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ASSIGNMENT INSTRUCTIONS:
Using the same healthcare organization identified in the first assignment, complete a SWOT analysis on the organization over all based on information you gathered when completing the first assignment. Use the provided template and submit the completed version.
SWOT Word Template [DOCX].
For more information on how to conduct a SWOT Analysis, you may want to watch the video, Conducting a SWOT Analysis. Be sure you SWOT Analysis includes each of the following:
Step 1: Strengths
First, identify one or two major competitors. Next, consider what does the company/product do better than (or at least equivalent to) the competition. This could be:
Specific product attribute advantage.
Brand perceived value.
Customer service of company.
Step 2: Weaknesses
What does the company/product do that is not as good as the competition? How is this going to affect your customer’s sales? Thought needs to be given to how you can compensate for, or overcome these issues. What is the cost of overcoming these issues? Is it necessary to overcome the issues or are they something you can accept and deal with?
Step 3: Opportunities
What area of the market could you enter with some modifications to the product/service or company? The main elements here could include:
Change size, shape, or color.
Additional services.
New packaging.
Different distribution points.
New promotional focus.
Step 4: Threats
What actions could threaten the product or standing in the market?
New competitor entry.
Major product failure.
Reduction in promotional spend.
Customer changes.
Changes in the market.
HOW TO WORK ON THIS ASSIGNMENT (EXAMPLE ESSAY / DRAFT)
Introduction:
A SWOT analysis is a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats of an organization. In this essay, I will be conducting a SWOT analysis of a healthcare organization based on information gathered in a previous assignment. This analysis will help identify areas for improvement and growth opportunities for the organization.
Strengths:
The first step in conducting a SWOT analysis is to identify the strengths of the organization. In this healthcare organization, a major strength is its specific product attribute advantage. This organization provides a unique product that is not offered by any of its competitors. Another strength is the brand’s perceived value, which is seen as high quality by customers. Additionally, the customer service provided by the company is another strength, as customers are satisfied with the level of support they receive.
Weaknesses:
The next step is to identify the weaknesses of the organization. One major weakness is that the company’s product may not be as good as its competitors in some areas. This could potentially affect customer sales, as customers may prefer products that are better in certain areas. To overcome this issue, the organization could consider improving its product or compensating for its weaknesses with better customer service. The cost of overcoming these issues should also be taken into consideration, as it may not be necessary to overcome all of them.
Opportunities:
The third step is to identify growth opportunities for the organization. One potential opportunity is to enter new areas of the market by modifying the product or company. This could involve changing the size, shape, or color of the product, offering additional services, changing the packaging, using different distribution points, or changing the promotional focus. By entering new areas of the market, the organization could increase its customer base and sales.
Threats:
The final step is to identify potential threats to the organization. One major threat is the entry of new competitors into the market, which could increase competition and potentially reduce the organization’s customer base. Another threat is the potential for a major product failure, which could harm the organization’s reputation and reduce customer confidence. Additionally, a reduction in promotional spend or changes in customer preferences could also threaten the organization’s standing in the market.
Conclusion:
In conclusion, conducting a SWOT analysis is an important step in evaluating the strengths, weaknesses, opportunities, and threats of an organization. By identifying these areas, organizations can take steps to improve and grow, ultimately leading to success. The healthcare organization evaluated in this SWOT analysis has a number of strengths, including its specific product attribute advantage, high-quality brand, and good customer service. However, there are also weaknesses, such as a lack of competitiveness in some areas, which should be addressed. Additionally, there are growth opportunities, such as entering new areas of the market, and potential threats, such as new competitors and product failures, which should also be considered.
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