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26-30. Write the difference between the weakness and strength in a business.

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Answer:

[ SWOT Analysis ]

SWOT is an acronym for strengths, weaknesses, opportunities and threats. Strengths and weaknesses are considered factors which exist in the internal environment of a business. Opportunities and threats are factors or forces which exist in the external environment of a company. A business that moves in across the street and provides the same types of products can be viewed as a threat.

[ Business Strengths ]

Strengths can be found in all areas of a company, but what is not strong can be made strong with appropriate changes. To determine a company's strengths, begin by looking at the people who work there. Analyze the skills, knowledge, capabilities and the impact your employees have on others both inside and outside the company. Perhaps your people are your greatest strength. If not, consider implementing a training program to raise them to a level that transforms them into a strength.

[ Business Weaknesses ]

The opposite of a strength might be a weakness. Our example company makes low-cost products that meet the needs of low and middle income buyers. It enjoys a large market share, but may not be able to attract high-end buyers with either its products or its store appearance. In the SWOT analysis this is considered a weakness. The Center for Simplified Strategic Planning cautions against over-correction when analyzing strengths and weaknesses. A weakness may be and should be accepted in some cases. The company in the example that successfully provides products to a particular market should not attempt to correct its weakness because doing so might result in losing the customer base that is currently making it successful. Weaknesses can, however, come in other forms. If a competitor provides products to the same customer base at the same prices but also provides free online shipping, the example company may consider this a weakness that should be corrected in order to maintain market share.

Concepcionjazz31idn

A strength is a resource or capacity the organisation can use effectively to achieve its objectives. A weakness is a limitation, fault, or defect in the organisation that will keep it from achieving its objectives. An opportunity is any favourable situation in the organisation's environment.

Strengths and weaknesses are internal to your company—things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location. Opportunities and threats are external—things that are going on outside your company, in the larger market.

Strengths

Analyzing the strengths of a company's products or services against other offerings is the first step in the process. The company must identify the characteristics that make its offering attractive to the marketplace. It could be that the product is less expensive, lighter, more durable or more stylish than others on the market. A service may be more comprehensive in scope, more thorough or completed more quickly. When analyzing the strengths of the company's offerings, the organization is identifying the characteristics that makes it better than the competition.

Weaknesses

It is also important that the organization identify all of the weaknesses of their offerings. While corporate pride may make this step difficult, it is important that the organization fully understand what the competition, or its customers, may say about its product or service. Perhaps the product is cheaper because it is made from less durable materials. A consulting report might be more comprehensive but would provide less detail on individual aspects. Every weakness needs to be itemized in order for the company to best position its offering as part of a marketing campaign.