MGMT670 Week 4 Conf Assignment Example | Topics and Well Written Essays - 500 words

MGMT670 Week 4 Conf - Assignment Example A second situation in which SWOT analysis would be useful for the company is to evaluate other companies. A few years ago the firm was looking for a strategic to form a marketing alliance. The executive management team of the company utilized SWOT to evaluate the different partner alternatives. â€Å"SWOT chart can help to uncover opportunities that your company is well placed to take advantage of† (Smith, 2006). A third potential application of SWOT analysis is that it can be used to analyze different locations for international expansion. To fully analyze external opportunities an analyst has to monitor the key macroeconomic forces which are demographic-economic, technological, political-legal, social-cultural (Kotler, 2003). The identification of the strengths of a company can be used to formulate plans and operational procedures to improve the efficiency and profitability of a company. The analytics of opportunities can help an organization gain a competitive advantage. Analyzing the threats of a company is crucial to adequately incorporate a risk management plan. It can also help firms mitigate and resolve problems when they occur through proper strategic planning. Our firm should expand the use of SWOT beyond the executive management team in order to take full advantage of the capabilities and reach of this powerful managerial tool. SWOT analysis is a great tool, but it does have its limitations. For instance the use of SWOT does not provide alternative solutions to managers for specific problems. The analysis is too broad base which hinders the ability of a firm to solve specific problems that are hurting the efficiency, productivity, and profitability of the company. Project management requires the ability of the project managers and his team to prioritize specific issues. The use of SWOT does not help the leader