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MKT 301 SWOT ANALYSIS ELEMENTS AND LIMITATIONS OF SWOT ANALYSIS

This essay discusses MKT 301 SWOT analysis elements and the limitations of SWOT analysis. A SWOT analysis is simple to use, and it is a powerful tool for developing business strategies. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. There are numerous benefits of SWOT analysis because they cover the entire scope of business environment. Strengths and weaknesses are internal to an organization. Therefore, businesses have control over these aspects. Examples are human resources and intellectual property. Most of the limitations of SWOT analysis exist in the aspects of opportunities and threats. Companies can take advantage of opportunities and protect against threats, but they cannot change them.
SWOT analysis elements and the limitations of SWOT analysis 

BENEFITS OF SWOT ANALYSIS IN STRATEGIC PLANNING

The main benefits of SWOT analysis include capitalizing on opportunities and understanding the business better. A SWOT is also easy to prepare. Through SWOT analysis, businesses can address all complex situations and find ways to improve. All four SWOT analysis elements used collectively can be a means to balance the main aspects of a business. Organizations can, therefore, address their weaknesses, deter threats, and develop business goals and strategies to achieve them. However, the planning phase of business is wide and complex. Using the SWOT analysis alone for planning can cause undesired business outcomes. This, therefore, is one of the limitations of SWOT analysis.
benefits of SWOT analysis in strategic planning

MKT 301 SWOT ANALYSIS ELEMENTS  AND LIMITATIONS OF SWOT ANALYSIS

Complex issues in business may prevent companies from achieving the full benefits of SWOT analysis. They require more in-depth research and thorough analysis before the decision-making process. A SWOT analysis has limited coverage of the issues faced by the organization. Some of the limitations of SWOT analysis are that it does not provide solutions and decisions, and it fails to prioritize issues. Sometimes, organizations can acquire a lot of information from a SWOT analysis irrelevant to issues at hand. Analyzing each SWOT analysis element can also yield various ideas. This presents decision-makers with the problem of choosing the most appropriate decision while addressing the issues included in the other elements.
limitations of SWOT analysis

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