W5A 597 SWOT Analysis Essay Example | Topics and Well Written Essays - 750 words

W5A 597 SWOT Analysis - Essay Example The strengths of an organization could include the length of time that the business has operated which increases their expertise and competencies. In addition, the knowledge, skills, proficiencies of the leaders or executive management team also poses strengths to the firm since their competencies would define the decisions and strategies that were and would be implemented. The leaders’ proficiencies in the field of endeavor that the firm is undertaking would enable application of management and leadership theories which could be considered best practices in the field of discipline. Further, the design of company policies, philosophies, or procedures also help the organization achieve the defined mission, vision, and goals in the most efficient and effective manner. As such, these strengths enable the organization to exhibit financial success, gain market leadership, as well as offer products and services that benefit their various stakeholders. Likewise, objective identification of weaknesses would provide the organization with ample time, resources, and efforts to address, correct, or turn these weaknesses into strengths, as deemed possible. Weaknesses could come in terms of lack of needed resources or competencies in product development, or application of strategies for the marketing mix. Likewise, the firm could be transcending into new markets or changing leaders and members of the executive team. As such, transition periods, changes in management profile, or re-designing policies and procedures could pose challenges that might bring weaknesses in the process. Venturing into new or unknown avenues, without appropriate historical experience or expertise, could also pose difficulties for the firm. Thus, identifying these weaknesses through the SWOT analysis would enable decision-makers to make the necessary strategies to pre-empt or correct them, as deemed necessary. Concurrently, policy makers should