Applying Swot Analysis for Effective Planning - 1858 Words

Applying SWOT Analysis for Effective Planning By Betty McQuilla Okocha December 24, 2012 Professor Lisa Bradill GM500 Introduction The objective or purpose of applying a SWOT diagram as a planning tool in business is to have a platform of doing business or having a through picture of a business plan. Applying SWOT diagram as a planning tool has helped me to work out the strengths, threats, benefits and strategy of achieving financial prosperity in business. (Draft, 2012/2010, p. 209) I have learned that using the SWOT method as a planning tool will help me in working out an effective way and strategy to solidify my business plan with proper research, and thinking through it before setting the ball rolling for execution. Understand†¦show more content†¦His experience and knowledge in business will help to put this business to the road of achieving financial prosperity in the future. Exporting used cars to Nigeria is a business venture I and my husband have been working hard to setup. We have put a lot of things into consideration before coming to a conclusion of choosing to set this business up in Nigeria. One of the reasons is based on the fact that Nigeria has a big market for American used cars in the whole of Africa. Next is the opportunities, market potentials and the economic gains are very high. We also intend to use the population of Nigeria and their love for quality American used cars to our advantage. My strategy which is the most important aspect of succeeding in this business is to get my local bank to finance this business. Also with the knowledge, experience and expertise my husband has in business, involving him to become parts and parcel of this business will help me to drive this business to the road of achieving financial prosperity in the near future. Analysis The internal strength to this business is getting to work with my husband as partners in progress. Working with him will be an added plus and also a chance to associate with the best in the field thereby, having an opportunity to open up more windows of business opportunities. Having access to the American used car industry is something that weShow MoreRelatedStrategic Planning Within Ge927 Words   |  4 Pagesstrategic planning process is the formulation of the company’s major objectives and execution plans. This process is of particular interest in GE. Strategy formulation is the process of choosing the best methods for a company where customer needs; competitive position and internal capability are the three factors that play the main role in strategic planning. Every manager needs to have at least a simple notion of strategic planning to formulate his strategic plans. Strategic Planning is a wide andRead MoreStrategic Planning Within General Electric Essay900 Words   |   4 Pagesstrategic planning process is the formulation of the company’s major objectives and execution plans. 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