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GROUP 5 Dutosme, Duane Moreno, Sam Lalaguna, Rodjelyn Polinar, Jean Roma, Jupearl SWOT Analysis ENTREPRENEURSHIP click to next slide >> Table of Contents Defi...

GROUP 5 Dutosme, Duane Moreno, Sam Lalaguna, Rodjelyn Polinar, Jean Roma, Jupearl SWOT Analysis ENTREPRENEURSHIP click to next slide >> Table of Contents Definition of SWOT Process of SWOT Importance of SWOT Implication of SWOT ENTREPRENEURSHIP click to next slide >> What is SWOT Analysis? A SWOT Analysis is a technique used to identify strengths, weaknesses, opportunities, and threats for your business or even a specific project. It’s most widely used by organizations—from small businesses and non-profits to large enterprises—but a SWOT analysis can be used for personal purposes as well.  What does SWOT stands for? STRENGTHS WEAKNESSES refer to internal initiatives that refer to internal initiatives that are performing well are underperforming OPPORTUNITIES THREATS are external factors that can are areas with the potential to help an organization grow cause problems SWOT Process (Strengths) Guide Questions What do we do well? Or, even better: What do we do best? What’s unique about our organization? What does our target audience like about our organization? Which categories or features beat out our competitors? Strengths Example: Customer service: Our world-class customer service has an NPS score of 90 as compared to our competitors, who average an NPS score of 70. SWOT Process (Weaknesses) Guide Questions Which initiatives are underperforming and why? What can be improved? What resources could improve our performance? How do we rank against our competitors? Weaknesses Example: E-commerce visibility: Our website visibility is low because of a lack of marketing budget, leading to a decrease in mobile app transactions. SWOT Process (Opportunities) Guide Questions What resources can we use to improve weaknesses? Are there market gaps in our services? What are our business goals for the year? What do your competitors offer? Opportunities Example: Marketing campaign: To improve brand visibility, we’ll run ad campaigns on YouTube, Facebook, and Instagram. SWOT Process (Threats) Guide Questions What changes in the industry are cause for concern? What new market trends are on the horizon? Where are our competitors outperforming us? Threats Example: New competitor: With a new e-commerce competitor set to launch within the next month, we could see a decline in customers. Why is SWOT Analysis Important? A SWOT analysis can help you improve processes and plan for growth. A SWOT analysis isn’t only useful for organizations. With a personal SWOT analysis, you can examine areas of your life that could benefit from improvement, from your leadership style to your communication skills. Why is SWOT Analysis Important? These are the benefits of using a SWOT analysis in any scenario: Identifies areas of opportunity Identifies ares that could be improved Identifies ares that could be at risk SWOT Analysis Implication Step 1: Consider internal factors Step 2: Evaluate external factors Step 3: Hold a brainstorming session Step 4: Get creative Step 5: Prioritize opportunities Step 6: Take action Step 1:Consider internal factors Often, strengths and weaknesses stem from internal processes. These tend to be easier to solve since you have more control over the outcome. When you come across internal factors, you can start implementing improvements in a couple of different ways. Step 2: Evaluate external factors External factors stem from processes outside of your control. It is trickier to solve, as you can’t directly control the outcome. What you can do is pivot your own processes in a way that mitigates negative external factors. Step 3: Hold a brainstorming session Brainstorming new and innovative ideas can help to spur creativity and inspire action. Step 4: Get creative In order to generate creative ideas, you have to first invite them. That means creating fun ways to come up with opportunities. Try randomly selecting anonymous ideas, talking through obviously bad examples, or playing team building games to psych up the team. Step 5: Prioritize opportunities Now, rank the opportunities. This can be done as a team or with a smaller group of leaders. Talk through each idea and rank it on a scale of one through 10. Once you’ve agreed on your top ideas based on team capabilities, competencies, and overall impact, it’s easier to implement them. Step 6: Take action It’s all too easy to feel finished at this stage —but the actual work is just beginning. After your SWOT analysis, you’ll have a list of prioritized opportunities. Now is the time to turn them into strengths. Use a structured system such as a business case, project plan, or implementation plan to outline what needs to get done—and how you plan to do it. GROUP 5 Dutosme, Duane Moreno, Sam Lalaguna, Rodjelyn Polinar, Jean Roma, Jupearl Thank you! ENTREPRENEURSHIP click to view reference