SWOT Analysis Is Vital to Determine the Likelihood of Success of a Company’s Strategic Plan, Says Jeffery D Whippo
The Role of SWOT Analysis in Determining the Likelihood of Success of a Company’s Strategic Plan • Jeffery D Whippo is a professional business educator who believes that the application of Strengths, Weaknesses, Opportunities, and Threats [SWOT] Analysis is a vital key to determining the likelihood of success of a company’s strategic plan. • He notes that it is important to know how each of the four aspects of a SWOT relates to the business.
For Strengths, It Can Be Helpful To Know -
• What the company does well? • What resources does it offer to the public? • How is it using Information Technology to promote its business for its benefit?
With Weaknesses, It Can Be Helpful To Know -
• What services could the company improve? • In what areas does the competition have the technological edge? • What technology should the business actually try to avoid?
In Terms Of Opportunities, the Company Should Think About –
• How technology is always changing? • Are there any interesting trends in technology that the company would like to use? • Is there a need in the market that no one else is currently filling?
With Threats, the Company Should Consider –
• What the competition is doing well? • What information security threats should the company be most concerned about? • What new innovations are others bringing into the market?
More about the SWOT Analysis... • Jeffery Whippo notes that by using the SWOT analysis, the organization is able to determine, as part of the business strategy, what the business needs from the new IT system. • The required tool may be a means of gathering information, categorizing the information, sorting it, filtering it, and providing it to different people who are involved in the project so that they can build the system. • After this stage of the project is completed, the design phase can be implemented, which requires some description of the needs in a form that external parties can understand. • This stage also consists of the configuration phase of the system, or the actual construction of the system. • It is important to translate information that has been gathered in the requirements stage, to the information required in the design, down to the
Thank You Jeffery David Whippo