Well, SWOT means strengths, weaknesses, opportunities and threats. It is very important to conduct SWOT analysis of every company to remain competitive in a biz world. It allows you to understand your strengths vis-a-vis your competitors and where you can focus more to exploit them to max. Weaknesses once known can help you to find ways to convert them into strengths or how to use them in such a way that they no more remain a weakness or become hurdle to your success story. Opportunities are a way to move ahead by working on them at the right time and right place. You need to be alert to keep track of up coming opportunities and how to strike at them.Finally, threats play an important role and you need to keep your company secure from any such threats that can harm your growth, goodwill, profit margins. etc.
SWOT analysis is not only related to business. Few days back, one of my senior colleague asked me to conduct my SWOT analysis. and believe me, this analysis has helped me to focus on my strengths and devise ways to overcome my weaknesses. Now I am clear about my goals and have set up a vision for my growth as an academician.
I teach marketing and merchandising at Post Graduate institute and teach students about SWOT analysis specifically for fashion/ textile companies - retail as well as manufacturing.
My compliments to you for that excellent explanation regarding SWOT analaysis for a biz and how it can help on a personal level...I just wanted to start a discussion regarding SWOT analysis for our network friends...Most of our Fashion friends are not acquainted with how to maximize the results using SWOT...I was formerly an Adjunct Prof. at several Fashion Colleges & Universities...In both of our Fashion books we cover the importance of SWOT...The Real World to Fashion Selling & Management (2006.2007) and our latest release, Fashion Public Relations, Gerald J. Sherman, Sar S. Perlman, Fairchild Publications, Div. Conde Nast,NY,(2010)...Thanks, again...
I'm pretty new in the fashion world and I'm looking for advice. I have an idea of a clothing line and I'm still building the Bplan.how can I apply the SWOT properly to get a maximum view of my capability in terms of surviving the few years ahead?
Hi -- The SWOT analysis is an audit of your company's STRENGTH, WEAKNESSES, OPPORTUNITIES AND THREATS...You must apply these areas in relationship to your target market and your competition...SWOT is merely another tool to help you reach your goals...Google SWOT anyalysis or Check out our two most recent Fashion books (in which we discuss SWOT and other real world fashion information) Books -- Fashion Public Relations,(2010) and The Real World Guide to Fashion Selling & Management, Gerald J. Sherman & Sar S. Perlman, Fairchild Books, Division of Conde Nast Publications, NY…Available for purchase directly from the publisher: Call Fairchild Books, call Customer Service ask for Sandra – 1.800.932.4724 if they are busy leave a message and she will call you right back or contact www. Amazon.com
I have found that most business people do not do a proper SWOT analysis and do not take action to improve their concerns...Being totally conscious of the market place is essential to reach ones goals...
With the overtechnicalization (is that a word?) of business....six sigma, kaisen, PDMs, PLMs, and an infinite acronyms and abbreviations... i like to cut to the quick....SWOT in a different manner is my philosophy of ....constructive paranoia...
raise questions about everything, play devil's advocate, be skeptical, rehash until all possible questions have answers, then tomorrow shake and repeat.