Best tips and tricks of SWOT analysis #MBA assignment guide (With Examples)
Key Highlights
SWOT analysis is one of the fundamental tasks required to develop an MBA assignment for internal analysis purposes of a certain brand. However, monotonous content, lack of information, and overgeneralized paragraphs reduce the quality and uniqueness of the assignment. This assignment guide analyzes best practices and strategic plans for developing customized, data-driven, and authentic SWOT analysis of a certain brand with the best tips and tricks. You can develop a detailed and genuine understanding of SWOT analysis here.
Definition of SWOT analysis
The term SWOT refers to Strengths, Weaknesses, Opportunities, and Threats. Therefore, SWOT analysis is a technique for identifying key internal factors of a company based on its performance. It identifies a company's present strengths in the market, weaknesses that affect the brand's competitiveness, future opportunities, and potential threats in the business environment. Conducting a SWOT analysis helps to evaluate current market performance, future risks, and opportunities for developing effective strategic planning for the success of the brand in the upcoming future. Therefore, a SWOT analysis must be informative, data-driven, authentic, and easy to understand. The best tips and tricks to develop a comprehensive SWOT analysis that can help to achieve a good score for MBA students are analyzed further.
The basic component of SWOT analysis
Strengths
The first section of the SWOT analysis is to identify key strengths of the company that can assist in achieving a higher competitive edge from the company within the business environment.
Weakness
In the next section, evaluate the key weaknesses the company faces in the recent market situation.
Opportunities
Further, identify market trends and approach of the company to meet market trends for evaluation purposes of the future opportunities of the company within the industry.
Threats
Research legal challenges, competitive pressure, and ethical issues of the firm within the industry to identify key threats to the company within the business market.
Tips and Tricks for developing a comprehensive SWOT analysis
Perform detailed research on the recent performance of the brand
The evaluation of the company's current performance regarding sales, and profitability from the company's official websites mostly helps to identify areas of strength and weakness. Further, conducting detailed research on the company's tangible and intangible resources can help make a comprehensive and data-driven SWOT analysis.
Identify potential threats and future opportunities for the company
Research on recent allegations regarding the ethical, and legal performances of the brand mostly helps to identify potential threats and existing weaknesses of the company. Identification of the market trend and the company's policy to meet emerging trends and sustainability can support to finding of future opportunities for the firm within the business environment through a data-driven approach.
Evaluate the current position of the company in the industry
Identify the current tangible resources of the firm such as sales rate, and skill of employees, profitability compared to its business rivals to identify the current business position of the brand. Evaluate intangible resources such as the brand value of the firm, sustainability, and CSR efforts of the firm to understand the future success scope of the company within the industry.
Use relevant data and pieces of information
Use relevant data such as the current sales rate, the net operating value of the company, the brand value of the firm, and relevant legal challenges faced by the company to develop a data-driven and comprehensive SWOT analysis
Ensure authentic references from authentic websites and articles
Use references that are not older than 5 years. Avoid citation of the doctoral dissertation and blog content. Use Google Scholar, Sage Pub, and Research Gate to find authentic information on the company. Cite websites such as Statista, Forbes, BBC, McKinsey, Reuters, Economic Times, and other authentic website sources to ensure the validity and quality of the SWOT analysis.
Use tabular representation
SWOT analysis can be performed in paragraphs. However, using a tabular approach helps to showcase key information regarding the company more visible and easier to access. For this purpose, most Universities prefer SWOT analysis in a tabular approach.
Avoid generalized writing
A SWOT analysis can be done for different small, medium, and multinational companies belonging to different industries and country backgrounds. For example, a SWOT analysis can be performed on a local grocery shop as well as for multinational corporations such as Amazon. In both cases, brand value, human resources, market competition, and future plans can impact on strengths and weaknesses of the the business initiatives. Therefore, mentioning high brand value is not enough to prove the strength of the company, rather it is required to use specific data and the way the brand value is helping the firm to achieve competitive success to mention this as the core strength of the firm. Robust research and authentic content are essential to ensure good marks in MBA assignments.
An example of a SWOT analysis of The International Olympic Committee (IOC) using a table is shown below.
Example
Table 1: SWOT Analysis for IOC
(Source: Self-Made)
You can use Template for developing a SWOT analysis following this link click here
Good
ReplyDelete