Strategic Plan Part 2: Swott Analysis

Strategic Plan Part 2: SWOTT Analysis

One of the most important steps in forming a strategic plan for a new business or an existing business is to perform a SWOTT analysis. A SWOTT analysis is a tool used to provide a general or specific snapshot of a company's health. It helps management identify, classify and prioritize the external and internal issues or forces to aid the decision making process. This paper will analyze a few of the external and internal forces and trends based on the SWOTT analysis for JPS Engineering.

SWOTT Analysis of JPS Engineering

Why perform a SWOTT analysis? A SWOTT analysis forces a company to take an honest look at them selves, an objective analysis of the company's position in the marketplace and with its competitors. It is an effective way to identify a company's strengths and weaknesses and examining its opportunities and threats.

A strength is something a company does well and excels at compared to its competition. A strength is something the company can build on that differentiates the company from its competition. For example, a strength can be a growing customer base or customer service department that keeps customers happy which both help retain and generate new sales.

A weakness is a deficiency, a problem, something the company is not doing very well but it should be, something the company should have but does not, or something outdated that doesn't apply anymore. A weakness can be tangible, concrete, or an attitude. For example, the lack of financial resources, the unwillingness to invest in advertising or a lack of understanding how to do something.

Opportunity is something a company has not pursued that could impact the company in a positive way. Opportunities are things a company can to do improve business. For example, keeping up with technology and taking advantage of new emerging markets and trends.

A threat is something that can negatively impact a company. For example, new entries, existing competitors do...