Assignment 1: Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis
The assigned readings for Module 2 on strengths, weaknesses, opportunities, and threats (SWOT) analysis highlighted the importance of such an activity and provided the method of conducting it. In this assignment, you will conduct a hypothetical strengths, weaknesses, opportunities, and threats (SWOT) analysis.
Envision you and a handful of colleagues wish to start a business. In order to develop the best strategy for entering the market, you need to conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis.
Perform the following:
• Select a product or a service to base the business on.
• List (at least) four strengths, four weaknesses, two opportunities, and two threats. These should be thoughtful and realistic for a start-up organization.
• Outline the business strategy on the basis of the results of the strengths, weaknesses, opportunities, and threats (SWOT) analysis.
Hints: • Leverage your small, agile size and innovative product/service for strengths.
• Consider the downside of being new and small for weaknesses.
• Think big for opportunities.
• Beware of the market leader or technology changes as threats.
• All of these should be tailored to the selected product or service.