A competitive advantage approach and concepts
Table of Contents
SWOT analysis as a strategic planning tool
The acronym stands for strength weaknesses opportunity and threats. The use of SWOT analysis involves a critical process of scrutinizing both the inbuilt and outside factors that are likely to affect your business. As a matter of facts, the inbuilt factors are represented by strengths and weaknesses whereas outside factors are depicted as the underlying threats and opportunity. SWOT analysis has been used over the years as a strategic planning tool (David & Davis, 2016).
For instance, a sound knowledge of strength of a business can is vital in pinpointing areas that are under performing and strategically react to them. Through SWOT analysis, one is able to determine how to handle and cope with emerging trends, changes in the operation of the competitor as well as changes in the technology, which poses as a threat. It also helps to eliminate weaknesses and offers a platform through which businesses can take advantage of a new opportunity and finally
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KPI are quantifiable or quantitative measures including a number of customers, sale revenue, or profit, and which are used to gauge the performance of business (Sedee, 2016). For instance, KPI are used to relate to a certain envisioned business outcome. In every operation of the business, there is a need to define key objective. In the process of achieving operational objectives, automatically the actualization of the strategic plan is realized as well. KPIs therefore, give a red light in the strategic planning system in case of deviation from the intended goal.
- David, F., & Davis, F. R. (2016). Strategic management: A competitive advantage approach, concepts and cases. Peaeson/Prentice Hall.
- Sedee, K. M. J. (2016). Key Performance Indicators. Retrieved from http://purl.utwente.nl/essays/72014