Strategic planning starts with a management review called a SWOT analysis. The letters stand for strengths, weaknesses, opportunities, and threats. A SWOT analysis usually starts with a broad overview. The first step is for top management to respond to
questions like these:
What are our strengths, and how
can we use them to achieve our
business goals?
•What are our weaknesses, and how
can we reduce or eliminate them?
•What are our opportunities, and
how do we plan to take advantage
of them?
•What are our threats, and how can
we assess, manage, and respond to
the possible risks?
A SWOT analysis is a solid foundation for the strategic planning process,
because it examines a firm’s technical,
human, and financial resources. In
Figure 2-2, the bulleted lists show samples of typical strengths, weaknesses,
opportunities, and threats.
As the SWOT process continues,
management reviews specific resources
and business operations. For example,
suppose that during a SWOT analysis, a firm studies an important patent that the
company owns. The patent review might generate input like the examples shown in
Figure 2-3
Strategic planning starts with a management review called a SWOT analysis. The letters stand for strengths, weaknesses, opportunities, and threats. A SWOT analysis usually starts with a broad overview. The first step is for top management to respond to
questions like these:
What are our strengths, and how
can we use them to achieve our
business goals?
•What are our weaknesses, and how
can we reduce or eliminate them?
•What are our opportunities, and
how do we plan to take advantage
of them?
•What are our threats, and how can
we assess, manage, and respond to
the possible risks?
A SWOT analysis is a solid foundation for the strategic planning process,
because it examines a firm’s technical,
human, and financial resources. In
Figure 2-2, the bulleted lists show samples of typical strengths, weaknesses,
opportunities, and threats.
As the SWOT process continues,
management reviews specific resources
and business operations. For example,
suppose that during a SWOT analysis, a firm studies an important patent that the
company owns. The patent review might generate input like the examples shown in
Figure 2-3
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