Classmate discussion Response
I have two classmate on this document that need to response to. Please response to them in a timely manner
Week 1 – Discussion
Guided Response:
Respond to at least two of your fellow students’ posts in a substantive manner and provide information or concepts that they may not have considered. Support your position by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum. Continue to monitor the discussion forum until 11:59 p.m. (Mountain Time) on Day 7, and respond with robust dialogue to anyone who replies to your initial post.
Lisa Schreiner
A SWOT analysis is a process of defining strengths, weaknesses, opportunities, and threats in an organization’s structure. According to Holtzman et al. (2015), “To improve its prospects, the industry will need to capitalize on its strengths, overcome its weaknesses, seize opportunities for growth, and address threats that could hamper its progress” (para. 3). A strength includes a talent or an advantage the organization holds in its industry as a leader (Savickas, 2003). For example, what is the organization’s competitive advantage? A weakness consists of a defect or gap in resources creating a limitation in succession (Savickas, 2003). What negative feedback does the business receive from consumers regarding products or services? Opportunities arise as situations to further organizational advancement outside of original strategic plans. A sudden policy change can free up cash in the budget, providing available funding for necessary R&D. Threats or risks negatively impact an organization’s operations. Relying on a sole source supply chain that can not deliver will leave production at a standstill. Natural disasters such as hurricanes, wildfires, and blizzards are also threats to a business’s success.
A complete SWOT will help a company succeed by preparing for weaknesses and threats while taking advantage of strengths and opportunities. A SWOT analysis is part of the strategic business plan, providing the organization a path to achieve a competitive advantage while meeting its strategic goals.
References
Holtzman, Y., Gorkhover, G., & Ganz, M. (2015, January 12).
The U.S. medical device industry: Strengths, weaknesses, opportunities, and threats (Links to an external site.)
.
https://www.mddionline.com/us-medical-device-industry-strengths-weaknesses-opportunities-and-threats (Links to an external site.)
Savickas, Mark L. (2003, September).
Introduction to the special issue
. Career Development Quarterly, 52(1), 4-7. doi:10.1002/j.2161-0045.2003.tb00621.x
Gabrielle Bateman
SWOT is a company’s strengths, weaknesses, opportunities, and threats. Being able to identify each area of the business is necessary to make a strategy and stick with it and actually grow the business. The most important aspects of SWOT would be the opportunities and threats. All aspects are important as a company needs to know what its strengths and weaknesses are in order to best build the business but the company needs to know the opportunities that are available to those strengths and avoid the weaknesses and threats. Without being able to identify opportunities that come the way of the business then there is no guidance for what should be strengthen. Being able to identify the threats means they will be able to see what is weak. By spotting these threats and opportunities the company can see what is truly their strengths and weaknesses and have a more accurate idea since they will have something to truly test it against.
Holtzman, Y., Gorkhover, G., & Ganz, M. (2015, January 12). The U.S. medical device industry: Strengths, weaknesses, opportunities, and threats (Links to an external site.). https://www.mddionline.com/us-medical-device-industry-strengths-weaknesses-opportunities-and-threats
Savickas, Mark L. (2003, September). Introduction to the special issue. Career Development Quarterly, 52(1), 4-7. doi:10.1002/j.2161-0045.2003.tb00621.x