities, and minimize weaknesses and threats. Strategy formation involves matching specific SWOT elements to extract tactics. The analysis should be revisited regularly and revised as needed.
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Strategy Formation using SWOT
- 1. STRATEGY FORMATION USING SWOT
- 3. SWOT Summary Used to identify strategies that align, fit or match an object’s resources and capabilities to the demands and realities of the environment in which the object under the analysis operates in Helps identify conversion and consonance strategies The aim is to identify the extent to which strengths and weaknesses are relevant to, or capable of dealing with, the changes taking place in the business environment Simple to understand Versatile, adaptable and very popular
- 4. SWOT Summary Can be used for companies, organisations, countries and persons Can be used for specific scenarios, situations, products and services SWOT analysis is really only useful if it is comparative. If it examines strengths, weaknesses, opportunities and threats in relation to competitors SWOT is credited to Albert S. Humphrey who led a research project at the Stanford Research Institute in the 1960s and 70s
- 5. Definitions Strength A resource or capability that enables the organisation to build a generic capability to a standard better than similar organisation Positive tangible and intangible attributes, internal to an organization Weakness A resource or capability that limits the development of a strength A resource or capability that is underdeveloped or absent from the organisation, relative to similar organisations
- 6. Examples of Strengths and Weaknesses Management Human Resources Values Mission and Vision Strategy Available Financial Assets Products and Services Public Image and Perception Distribution Channels
- 7. Properties of Strengths and Weaknesses A strength and a weakness must be compared relative to similar organisations and found exceptional (not ordinary) in some way to be useful They represent an advantage or disadvantage
- 8. Definitions Opportunity Is created by changes to key environmental forces independently of the organisation Positive trends and changes that represent the reason for an organization to exist and develop Threat Is created by changes to key environmental forces independently of the organisation Jeopardises the future and profitability of the organisation’s business
- 9. Examples of Opportunities and Threats Government Policies Competitors Technology Political Financial Environmental Market Population Fashion
- 10. Properties of Opportunities and Threats Opportunities and Threats must exhibit a change/shift/transformation in some way to be useful Opportunities and Threats are the forces that the organisation cannot directly affect
- 11. SWOT Structure
- 12. Warnings and Limitations of SWOT Meaningless long lists No prioritisation of items Highly subjective Subject to politics Might miss out sensitive and controversial issues Confuse symptoms with weaknesses and strategies with opportunities Confuse internal with external factors Relies on brainstorming
- 13. SWOT Examples Microsoft –November 2012 RFID Deployment in a Greek Public Hospital – September 2012 DOL (A Greek news and media company) - April 2012
- 14. Microsoft – November 2012
- 15. RFID Deployment in a Greek Public Hospital - September 2012
- 16. DOL – April 2012
- 17. SWOT Tips Ask uncomfortable questions Don’t leave out sensitive and controversial issues Get multiple and different perspectives Remove unnecessary/unimportant items Ask around for opinions and feedback Revisit often and revise as required
- 18. What’s Next ? The ultimate purpose is to extract strategies, tactics and actions Minimize both weaknesses and threats Maximize both the strengths and opportunities Use your strengths to deal with threats Minimize the weaknesses by taking advantage of the opportunities The method (TOWS) indicates four conceptually distinct alternative strategies, tactics and actions In practice some of the strategies overlap, be common or they may be pursued concurrently and in concert
- 23. Strategy Formation Tips Try to match specific elements of your SWOT
- 24. Strategy Formation Tips Try to match specific elements of your SWOT
- 26. Strategy Formation Examples RFID Deployment in a Greek Public Hospital – September 2012 DOL (A Greek news and media company) - April 2012
- 27. Maxi-Maxi Strategies for RFID Deployment
- 28. Maxi-Mini Strategies for RFID Deployment
- 29. Mini-Maxi Strategies for RFID Deployment
- 30. Mini-Mini Strategies for RFID Deployment
- 31. Maxi-Maxi Strategies for DOL
- 32. Maxi-Mini Strategies for DOL
- 33. Mini-Maxi Strategies for DOL
- 34. Mini-Mini Strategies for DOL
- 35. Revisit and Revise as Required