Strategic Planning And SWOT Analysis

Strategic Planning and SWOT

Through out the semester in Principles of Management, the class has learned many different ways to go about running and operating a business along with how to manage a business. Out of all the different ways, Strategic planning and SWOT analysis appeared to be more interesting than other subjects and learning more about them could help some body run a business in a more professional manor. SWOT analysis is a simple way to see whats on the table and it can help build a business by using the information you find and strengthening the weakness, taking advantage of opportunities and facing whatever threats a business may have. () Strategic planning is the application of the basic planning process at the highest level of planning. () This form of planning has a few different stages that it goes through to ensure that it is the best way possible to carry out plan. SWOT analysis and strategic planning are used daily in the business workforce and are great tools for success.

Strategic planning is done by the highest levels of an organization that goes threw three major phases. These phases include the formulation phase, the implementation phase and the evaluation phase. () These all play a great role for making the best possible way to carry out an action. The formulation phase is when a plan is initially developing and thought about as a way to help a business. The implementation phase is when the plan that was thought of is carried out. The evaluation phase goes over the success or failure of the plan and what could be changed and what shold have been done on the first place that could have helped the plan work. In order to come up with a plan, there must be a reason for it. This is known as the m...

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...gement and planning, these things become easier to achieve and more possible to get done. If the phases of planning, the formulation phase, implementation phase and evaluation phase, are all done properly, they can help ensure the success of a business. Also, asking other ranks in a company can help get different opinions and answers as to what would be best for the future of a company. A SWOT analysis can also be great way to know everything a company has to offer. Knowing the strengths, weaknesses, opportunities and threats can help evaluate a company and draw in more costumers or it can help with improvements that are much need to a company or organization. Knowing the proper ways of management is key to running a business successfully. Past mistakes should not be made time and time again and the future is a great opportunity to make changes and improvements.