Week 3 Assignment
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1. Review the SWOT analysis for the Fictional Auto Company.
2. In a minimum of 500 words, describe how Fictional Auto Company can utilize this information to its benefit. Include how Fictional Auto Company can turn its weaknesses and threats into strengths and opportunities. The requirements below must be met for your paper to be accepted and graded: • Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word. • Use APA style. • Use font size 12 and 1” margins. • Include cover page and reference page. • At least 60% of your paper must be original content/writing. • No more than 40% of your content/information may come from references. • Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page. Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable.
BELOW IS A REFERENCE FOR S.W.O.T.
During this lecture, we will be discussing conducting a S.W.O.T. Analysis on an organization and its importance. It doesn’t matter how successful a business is, or how successful it thinks it is, there will always be a competitor hiding in shadows waiting to takes its place. If an organization is truly going to be successful long-term, it has got to have an accurate picture of its market to remain competitive in today’s business environment. It is essential for an organization to have an accurate picture of where it stands in comparison to other businesses in the surrounding environment both on an internal as well as external level. The benefit of an organization researching its environment is that it can put the organization in a position to establish both a short-term and long-term strategy. Every organization has strategic goals that include creating a long-term competitive advantage over their competition. To do this requires the organization to establish effective strategies that will make their strengths over their competitors more visible while minimizing their weaknesses. The way it does this is through a S.W.O.T. Analysis which stands for strengths, weaknesses, opportunities, and threats. We will briefly discuss each below. • Strengths – internal characteristics that give an organization some advantages over its competitors. These can include currently being in a great financial position with little debt, having skilled employees, or having a nationally recognizable brand or name. • Weaknesses – internal characteristics that give your competitors an advantage over your organization. These can include having outdated equipment, a poor location, or having a large amount of company debt. • Opportunities – external ways to expand and improve the organization. These can include bringing a product into a new market or taking over a competitor that is going bankrupt. • Threats – external forces that might have a negative impact on the organization. These can include an increase in local competition or rising interest rates on businesses loans. Bottom line, for an organization to realize long-term success, it has to take advantage of their internal strengths and improve upon their weaknesses, while at the same time move on any external opportunities it might have and protect itself against any threats.