1. Define the swot analysis

Group Event 120S
Zokirova Sitora Tokhirovna
Part A
2-C
3-B
4-C
5-A
6-B
7-A
8-D
9-A
10-C
11-B
Part B
1. Define the SWOT analysis
SWOT analysis (strengths, weaknesses, opportunities, and threats) is a framework for assessing a company's competitive position and developing strategic plans. Internal and external elements, as well as existing and future possibilities, are all evaluated in a SWOT analysis.
SWOT analysis is a method for evaluating a company's performance, competition, risk, and potential, as well as parts of a company like a product line or division, an industry, or another organization.
Using both internal and external data, the technique can direct firms toward more successful strategies and away from those that have been or are projected to be less successful. They can also get advice from independent SWOT analysts, investors, or competitors on whether a firm, product line, or industry is strong or weak, and why.
A powerful brand, a loyal consumer base, a strong balance sheet, innovative technology, and so on are examples of strengths.
Weaknesses prevent an organization from reaching its full potential. A bad brand, higher-than-average turnover, high levels of debt, an inadequate supply chain, or a lack of capital are examples of areas where the company has to improve in order to stay competitive.
External elements that may provide a competitive edge to a company are referred to as opportunities.
Threats are circumstances that have the potential to cause harm to a company. A drought, for example, poses a risk to a wheat-producing company since it might destroy or reduce crop yield. Other common threats include rising material costs, increased competition, and a limited labor supply, among others.
2. What is the Strategic planning?
Strategic planning is the process of developing specific business plans, putting them into action, and analyzing the results in terms of a company's overarching long-term goals or wants. It's a notion that focuses on a company's strategic goals being met through integrating several departments (such as accounting and finance, marketing, and human resources). The terms "strategic planning" and "strategic management" are almost interchangeable.
Strategic planning first gained popularity in the 1950s and 1960s, and it remained popular in the business world until the 1980s, when it began to lose favor. However, in the 1990s, interest in strategic business planning was reignited, and strategic planning is still significant in today's industry.
The strategic planning process necessitates a lot of thought and planning from a company's executive management. Executives may explore a variety of possibilities before deciding on a course of action and selecting how to strategically implement it. Finally, a company's management should choose a strategy that is most likely to create good results (typically defined as increasing the company's bottom line) and that can be implemented in a cost-effective manner with a high probability of success while avoiding unnecessary financial risk.
Strategic planning is often thought to be done in three steps: development, implementation, and evaluation:
1. Strategy Formulation
A corporation will first examine its current status by conducting an internal and external audit before establishing a strategy. This will aid in the identification of the organization's strengths and weaknesses, as well as opportunities and threats (SWOT Analysis).
2.Strategy Implementation
Following the formulation of a strategy, the corporation must set specific targets or goals for putting the strategy into action, as well as dedicate resources to the strategy's execution. The effectiveness of the implementation stage is frequently influenced by how well upper management communicates the chosen strategy throughout the organization and gets all of the company's employees to "buy into" the desire to put the strategy into action.
3.Strategy Evaluation
Any adroit trade individual knows that victory nowadays does not ensure victory tomorrow. As such, it is vital for directors to assess the execution of a chosen methodology after the execution phase.
Reviewing the internal and external elements affecting the strategy's implementation, monitoring performance, and taking remedial action to make the strategy more effective are all important aspects of strategy evaluation. For example, a firm may learn that, in order to achieve the required changes in customer relations, it needs to introduce a new customer relationship management (CRM) software package after implementing a plan to improve customer service.
Upper management, middle management, and operational levels are where all three steps of strategic planning take place. As a result, it is critical to encourage communication and interaction among employees and managers at all levels in order to assist the company perform as a more functioning and productive team.