Assignment No.

02

➢Aim: Undertake SWOT analysis to arrive at your buisness idea of

product.

➢ WHAT MEAN BY SWOT

SWOT (strengths, weaknesses, opportunities, and threats) analysis is a
method for identifying and analyzing internal strengths and weaknesses
and external opportunities and threats that shape current and future
operations and help develop strategic goals.

➢WHY WE DO SELF SWOT ANALYSIS

1. Maximize your strengths
When you determine a company's strengths, it allows you to see what is
and isn't working. These strengths are internal factors that distinguish a
company from its competitors, such as financial resources like income
sources and funding. Another area that you can review for strengths is
human resources. This can include employees and customers who benefit
the company.
An organization can also assess its processes, such as software systems
and department functions. You can analyze the physical and natural
resources the company uses to look for its strengths. Here is a list of some
conclusions that may come from your analysis:
 • Loyal customer base
• Low employee turnover rate
• Increase in income
• Excellent customer service
• Reduction in product cost
2. Reduce your weaknesses
All organizations have areas where they can improve. By conducting a
SWOT analysis, a company can discover its weaknesses in order to turn
them into strengths or solve reoccurring problems.
You can analyze your internal factors, like the ones listed above, for
weaknesses as well. When a company minimizes its weaknesses, it adds to
its competitive advantage. Examples of weaknesses that a company may
find are:
• Dissatisfied employees
• Leaders who micromanage
• Inadequate technology
• Poor brand image
• Low cash flow
4. Identify potential threats
Threats that could have a negative impact on the business you work for
come from outside of the company. When you predict possible threats, you
can lessen the impact or avoid them completely. Some threats that
businesses may see when completing a SWOT analysis include:
• Increase in supplier cost
• Change in demographics
 • Loss of resources due to environmental changes
• Saturated market

5. Have more productive business meetings

Business meetings are helpful for discussing company issues, making
decisions, sharing ideas and creating business plans. A SWOT analysis
may provide insight to help better guide the company. It may help make
business meetings more productive by highlighting the most important
factors for the organization to discuss and develop potential strategies.

6. Assess team members

SWOT analyses can also be helpful for individuals to use to understand
themselves better. For example, it may help them evaluate their own skills
and identify areas for improvement.
However, it's important to be honest to ensure accurate results. It may be
helpful for individuals to share their SWOT analysis with their manage to
discuss their personal progress, goals and development opportunities.

7. Challenge assumptions
Completing a SWOT analysis requires everyone involved to be honest and
respond to questions objectively. This may help you gain a more accurate
perspective of the organization and its competitors. As a result, the
organization's current success and potential to grow may be more apparent.

8. Improve decision-making processes

A SWOT analysis may help you make more educated decisions. It requires
thorough internal analysis and external research, especially of competitors,
providing you with a more comprehensive understanding of the situation.
This may help simplify the decision-making process when comparing
which options are best for the business and support the organization in
making better decisions overall.
 ➢How to do a SWOT analysis
1. Choose participants
Decide whose responsibility it is to complete the SWOT analysis within
the organization. Consider involving a variety of team members
throughout the organization to provide a more comprehensive perspective,
or, if more appropriate, choose people with specific expertise to deliver the
most accurate results.
While not a requirement, you may also hire a third-party professional or
organization to consult on your SWOT analysis based on their
observations and research.

2. Create a SWOT matrix

Set up the document for your SWOT analysis. Most analyses involve using
a simple SWOT matrix, but there are other you may use. This involves a
large square divided into four smaller squares with sections for strengths
and weakness in the top two boxes and opportunities and threats in the
bottom boxes. Most word processing programs allow you to create this
type of chart easily.

3. Brainstorm all aspects

Analyze the business through an open discussion. Try to categorize each
topic of discussion to help create general lists for each section, and label
them accordingly. Some examples of questions that may help foster
discussion include:
• What do other people say about the business?
• What is the company's best achievement?
• Have you taken any recent risks?
• Have you noticed any recent obstacles that the company has had to
face?
• Have people made any complaints about the company?
 • Why is there a high employee turnover rate?
• What opportunities and trends have you noticed in the industry?
• What is new in technology?
• Who are the company's biggest competitors at the moment?
• Is there a need that those competitors aren't currently meeting?
• Have there been any changes in regulations that you should be aware
of?

4. Examine the categories individually

Review your notes from your brainstorming session, and start looking at
each section individually. Being with the strengths section to identify what
are the organization's greatest strengths, and try to pick only a few
strengths. Develop these ideas further, then record them in the SWOT
matrix you created. Repeat this for weaknesses, opportunities and threats.

5. Apply what you learned

Finish each section of the SWOT analysis, and review it as a team to
ensure it's accurate. Create a final document that everyone has easy access
to so they can refer it when necessary. Use the SWOT analysis as a guide
for future decision-making or other business concerns.

What is a SWOT Analysis Used For?

A SWOT analysis is used differently by different stakeholders.

For example, a management team will use the framework to support
strategic planning and risk management. SWOT helps them visualize the
firm’s relative advantages and disadvantages in order to better understand
where and how the organization should allocate resources, either towards
growth or risk reduction initiatives.
The analyst community, on the other hand, may seek to understand (and
quantify) strengths, weaknesses, opportunities, and threats in order to
assess the business more completely.
Consider that findings from a SWOT analysis may help inform model
assumptions among analysts. It could be an equity researcher trying to
estimate the fair market value of a company’s shares, or a credit analyst
looking to better understand a borrower’s creditworthiness.
In general, the SWOT framework is considered by many to be one of the
most useful tools available for strategic planning and business analysis.

➢Strengths:
1. Technical Expertise: Your engineering background provides you
with in-depth technical knowledge and problem-solving skills that
can be a strong foundation for your business.
2. Passion and Interest: Your genuine interest and passion for your
field can drive your commitment and dedication to the business.
3. Access to University Resources: As a student, you may have access
to university facilities, mentors, and research resources that can be
leveraged for your business.
4. Low Overheads: Being in the middle-class, you may have a lower
cost of living and fewer financial obligations, making it easier to start
a business with limited initial capital.
5. Networking Opportunities: University life offers chances to
connect with professors, fellow students, and industry professionals,
which can be advantageous for networking.
➢Weaknesses:
1. Limited Capital: You might have limited financial resources, which
can constrain your ability to invest in the business.
2. Lack of Experience: As a student, you may lack practical business
experience, which could pose a challenge in managing the business
effectively.
3. Time Constraints: Balancing your studies with a new business can
be demanding and may impact your academic performance.
4. Market Knowledge: You may have limited knowledge of the market
dynamics, customer preferences, and industry trends.
5. Limited Reputation: Starting from scratch, you may not have a
well-established brand or reputation in the industry.

➢Opportunities:
1. Emerging Technologies: The engineering field is constantly
evolving, and emerging technologies can create opportunities for
innovative products and services.
2. Niche Markets: I found niche markets within my field that i can
target for specialized solutions.
3. Collaborations: Collaborate with professors or industry experts for
research projects, which can lead to commercial opportunities.
4. Internships and Co-ops: Participate in internships or co-op
programs to gain practical experience while building your business.
5. Online Learning and Networking: Utilize online courses, forums,
and social media to enhance your knowledge and expand your
network.
 ➢Threats:
1. Competition: The engineering field can be highly competitive, with
established companies and startups vying for market share.
2. Economic Uncertainty: Economic downturns can impact consumer
spending and funding opportunities for startups.
3. Regulations and Compliance: The engineering field often involves
complex regulations and compliance requirements that can be
challenging to navigate.
4. Rapid Technological Changes: Technological obsolescence is a
constant threat, and staying updated can be resource-intensive.
5. Intellectual Property Risks: Protecting your innovations and
intellectual property from theft or infringement is essential.

➢ADVANTAGES OF SWOT ANALYSIS

1.Strategic Clarity: SWOT analysis provides a structured framework for
evaluating the internal and external factors that can impact an organization
or project. It helps in identifying key issues, challenges, and opportunities,
thereby offering clarity on the strategic direction.3
2.Focus on Key Issues: SWOT analysis highlights the most critical factors
affecting the organization. This allows for prioritization of efforts and
resources on the areas that matter most, thus preventing "firefighting" and
scatterbrained decision-making.
3.Alignment with Goals: It helps in aligning your goals and strategies
with your internal capabilities and the external environment. This
alignment enhances the likelihood of achieving your objectives effectively.
4.Risk Identification and Mitigation: By identifying weaknesses and
threats, SWOT analysis aids in recognizing potential risks early. This
allows you to develop risk mitigation plans and strategies to address these
challenges.
5.Innovation and Creativity: Analyzing opportunities can stimulate
innovative thinking. It encourages organizations to explore new avenues
and think creatively about potential growth areas.
6.Resource Allocation: SWOT analysis assists in optimizing resource
7.Holistic Perspective: It encourages a comprehensive examination of
both internal and external factors. By considering strengths and
weaknesses (internal) alongside opportunities and threats (external), you
get a more holistic view of the situation.allocation. It helps in deciding
where to allocate limited resources, be it financial, human, or time, to
maximize impact.
8.Improved Decision-Making: With a better understanding of the current
situation and the factors at play, decision-makers can make more informed
and strategic choices.
9.Continuous Improvement: SWOT analysis is not a one-time process. It
can be used periodically to track progress, adapt to changing
circumstances, and ensure strategies remain relevant over time.
10.Competitive Advantage: Identifying strengths and opportunities can
help organizations capitalize on their unique advantages in the market,
potentially leading to a competitive edge.
11.Goal Setting: SWOT analysis often leads to the establishment of clear,
measurable, and achievable objectives, which are essential for goal setting
and performance measurement.
12.Flexibility: SWOT analysis is adaptable and can be applied to various
scenarios, including business planning, project management, personal
development, and more.

TEACHERS SIGN………………………….